Evolve Canadian Correlations

UTES Etf

9.71 0.02 0.21%

The current 90-days correlation between Evolve Canadian Utilities and TD Canadian Bank is -0.07 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Evolve Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Evolve Canadian Utilities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Evolve Canadian Correlation With Market

Very weak diversification

The correlation between Evolve Canadian Utilities and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolve Canadian Utilities and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Evolve Canadian could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Evolve Canadian when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Evolve Canadian - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Evolve Canadian Utilities to buy it.

Moving together with Evolve Etf

0.63	HCAL	Hamilton Enhanced	Pair Corr
0.7	HAC	Global X Seasonal	Pair Corr
0.7	HDGE	Accelerate Absolute	Pair Corr
0.88	HOU	BetaPro Crude Oil	Pair Corr
0.77	FHE	First Trust Indxx	Pair Corr
0.89	PSB	Invesco 1 5	Pair Corr
0.94	VSB	Vanguard Canadian Short	Pair Corr
0.65	COPP	Global X Copper	Pair Corr
0.69	VCN	Vanguard FTSE Canada	Pair Corr
0.91	XDG	iShares Core MSCI	Pair Corr
0.89	CYH	iShares Global Monthly	Pair Corr
0.79	XMM	iShares MSCI Min	Pair Corr
0.9	VSC	Vanguard Canadian Short	Pair Corr
0.67	XSMH	iShares SP Small	Pair Corr
0.91	VCB	Vanguard Canadian	Pair Corr
0.83	TGFI	TD Active Global	Pair Corr
0.78	PINC	Purpose Multi Asset	Pair Corr
0.91	HXH	Global X Canadian	Pair Corr
0.61	ZSML	BMO SP Small	Pair Corr
0.94	XEG	iShares SPTSX Capped	Pair Corr
0.83	PDIV	Purpose Enhanced Dividend	Pair Corr
0.84	RID	RBC Quant EAFE	Pair Corr
0.8	FMAE	Fidelity Multi Alt	Pair Corr
0.95	HEU	BetaPro SP TSX	Pair Corr
0.72	HGGG	Harvest Global Gold	Pair Corr

Moving against Evolve Etf

0.93	HED	BetaPro SPTSX Capped	Pair Corr
0.69	HBLK	Blockchain Technologies	Pair Corr
0.63	HXD	BetaPro SPTSX 60	Pair Corr

Related Correlations Analysis

	HPYT	XCS	HEWB	ZFH	ZJG	FCUD	DRFU	ZID	TBNK
HPYT		0.66	0.26	-0.45	0.42	0.58	0.49	-0.21	0.32	HPYT
XCS	0.66		0.39	-0.59	0.67	0.2	0.58	-0.48	0.37	XCS
HEWB	0.26	0.39		-0.4	0.83	-0.2	0.28	-0.77	0.95	HEWB
ZFH	-0.45	-0.59	-0.4		-0.47	0.01	-0.59	0.33	-0.45	ZFH
ZJG	0.42	0.67	0.83	-0.47		-0.07	0.37	-0.86	0.78	ZJG
FCUD	0.58	0.2	-0.2	0.01	-0.07		0.02	0.17	-0.12	FCUD
DRFU	0.49	0.58	0.28	-0.59	0.37	0.02		-0.09	0.33	DRFU
ZID	-0.21	-0.48	-0.77	0.33	-0.86	0.17	-0.09		-0.7	ZID
TBNK	0.32	0.37	0.95	-0.45	0.78	-0.12	0.33	-0.7		TBNK
	HPYT	XCS	HEWB	ZFH	ZJG	FCUD	DRFU	ZID	TBNK

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TBNK	+ 0.95	HEWB
ZJG	+ 0.83	HEWB
TBNK	+ 0.78	ZJG
ZJG	+ 0.67	XCS
XCS	+ 0.66	HPYT
FCUD	+ 0.58	HPYT

High negative correlations

ZID	- 0.86	ZJG
ZID	- 0.77	HEWB
TBNK	- 0.7	ZID
DRFU	- 0.59	ZFH
ZFH	- 0.59	XCS
ZID	- 0.48	XCS

Evolve Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Evolve Etf performing well and Evolve Canadian ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Evolve Canadian's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HPYT	0.34	(0.01)	(0.14)	(0.03)	0.46	(0.36)	0.49	(0.82)	1.65
XCS	1.07	0.38	0.14	4.77	1.61	(1.15)	2.68	(2.39)	8.15
HEWB	0.64	0.19	0.13	40.21	0.56	(0.70)	1.52	(1.19)	3.58
ZFH	0.17	(0.02)	0.00	1.97	0.00	0.00	0.33	(0.40)	1.45
ZJG	2.21	0.65	0.17	0.56	2.91	(2.34)	5.51	(5.14)	17.45
FCUD	0.56	(0.05)	0.00	(0.07)	0.00	0.00	1.15	(1.09)	6.14
DRFU	0.40	0.02	(0.05)	0.34	0.47	(0.63)	1.01	(0.95)	3.50
ZID	0.73	(0.16)	0.00	0.63	0.00	0.00	0.95	(1.69)	6.02
TBNK	0.66	0.15	0.15	0.36	0.52	(0.73)	1.54	(1.10)	5.42

Be your own money manager

Our tools can tell you how much better you can do entering a position in Evolve Canadian without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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