Harvest Brand Correlations

HBF-B Etf  CAD 10.60  0.03  0.28%   
The correlation of Harvest Brand 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Harvest Brand moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Harvest Brand Leaders moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Good diversification

The correlation between Harvest Brand Leaders and NYA is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Brand Leaders and NYA in the same portfolio, assuming nothing else is changed.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Harvest Brand Leaders. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in bureau of labor statistics.
  
The ability to find closely correlated positions to Harvest Brand could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Harvest Brand 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 Harvest Brand - 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 Harvest Brand Leaders to buy it.

Moving together with Harvest Etf

  0.77XIU iShares SPTSX 60PairCorr
  0.63XSP iShares Core SPPairCorr
  0.79XIC iShares Core SPTSXPairCorr
  0.79ZCN BMO SPTSX CappedPairCorr
  0.81ZSP BMO SP 500PairCorr
  0.81VFV Vanguard SP 500PairCorr
  0.75ZEB BMO SPTSX EqualPairCorr
  0.78HPF Energy Leaders PlusPairCorr
  0.65SVR iShares Silver BullionPairCorr

Moving against Harvest Etf

  0.84HED BetaPro SPTSX CappedPairCorr
  0.49TCLB TD Canadian LongPairCorr
  0.49VRE Vanguard FTSE CanadianPairCorr
  0.47HIU BetaPro SP 500PairCorr

Related Correlations Analysis

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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   
ZCNXIC
VFVZSP
XICXIU
ZCNXIU
XBBZAG
ZEBXIU
  
High negative correlations   
TCLBZCN
TCLBXIC
TCLBXIU
VFVTCLB
TCLBZSP
ZEBTCLB

Harvest Brand Constituents Risk-Adjusted Indicators

There is a big difference between Harvest Etf performing well and Harvest Brand 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 Harvest Brand'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
XIU  0.45  0.00 (0.01) 0.07  0.57 
 0.96 
 2.77 
XSP  0.61  0.01  0.02  0.08  0.58 
 1.20 
 3.69 
XIC  0.46  0.01  0.00  0.08  0.59 
 0.97 
 2.82 
ZAG  0.33 (0.04) 0.00 (0.09) 0.00 
 0.52 
 1.64 
XBB  0.32 (0.04) 0.00 (0.09) 0.00 
 0.55 
 1.89 
ZCN  0.45  0.01  0.00  0.08  0.54 
 0.92 
 2.86 
ZSP  0.52  0.07  0.07  0.18  0.37 
 1.24 
 3.02 
TCLB  0.63 (0.08) 0.00 (0.15) 0.00 
 1.19 
 3.40 
VFV  0.53  0.07  0.07  0.18  0.41 
 1.33 
 3.13 
ZEB  0.48  0.00 (0.03) 0.07  0.60 
 0.97 
 2.85 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Harvest Brand 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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Already Invested in Harvest Brand Leaders?

The danger of trading Harvest Brand Leaders is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Harvest Brand is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Harvest Brand. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Harvest Brand Leaders is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Harvest Brand Leaders. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in bureau of labor statistics.
Note that the Harvest Brand Leaders information on this page should be used as a complementary analysis to other Harvest Brand's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Please note, there is a significant difference between Harvest Brand's value and its price as these two are different measures arrived at by different means. Investors typically determine if Harvest Brand is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Harvest Brand's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.