BMO Long Correlations

ZLC Etf

CAD 14.82 0.11 0.74%

The current 90-days correlation between BMO Long Corporate and BMO Long Federal is 0.94 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Long moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Long Corporate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Long Correlation With Market

Average diversification

The correlation between BMO Long Corporate and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO Long Corporate and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BMO Long 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 Long 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 Long - 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 Long Corporate to buy it.

Moving together with BMO Etf

0.98	ZFL	BMO Long Federal	Pair Corr
0.99	XLB	iShares Core Canadian	Pair Corr
0.98	ZPL	BMO Long Provincial	Pair Corr
0.99	VLB	Vanguard Canadian Long	Pair Corr
0.81	CBCX	CI Galaxy Blockchain	Pair Corr

Related Correlations Analysis

	ZFL	ZPL	SOLR	ALA-PA	TKU	ERE-UN	ROMJ	VO	RUDB	BN-PFI
ZFL		0.99	0.24	-0.26	-0.46	-0.1	0.46	0.26	0.72	0.21	ZFL
ZPL	0.99		0.23	-0.19	-0.47	-0.16	0.48	0.27	0.72	0.28	ZPL
SOLR	0.24	0.23		0.07	0.09	-0.07	0.17	0.04	0.11	0.01	SOLR
ALA-PA	-0.26	-0.19	0.07		0.23	-0.32	0.11	0.17	-0.12	0.61	ALA-PA
TKU	-0.46	-0.47	0.09	0.23		0.22	-0.32	-0.03	-0.56	-0.39	TKU
ERE-UN	-0.1	-0.16	-0.07	-0.32	0.22		-0.01	-0.1	-0.38	-0.59	ERE-UN
ROMJ	0.46	0.48	0.17	0.11	-0.32	-0.01		0.18	0.41	0.23	ROMJ
VO	0.26	0.27	0.04	0.17	-0.03	-0.1	0.18		0.33	0.35	VO
RUDB	0.72	0.72	0.11	-0.12	-0.56	-0.38	0.41	0.33		0.51	RUDB
BN-PFI	0.21	0.28	0.01	0.61	-0.39	-0.59	0.23	0.35	0.51		BN-PFI
	ZFL	ZPL	SOLR	ALA-PA	TKU	ERE-UN	ROMJ	VO	RUDB	BN-PFI

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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

ZPL	+ 0.99	ZFL
RUDB	+ 0.72	ZFL
RUDB	+ 0.72	ZPL
BN-PFI	+ 0.61	ALA-PA
BN-PFI	+ 0.51	RUDB
ROMJ	+ 0.48	ZPL

High negative correlations

BN-PFI	- 0.59	ERE-UN
RUDB	- 0.56	TKU
TKU	- 0.47	ZPL
TKU	- 0.46	ZFL
BN-PFI	- 0.39	TKU
RUDB	- 0.38	ERE-UN

BMO Long Constituents Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Long 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 Long'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
ZFL	0.69	0.00	0.01	(0.03)	0.83	(0.79)	1.37	(1.61)	3.35
ZPL	0.59	0.00	0.01	(0.01)	0.76	(0.62)	1.12	(1.44)	2.93
SOLR	3.63	0.02	0.00	(0.03)	5.74	(20.00)	20.00	(16.67)	36.67
ALA-PA	0.81	0.03	0.04	0.44	0.95	(0.99)	2.44	(1.84)	5.87
TKU	5.55	(0.06)	0.00	0.02	0.00	0.00	25.00	(20.00)	50.00
ERE-UN	0.83	(0.02)	0.00	(0.31)	0.00	0.00	2.18	(1.77)	5.15
ROMJ	5.01	0.67	0.09	(0.57)	5.49	(9.88)	13.51	(9.09)	81.87
VO	7.50	0.96	0.07	(0.33)	7.47	(18.70)	20.00	(14.29)	62.22
RUDB	0.19	0.01	0.12	(0.16)	0.13	(0.24)	0.44	(0.34)	1.68
BN-PFI	0.67	0.18	0.21	21.48	0.59	(0.86)	1.57	(1.50)	3.91

Be your own money manager

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