Bank of Montreal Correlations

NRGU Etf

USD 28.69 9.98 53.34%

The current 90-days correlation between Bank of Montreal and Bank of Montreal is -1.0 (i.e., Pay attention - limited upside). The correlation of Bank of Montreal is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Bank of Montreal Correlation With Market

Very poor diversification

The correlation between Bank of Montreal and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Montreal and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bank Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Bank of Montreal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

For more information on how to buy Bank Etf please use our How to Invest in Bank of Montreal guide.

Moving together with Bank Etf

0.79	LABU	Direxion Daily SP	Pair Corr
0.96	GUSH	Direxion Daily SP Buyout Trend	Pair Corr

Moving against Bank Etf

0.59	PICB	Invesco International	Pair Corr
0.37	BLLD	JPMorgan	Pair Corr
0.61	GLDM	SPDR Gold Mini	Pair Corr
0.5	TOAK	Manager Directed Por	Pair Corr
0.49	ODCEX	ODCEX	Pair Corr
0.45	BENJ	Horizon Funds	Pair Corr

Related Correlations Analysis

	NRGD	BNKU	FNGU	BULZ	DPST
NRGD		-0.92	-0.12	-0.85	-0.89	NRGD
BNKU	-0.92		0.06	0.96	0.88	BNKU
FNGU	-0.12	0.06		0.08	0.26	FNGU
BULZ	-0.85	0.96	0.08		0.75	BULZ
DPST	-0.89	0.88	0.26	0.75		DPST
	NRGD	BNKU	FNGU	BULZ	DPST

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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

BULZ	+ 0.96	BNKU
DPST	+ 0.88	BNKU
DPST	+ 0.75	BULZ
DPST	+ 0.26	FNGU
BULZ	+ 0.08	FNGU
FNGU	+ 0.06	BNKU

High negative correlations

BNKU	- 0.92	NRGD
DPST	- 0.89	NRGD
BULZ	- 0.85	NRGD
FNGU	- 0.12	NRGD

Bank of Montreal Constituents Risk-Adjusted Indicators

There is a big difference between Bank Etf performing well and Bank of Montreal 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 Bank of Montreal'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
NRGD	5.14	(0.12)	0.00	0.06	0.00	0.00	9.65	(8.94)	59.37
BNKU	4.17	0.35	0.06	0.13	6.78	(4.29)	9.70	(7.94)	37.71
FNGU	5.25	(0.37)	0.00	0.77	0.00	0.00	9.61	(13.15)	52.48
BULZ	5.27	0.49	0.08	0.14	7.54	(5.48)	10.55	(10.78)	59.10
DPST	4.48	(0.03)	0.01	0.03	7.02	(5.03)	8.58	(10.41)	41.07

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