BMO Covered Correlations

ZWK Etf

CAD 28.16 0.18 0.64%

The current 90-days correlation between BMO Covered Call and Hamilton Gold Producer is 0.23 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Covered moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Covered Call moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Covered Correlation With Market

Very weak diversification

The correlation between BMO Covered Call and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO Covered Call and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BMO Covered could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BMO Covered 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 BMO Covered - 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 BMO Covered Call to buy it.

Moving together with BMO Etf

0.96	ZEB	BMO SPTSX Equal	Pair Corr
0.97	XFN	iShares SPTSX Capped	Pair Corr
0.99	ZBK	BMO Equal Weight	Pair Corr
0.97	HCA	Hamilton Canadian Bank	Pair Corr
0.98	ZUB	BMO Equal Weight	Pair Corr
0.9	FSF	CI Global Financial	Pair Corr
0.96	CIC	CI Canadian Banks	Pair Corr
0.96	FLI	CI Canada Lifeco	Pair Corr
0.96	CEW	iShares Equal Weight	Pair Corr
0.95	FTN	Financial 15 Split Split	Pair Corr
0.71	DRFG	Desjardins RI Global	Pair Corr
0.8	HAC	Global X Seasonal	Pair Corr
0.7	QDX	Mackenzie International	Pair Corr
0.95	QCE	Mackenzie Canadian Large	Pair Corr
0.95	QCN	Mackenzie Canadian Equity	Pair Corr

Related Correlations Analysis

	AMAX	ZPAY	FLSD	ZEQ	ZUB	CRED	ZWG	TPRF	MCLC	XMV
AMAX		-0.41	-0.14	0.7	0.82	0.21	0.49	0.62	0.87	0.89	AMAX
ZPAY	-0.41		0.41	-0.33	-0.46	0.15	0.27	-0.38	-0.38	-0.35	ZPAY
FLSD	-0.14	0.41		-0.07	-0.24	0.65	0.19	0.04	-0.07	-0.08	FLSD
ZEQ	0.7	-0.33	-0.07		0.68	0.13	0.28	0.5	0.61	0.59	ZEQ
ZUB	0.82	-0.46	-0.24	0.68		0.26	0.63	0.86	0.93	0.88	ZUB
CRED	0.21	0.15	0.65	0.13	0.26		0.57	0.53	0.45	0.41	CRED
ZWG	0.49	0.27	0.19	0.28	0.63	0.57		0.68	0.71	0.69	ZWG
TPRF	0.62	-0.38	0.04	0.5	0.86	0.53	0.68		0.86	0.77	TPRF
MCLC	0.87	-0.38	-0.07	0.61	0.93	0.45	0.71	0.86		0.97	MCLC
XMV	0.89	-0.35	-0.08	0.59	0.88	0.41	0.69	0.77	0.97		XMV
	AMAX	ZPAY	FLSD	ZEQ	ZUB	CRED	ZWG	TPRF	MCLC	XMV

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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

XMV	+ 0.97	MCLC
MCLC	+ 0.93	ZUB
XMV	+ 0.89	AMAX
XMV	+ 0.88	ZUB
MCLC	+ 0.87	AMAX
TPRF	+ 0.86	ZUB

High negative correlations

ZUB	- 0.46	ZPAY
ZPAY	- 0.41	AMAX
MCLC	- 0.38	ZPAY
TPRF	- 0.38	ZPAY
XMV	- 0.35	ZPAY
ZEQ	- 0.33	ZPAY

BMO Covered Constituents Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Covered 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 BMO Covered'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
AMAX	1.79	0.16	0.06	0.23	2.52	(1.89)	3.96	(3.83)	12.45
ZPAY	0.40	(0.04)	0.00	(0.08)	0.00	0.00	0.87	(0.87)	3.54
FLSD	0.08	0.00	(0.46)	(0.13)	0.05	(0.10)	0.21	(0.16)	0.62
ZEQ	0.48	0.00	(0.07)	0.06	0.54	(0.52)	0.99	(0.90)	2.49
ZUB	0.95	0.12	0.07	0.22	1.24	(0.97)	2.22	(1.61)	8.68
CRED	0.08	0.00	(0.51)	0.00	0.03	(0.11)	0.25	(0.15)	0.74
ZWG	0.53	0.00	(0.05)	0.08	0.67	(0.57)	1.17	(1.01)	4.20
TPRF	0.22	0.05	(0.03)	0.39	0.20	(0.25)	0.50	(0.41)	1.55
MCLC	0.56	0.07	0.03	0.25	0.62	(0.56)	1.17	(1.14)	3.10
XMV	0.41	0.03	(0.03)	0.17	0.42	(0.48)	0.99	(0.74)	2.71

Be your own money manager

Our tools can tell you how much better you can do entering a position in BMO Covered 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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