Sustainable Innovation Correlations

SIH-UN Fund

CAD 13.42 0.08 0.59%

The correlation of Sustainable Innovation 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.

Sustainable Innovation Correlation With Market

Good diversification

The correlation between Sustainable Innovation Health and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sustainable Innovation Health and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Sustainable Fund

0.8	0P0000706A	RBC Select Balanced	Pair Corr
0.82	0P00007069	RBC Portefeuille	Pair Corr
0.75	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.62	0P0001FAU8	TD Comfort Balanced	Pair Corr
0.78	0P00012UCU	RBC Global Equity	Pair Corr
0.64	0P00007065	RBC mondial dnergie	Pair Corr
0.77	RBF653	RBC Vision Global	Pair Corr

Related Correlations Analysis

	SIH-UN	MSRE-UN	FTHI	0P00007694	BLB-UN	0P0001N8MZ	HIG	0P000070HA	0P000077FS
SIH-UN		0.0	0.69	0.84	0.34	-0.03	-0.73	0.71	0.83	SIH-UN
MSRE-UN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	MSRE-UN
FTHI	0.69	0.0		0.89	-0.15	-0.44	-0.81	0.97	0.83	FTHI
0P00007694	0.84	0.0	0.89		0.12	-0.17	-0.77	0.9	0.93	0P00007694
BLB-UN	0.34	0.0	-0.15	0.12		-0.02	-0.14	-0.09	0.13	BLB-UN
0P0001N8MZ	-0.03	0.0	-0.44	-0.17	-0.02		0.51	-0.42	-0.11	0P0001N8MZ
HIG	-0.73	0.0	-0.81	-0.77	-0.14	0.51		-0.85	-0.7	HIG
0P000070HA	0.71	0.0	0.97	0.9	-0.09	-0.42	-0.85		0.82	0P000070HA
0P000077FS	0.83	0.0	0.83	0.93	0.13	-0.11	-0.7	0.82		0P000077FS
	SIH-UN	MSRE-UN	FTHI	0P00007694	BLB-UN	0P0001N8MZ	HIG	0P000070HA	0P000077FS

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

0P000070HA	+ 0.97	FTHI
0P000077FS	+ 0.93	0P00007694
0P000070HA	+ 0.9	0P00007694
0P00007694	+ 0.89	FTHI
0P00007694	+ 0.84	SIH-UN
0P000077FS	+ 0.83	SIH-UN

High negative correlations

0P000070HA	- 0.85	HIG
HIG	- 0.81	FTHI
HIG	- 0.77	0P00007694
HIG	- 0.73	SIH-UN
0P000077FS	- 0.7	HIG
0P0001N8MZ	- 0.44	FTHI

Risk-Adjusted Indicators

There is a big difference between Sustainable Fund performing well and Sustainable Innovation Fund 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 Sustainable Innovation'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
SIH-UN	0.54	0.12	0.00	(1.97)	0.43	(0.92)	1.77	(1.01)	5.04
MSRE-UN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FTHI	0.40	0.12	0.07	0.55	0.00	(0.53)	0.96	(0.57)	3.05
0P00007694	0.42	0.11	0.07	0.48	0.10	(0.50)	1.01	(0.72)	2.86
BLB-UN	0.53	0.05	(0.02)	(2.31)	1.15	(1.51)	2.28	(0.98)	11.38
0P0001N8MZ	0.53	(0.01)	(0.13)	0.06	0.69	(0.52)	0.95	(1.09)	2.97
HIG	0.72	(0.20)	0.00	(0.40)	0.00	0.00	1.11	(2.60)	5.41
0P000070HA	0.99	0.43	0.30	1.91	0.71	(1.23)	2.77	(1.87)	5.87
0P000077FS	0.33	0.09	(0.04)	1.19	0.07	(0.39)	0.76	(0.48)	2.46

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sustainable Innovation 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.

Did you try this?

Run Stocks Directory Now

Stocks Directory

Find actively traded stocks across global markets

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC