CIBC Canadian Correlations

CCEI Etf

CAD 29.73 0.06 0.20%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as CIBC Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if CIBC Canadian Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

CIBC Canadian Correlation With Market

Significant diversification

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

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

Moving together with CIBC Etf

1.0	XIU	iShares SPTSX 60	Pair Corr
1.0	XIC	iShares Core SPTSX	Pair Corr
1.0	ZCN	BMO SPTSX Capped	Pair Corr
1.0	VCN	Vanguard FTSE Canada	Pair Corr
1.0	HXT	Global X SPTSX	Pair Corr
1.0	HXCN	Global X SPTSX	Pair Corr
0.96	NSCE	NBI Sustainable Canadian	Pair Corr
1.0	QCN	Mackenzie Canadian Equity	Pair Corr
0.99	WXM	First Asset Morningstar	Pair Corr
1.0	TTP	TD Canadian Equity	Pair Corr
0.86	HEU	BetaPro SP TSX	Pair Corr
0.96	HURA	Global X Uranium	Pair Corr
0.87	HXE	Global X SPTSX	Pair Corr
0.87	XEG	iShares SPTSX Capped	Pair Corr
0.99	HFU	BetaPro SPTSX Capped	Pair Corr
0.93	ENCC	Global X Canadian	Pair Corr
0.9	ZEO	BMO Equal Weight	Pair Corr
0.99	HXU	BetaPro SP TSX	Pair Corr
0.94	JAPN	CI WisdomTree Japan	Pair Corr
0.97	HSU	BetaPro SP 500	Pair Corr

Related Correlations Analysis

	CMUE	CCRE	CCEI	CCLN	CCNS	CQLU	CSBG	CGLO	CCAD
CMUE		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CMUE
CCRE	0.0		0.79	0.68	0.84	-0.14	-0.03	0.77	-0.23	CCRE
CCEI	0.0	0.79		0.89	0.82	-0.25	0.18	0.9	-0.34	CCEI
CCLN	0.0	0.68	0.89		0.77	-0.03	0.18	0.9	-0.36	CCLN
CCNS	0.0	0.84	0.82	0.77		-0.25	-0.01	0.77	-0.05	CCNS
CQLU	0.0	-0.14	-0.25	-0.03	-0.25		0.04	0.0	-0.17	CQLU
CSBG	0.0	-0.03	0.18	0.18	-0.01	0.04		0.11	0.13	CSBG
CGLO	0.0	0.77	0.9	0.9	0.77	0.0	0.11		-0.47	CGLO
CCAD	0.0	-0.23	-0.34	-0.36	-0.05	-0.17	0.13	-0.47		CCAD
	CMUE	CCRE	CCEI	CCLN	CCNS	CQLU	CSBG	CGLO	CCAD

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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

CGLO	+ 0.9	CCEI
CGLO	+ 0.9	CCLN
CCLN	+ 0.89	CCEI
CCNS	+ 0.84	CCRE
CCNS	+ 0.82	CCEI
CCEI	+ 0.79	CCRE

High negative correlations

CCAD	- 0.47	CGLO
CCAD	- 0.36	CCLN
CCAD	- 0.34	CCEI
CQLU	- 0.25	CCNS
CQLU	- 0.25	CCEI
CCAD	- 0.23	CCRE

CIBC Canadian Constituents Risk-Adjusted Indicators

There is a big difference between CIBC Etf performing well and CIBC Canadian 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 CIBC Canadian'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
CMUE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CCRE	0.13	0.00	(0.79)	(0.58)	0.08	(0.16)	0.34	(0.22)	0.90
CCEI	0.36	0.19	0.15	8.74	0.00	(0.47)	0.88	(0.58)	1.98
CCLN	1.10	0.35	0.14	0.70	0.29	(4.48)	4.66	(0.87)	12.11
CCNS	0.05	0.00	(0.56)	0.00	0.00	(0.25)	0.28	(0.11)	0.88
CQLU	0.51	(0.04)	(0.18)	0.01	0.57	(0.78)	1.79	(1.33)	3.55
CSBG	0.38	0.20	0.00	(1.77)	0.00	0.00	0.00	0.00	0.00
CGLO	0.62	0.10	0.00	0.62	0.66	(0.70)	1.71	(1.19)	5.52
CCAD	0.02	0.00	0.00	0.00	0.00	0.00	0.04	(0.02)	0.18

Be your own money manager

Our tools can tell you how much better you can do entering a position in CIBC Canadian 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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