Evolve Innovation Correlations

EDGE Etf

CAD 44.80 0.11 0.24%

The current 90-days correlation between Evolve Innovation Index and Guardian Directed Equity is -0.05 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Evolve Innovation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Evolve Innovation Index moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Evolve Innovation Correlation With Market

Modest diversification

The correlation between Evolve Innovation Index and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolve Innovation Index and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Evolve Innovation 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 Innovation 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 Innovation - 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 Innovation Index to buy it.

Moving together with Evolve Etf

0.93	XEQT	iShares Core Equity	Pair Corr
0.92	XAW	iShares Core MSCI	Pair Corr
0.76	DXG	Dynamic Active Global	Pair Corr
0.92	VXC	Vanguard FTSE Global	Pair Corr
0.92	XWD	iShares MSCI World	Pair Corr
0.93	NSGE	NBI Sustainable Global	Pair Corr
0.93	VEQT	Vanguard All Equity	Pair Corr
0.61	XMW	iShares MSCI Min	Pair Corr
0.81	CGRA	CI Global Real	Pair Corr
0.88	XIU	iShares SPTSX 60	Pair Corr
0.9	XSP	iShares Core SP	Pair Corr
0.89	XIC	iShares Core SPTSX	Pair Corr
0.84	ZAG	BMO Aggregate Bond	Pair Corr
0.84	XBB	iShares Canadian Universe	Pair Corr
0.89	ZCN	BMO SPTSX Capped	Pair Corr
0.92	ZSP	BMO SP 500	Pair Corr
0.77	TCLB	TD Canadian Long	Pair Corr
0.92	VFV	Vanguard SP 500	Pair Corr
0.83	ZEB	BMO SPTSX Equal	Pair Corr

Related Correlations Analysis

	GDEP	QQCI	BASE	XMS	DRMC	GCNS	SPXD	HMMJ	FHG	GIQG
GDEP		0.18	0.14	0.18	0.03	0.15	-0.15	-0.25	0.34	0.21	GDEP
QQCI	0.18		0.87	-0.05	0.89	0.97	-0.96	-0.08	0.28	0.95	QQCI
BASE	0.14	0.87		0.19	0.96	0.9	-0.89	0.16	0.34	0.81	BASE
XMS	0.18	-0.05	0.19		0.18	0.02	0.0	0.61	0.27	-0.14	XMS
DRMC	0.03	0.89	0.96	0.18		0.94	-0.9	0.19	0.31	0.83	DRMC
GCNS	0.15	0.97	0.9	0.02	0.94		-0.95	0.02	0.36	0.93	GCNS
SPXD	-0.15	-0.96	-0.89	0.0	-0.9	-0.95		0.02	-0.3	-0.95	SPXD
HMMJ	-0.25	-0.08	0.16	0.61	0.19	0.02	0.02		0.43	-0.18	HMMJ
FHG	0.34	0.28	0.34	0.27	0.31	0.36	-0.3	0.43		0.24	FHG
GIQG	0.21	0.95	0.81	-0.14	0.83	0.93	-0.95	-0.18	0.24		GIQG
	GDEP	QQCI	BASE	XMS	DRMC	GCNS	SPXD	HMMJ	FHG	GIQG

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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

GCNS	+ 0.97	QQCI
DRMC	+ 0.96	BASE
GIQG	+ 0.95	QQCI
GCNS	+ 0.94	DRMC
GIQG	+ 0.93	GCNS
GCNS	+ 0.9	BASE

High negative correlations

SPXD	- 0.96	QQCI
GIQG	- 0.95	SPXD
SPXD	- 0.95	GCNS
SPXD	- 0.9	DRMC
SPXD	- 0.89	BASE
FHG	- 0.3	SPXD

Evolve Innovation Constituents Risk-Adjusted Indicators

There is a big difference between Evolve Etf performing well and Evolve Innovation 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 Innovation'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
GDEP	0.39	0.00	(0.11)	0.08	0.45	(0.41)	0.73	(0.72)	1.93
QQCI	0.65	0.10	0.03	1.62	0.96	(0.68)	1.24	(1.04)	6.84
BASE	0.91	0.11	0.05	0.42	1.07	(0.95)	2.13	(2.11)	6.65
XMS	0.40	0.01	(0.08)	(0.55)	0.59	(0.40)	0.84	(0.93)	3.43
DRMC	0.59	0.10	0.07	0.33	0.58	(0.67)	1.54	(1.29)	4.38
GCNS	0.24	0.04	(0.08)	(2.62)	0.18	(0.26)	0.50	(0.51)	1.65
SPXD	1.03	(0.08)	0.00	0.24	0.00	0.00	2.24	(2.47)	8.40
HMMJ	2.04	(0.12)	0.00	2.21	0.00	0.00	3.68	(4.08)	22.51
FHG	0.69	(0.01)	0.00	0.17	0.00	0.00	1.66	(1.29)	5.64
GIQG	0.62	0.06	0.00	0.63	0.79	(0.68)	1.30	(1.50)	3.84

Be your own money manager

Our tools can tell you how much better you can do entering a position in Evolve Innovation 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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