BMO Clean Correlations

ZCLN Etf

CAD 14.46 0.12 0.84%

The current 90-days correlation between BMO Clean Energy and Harvest Clean Energy is 0.75 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Clean moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Clean Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Clean Correlation With Market

Significant diversification

The correlation between BMO Clean Energy and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO Clean Energy and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BMO Clean 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 Clean 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 Clean - 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 Clean Energy to buy it.

Moving together with BMO Etf

0.96	HCLN	Harvest Clean Energy	Pair Corr
0.95	FHF	First Trust Nasdaq	Pair Corr
0.61	HUC	Global X Crude	Pair Corr
0.89	FHE	First Trust Indxx	Pair Corr
0.86	ZWP	BMO Europe High	Pair Corr
0.86	ZRE	BMO Equal Weight	Pair Corr
0.93	XIC	iShares Core SPTSX	Pair Corr
0.93	FBAL	Fidelity All in	Pair Corr
0.91	VI	Vanguard FTSE Developed	Pair Corr
0.96	HXS	Global X SP	Pair Corr
0.94	ACZ	Middlefield Equity	Pair Corr
0.95	VBAL	Vanguard Balanced	Pair Corr
0.95	ZBAL	BMO Balanced ETF	Pair Corr
0.89	PRA	Purpose Diversified Real	Pair Corr
0.92	FSF	CI Global Financial	Pair Corr

Moving against BMO Etf

0.94	HIU	BetaPro SP 500	Pair Corr
0.92	HXD	BetaPro SPTSX 60	Pair Corr
0.92	HQD	BetaPro NASDAQ 100	Pair Corr
0.84	HED	BetaPro SPTSX Capped	Pair Corr

Related Correlations Analysis

	ZCLN	HCLN	FHF	ZGD	ZLD	ZRE	ZBAL	XWD	HERO
ZCLN		0.96	0.95	0.52	0.47	0.86	0.95	0.95	0.83	ZCLN
HCLN	0.96		0.94	0.59	0.33	0.89	0.92	0.93	0.84	HCLN
FHF	0.95	0.94		0.51	0.43	0.84	0.93	0.94	0.84	FHF
ZGD	0.52	0.59	0.51		0.29	0.76	0.55	0.51	0.69	ZGD
ZLD	0.47	0.33	0.43	0.29		0.54	0.57	0.58	0.43	ZLD
ZRE	0.86	0.89	0.84	0.76	0.54		0.92	0.9	0.91	ZRE
ZBAL	0.95	0.92	0.93	0.55	0.57	0.92		1.0	0.92	ZBAL
XWD	0.95	0.93	0.94	0.51	0.58	0.9	1.0		0.89	XWD
HERO	0.83	0.84	0.84	0.69	0.43	0.91	0.92	0.89		HERO
	ZCLN	HCLN	FHF	ZGD	ZLD	ZRE	ZBAL	XWD	HERO

Click cells to compare fundamentals

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BMO Clean Constituents Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Clean 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 Clean'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
ZCLN	1.09	0.25	0.10	3.83	1.01	(1.30)	2.73	(1.93)	6.84
HCLN	0.84	0.31	0.14	1.42	0.93	(1.01)	2.23	(1.59)	8.58
FHF	1.60	0.29	0.14	0.42	1.38	(2.24)	4.40	(3.13)	9.65
ZGD	1.53	0.07	(0.01)	0.44	1.97	(1.68)	3.41	(3.28)	13.16
ZLD	0.38	0.05	(0.19)	(0.62)	0.34	(0.46)	0.97	(0.74)	2.53
ZRE	0.55	0.18	0.07	(4.28)	0.33	(0.63)	1.34	(1.19)	4.34
ZBAL	0.37	0.10	(0.05)	1.83	0.24	(0.43)	0.91	(0.91)	2.31
XWD	0.65	0.17	0.06	1.61	0.65	(0.73)	1.61	(1.38)	4.53
HERO	0.69	0.30	0.23	1.60	0.36	(0.87)	1.69	(0.96)	5.39

Be your own money manager

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