Purpose Cash Correlations

MNY Etf   100.18  0.02  0.02%   
The current 90-days correlation between Purpose Cash Management and CI High Interest is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Purpose Cash moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Purpose Cash Management moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Purpose Cash Correlation With Market

Good diversification

The correlation between Purpose Cash Management and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Purpose Cash Management and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Purpose Cash could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Purpose Cash 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 Purpose Cash - 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 Purpose Cash Management to buy it.

Moving together with Purpose Etf

  1.0PSA Purpose High InterestPairCorr
  0.89HSAV Global X CashPairCorr
  1.0CMR iShares Premium MoneyPairCorr
  1.0CSAV CI High InterestPairCorr
  0.96XIU iShares SPTSX 60PairCorr
  0.95XSP iShares Core SPPairCorr
  0.97XIC iShares Core SPTSXPairCorr
  0.97ZCN BMO SPTSX CappedPairCorr
  0.92ZSP BMO SP 500PairCorr
  0.92VFV Vanguard SP 500PairCorr
  0.98ZEB BMO SPTSX EqualPairCorr
  0.95ZRE BMO Equal WeightPairCorr
  0.73ZGD BMO Equal WeightPairCorr
  0.74ZWP BMO Europe HighPairCorr
  0.84FSF CI Global FinancialPairCorr
  0.92HXS Global X SPPairCorr
  0.94VBAL Vanguard BalancedPairCorr
  0.9PRA Purpose Diversified RealPairCorr
  0.91FBAL Fidelity All inPairCorr
  0.93ZBAL BMO Balanced ETFPairCorr
  0.89VI Vanguard FTSE DevelopedPairCorr

Moving against Purpose Etf

  0.77TCLB TD Canadian LongPairCorr
  0.32ZAG BMO Aggregate BondPairCorr

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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

Purpose Cash Competition Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose Cash 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 Purpose Cash'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
META  1.51  0.26  0.21  0.32  1.10 
 3.99 
 10.48 
MSFT  0.90  0.30  0.27  0.47  0.54 
 2.33 
 8.85 
UBER  1.64  0.20  0.13  0.33  1.40 
 4.19 
 10.87 
F  1.32  0.14  0.06  0.32  1.47 
 2.69 
 7.46 
T  1.02 (0.05)(0.10) 0.00  1.35 
 2.35 
 5.71 
A  1.46 (0.07) 0.00  0.09  1.81 
 2.54 
 14.01 
CRM  1.33 (0.13)(0.04) 0.04  1.74 
 2.95 
 9.31 
JPM  0.90  0.22  0.18  0.38  0.67 
 2.25 
 6.03 
MRK  1.39 (0.09)(0.05) 0.04  1.96 
 2.88 
 10.58 
XOM  1.08  0.14  0.00 (9.00) 1.19 
 2.40 
 5.84 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Purpose Cash 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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