Tech Innovators Correlations

YMAG Etf

19.49 0.04 0.21%

The current 90-days correlation between Tech Innovators Yield and Tech Leaders Income is 0.83 (i.e., Very poor diversification). The correlation of Tech Innovators 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.

Tech Innovators Correlation With Market

Average diversification

The correlation between Tech Innovators Yield and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tech Innovators Yield and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Tech Etf

0.98	XIU	iShares SPTSX 60	Pair Corr
0.99	XSP	iShares Core SP	Pair Corr
0.98	XIC	iShares Core SPTSX	Pair Corr
0.98	ZCN	BMO SPTSX Capped	Pair Corr
0.98	ZSP	BMO SP 500	Pair Corr
0.98	VFV	Vanguard SP 500	Pair Corr
0.98	ZEB	BMO SPTSX Equal	Pair Corr
0.89	FBTC	Fidelity Advantage	Pair Corr
0.92	BTCY	Purpose Bitcoin Yield	Pair Corr
0.89	EBIT	Bitcoin ETF CAD	Pair Corr
0.88	BTCQ	3iQ Bitcoin ETF	Pair Corr
0.91	BTCC	Purpose Bitcoin ETF	Pair Corr
0.88	ETC	Evolve Cryptocurrencies	Pair Corr
0.96	HBKU	BetaPro Equal Weight	Pair Corr
0.98	HFU	BetaPro SPTSX Capped	Pair Corr

Moving against Tech Etf

0.71

TCLB

TD Canadian Long

Pair Corr

Related Correlations Analysis

	TLF	YMAG	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	SPYD
TLF		0.99	0.96	0.0	0.89	0.1	0.69	-0.98	0.22	TLF
YMAG	0.99		0.95	0.0	0.86	0.05	0.64	-0.98	0.23	YMAG
NHYB	0.96	0.95		0.0	0.88	0.16	0.74	-0.95	0.19	NHYB
AGLB	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AGLB
NUBF	0.89	0.86	0.88	0.0		0.29	0.69	-0.89	0.27	NUBF
QDXB	0.1	0.05	0.16	0.0	0.29		0.38	-0.07	0.08	QDXB
ZSB	0.69	0.64	0.74	0.0	0.69	0.38		-0.66	0.15	ZSB
CNDD	-0.98	-0.98	-0.95	0.0	-0.89	-0.07	-0.66		-0.33	CNDD
SPYD	0.22	0.23	0.19	0.0	0.27	0.08	0.15	-0.33		SPYD
	TLF	YMAG	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	SPYD

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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

YMAG	+ 0.99	TLF
NHYB	+ 0.96	TLF
NHYB	+ 0.95	YMAG
NUBF	+ 0.89	TLF
NUBF	+ 0.88	NHYB
NUBF	+ 0.86	YMAG

High negative correlations

CNDD	- 0.98	YMAG
CNDD	- 0.98	TLF
CNDD	- 0.95	NHYB
CNDD	- 0.89	NUBF
CNDD	- 0.66	ZSB
SPYD	- 0.33	CNDD

Tech Innovators Constituents Risk-Adjusted Indicators

There is a big difference between Tech Etf performing well and Tech Innovators 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 Tech Innovators' 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
TLF	0.90	0.29	0.19	1.02	0.63	(1.06)	2.09	(0.92)	5.48
YMAG	1.24	0.32	0.12	1.27	1.56	(1.38)	4.27	(1.56)	7.91
NHYB	0.32	0.06	(0.17)	10.91	0.20	(0.47)	0.87	(0.51)	2.74
AGLB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NUBF	0.28	0.04	(0.21)	(9.42)	0.21	(0.32)	0.67	(0.66)	1.64
QDXB	0.24	0.01	(0.38)	0.00	0.31	(0.25)	0.50	(0.58)	1.53
ZSB	0.08	(0.01)	(1.19)	(0.49)	0.07	(0.10)	0.19	(0.18)	0.45
CNDD	0.76	(0.36)	0.00	13.24	0.00	0.00	1.14	(1.77)	4.13
SPYD	1.41	(0.55)	0.00	3.57	0.00	0.00	1.75	(4.82)	9.60

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tech Innovators 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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