BMO High Correlations

ZWS Etf

CAD 21.00 0.13 0.62%

The current 90-days correlation between BMO High Dividend and First Trust AlphaDEX is 0.29 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO High moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO High Dividend moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO High Correlation With Market

Very weak diversification

The correlation between BMO High Dividend and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO High Dividend and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BMO High 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 High 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 High - 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 High Dividend to buy it.

Moving together with BMO Etf

0.63	VGG	Vanguard Dividend	Pair Corr
0.84	CUD	iShares Dividend Growers	Pair Corr
0.75	ZDY	BMO Dividend ETF	Pair Corr
0.73	ZWH	BMO High Dividend	Pair Corr
0.84	VGH	Vanguard Dividend	Pair Corr
0.81	RUD	RBC Quant Dividend	Pair Corr
0.71	XHD	iShares High Dividend	Pair Corr
0.9	ZUD	BMO Dividend Hedged	Pair Corr
0.84	FTN	Financial 15 Split Split	Pair Corr
0.71	DRFG	Desjardins RI Global	Pair Corr
0.87	HAC	Global X Seasonal	Pair Corr
0.8	QDX	Mackenzie International	Pair Corr
0.91	QCE	Mackenzie Canadian Large	Pair Corr
0.9	QCN	Mackenzie Canadian Equity	Pair Corr
0.84	GLDX	Global X Gold	Pair Corr
0.87	VIDY	Vanguard FTSE Developed	Pair Corr
0.68	THU	TD Equity CAD	Pair Corr
0.88	THE	TD International Equity	Pair Corr
0.89	FCVH	Fidelity Value Currency	Pair Corr
0.79	VVSG	Vanguard Canadian Ultra	Pair Corr
0.87	EIT-UN	Canoe EIT Income	Pair Corr
0.76	EQLI	Invesco SP 500	Pair Corr
0.87	XIN	iShares MSCI EAFE	Pair Corr
0.79	PRP	Purpose Conservative	Pair Corr
0.89	XEH	iShares MSCI Europe	Pair Corr
0.9	DRMC	Desjardins RI Canada	Pair Corr
0.87	MNS	Royal Canadian Mint	Pair Corr

Moving against BMO Etf

0.62

FCUD

Fidelity High Dividend

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.61	0.31	-0.37	0.24	-0.18	0.47	-0.15	-0.35	-0.43	META
MSFT	0.61		0.8	-0.54	0.5	0.13	0.2	-0.4	-0.84	-0.72	MSFT
UBER	0.31	0.8		-0.47	0.43	0.37	-0.09	-0.47	-0.81	-0.53	UBER
F	-0.37	-0.54	-0.47		-0.69	0.03	0.21	0.66	0.7	0.69	F
T	0.24	0.5	0.43	-0.69		0.4	-0.36	-0.55	-0.51	-0.65	T
A	-0.18	0.13	0.37	0.03	0.4		-0.44	-0.25	-0.13	-0.19	A
CRM	0.47	0.2	-0.09	0.21	-0.36	-0.44		0.52	0.05	-0.09	CRM
JPM	-0.15	-0.4	-0.47	0.66	-0.55	-0.25	0.52		0.6	0.44	JPM
MRK	-0.35	-0.84	-0.81	0.7	-0.51	-0.13	0.05	0.6		0.78	MRK
XOM	-0.43	-0.72	-0.53	0.69	-0.65	-0.19	-0.09	0.44	0.78		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.8	MSFT
XOM	+ 0.78	MRK
MRK	+ 0.7	F
XOM	+ 0.69	F
JPM	+ 0.66	F
MSFT	+ 0.61	META

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.81	UBER
XOM	- 0.72	MSFT
T	- 0.69	F
XOM	- 0.65	T
JPM	- 0.55	T

BMO High Constituents Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO High 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 High'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
META	1.34	(0.31)	0.00	(0.25)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.96	(0.21)	0.00	(0.41)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.47	(0.23)	0.00	(0.20)	0.00	0.00	2.60	(3.82)	10.23
F	1.44	0.12	0.10	0.15	1.33	(1.75)	3.38	(2.35)	16.30
T	0.89	(0.17)	0.00	(0.46)	0.00	0.00	1.53	(1.85)	4.30
A	1.16	(0.12)	0.00	(0.03)	0.00	0.00	2.34	(2.24)	7.85
CRM	1.59	(0.16)	0.00	(0.08)	0.00	0.00	3.66	(3.10)	12.37
JPM	1.16	(0.10)	(0.04)	0.00	1.73	(1.13)	2.00	(3.11)	7.38
MRK	1.22	0.37	0.27	0.53	1.01	(1.52)	3.59	(1.98)	8.09
XOM	1.06	0.24	0.15	4.24	0.98	(1.21)	2.37	(1.51)	5.82

Be your own money manager

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