Horizons Pipelines Correlations
| HOG Etf | CAD 10.85 0.02 0.18% |
The correlation of Horizons Pipelines 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Horizons Pipelines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Horizons Pipelines Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Horizons Pipelines Energy and NYA is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizons Pipelines Energy and NYA in the same portfolio, assuming nothing else is changed.
Horizons |
The ability to find closely correlated positions to Horizons Pipelines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Horizons Pipelines 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 Horizons Pipelines - 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 Horizons Pipelines Energy to buy it.
Moving together with Horizons Etf
| 0.78 | XEG | iShares SPTSX Capped | PairCorr |
| 0.81 | ZEO | BMO Equal Weight | PairCorr |
| 0.69 | NXF | First Asset Energy | PairCorr |
| 0.78 | HXE | Horizons SP TSX | PairCorr |
| 0.77 | HEU | BetaPro SP TSX | PairCorr |
| 0.82 | ENCC | Horizons Canadian Oil | PairCorr |
| 0.74 | JAPN | CI WisdomTree Japan | PairCorr |
Related Correlations Analysis
| 0.45 | -0.23 | 0.74 | 0.82 | QQCC | ||
| 0.45 | -0.72 | 0.74 | 0.69 | GLCC | ||
| -0.23 | -0.72 | -0.46 | -0.52 | RS | ||
| 0.74 | 0.74 | -0.46 | 0.94 | CNCC | ||
| 0.82 | 0.69 | -0.52 | 0.94 | GDV | ||
| 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
| High negative correlations
|
Horizons Pipelines Constituents Risk-Adjusted Indicators
There is a big difference between Horizons Etf performing well and Horizons Pipelines 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 Horizons Pipelines' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| QQCC | 0.60 | (0.01) | (0.07) | 0.06 | 0.69 | 1.28 | 4.49 | |||
| GLCC | 1.38 | 0.25 | 0.13 | 0.35 | 1.62 | 3.07 | 9.30 | |||
| RS | 0.61 | (0.19) | 0.00 | (0.24) | 0.00 | 1.15 | 4.76 | |||
| CNCC | 0.36 | 0.00 | (0.05) | 0.07 | 0.49 | 0.68 | 2.72 | |||
| GDV | 0.52 | 0.08 | 0.05 | 0.22 | 0.55 | 1.14 | 4.93 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Horizons Pipelines 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 Portfolio Volatility Now
Portfolio VolatilityCheck portfolio volatility and analyze historical return density to properly model market risk |
| All Next | Launch Module |
Already Invested in Horizons Pipelines Energy?
The danger of trading Horizons Pipelines Energy is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Horizons Pipelines is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Horizons Pipelines. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Horizons Pipelines Energy is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Horizons Pipelines Energy. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. Note that the Horizons Pipelines Energy information on this page should be used as a complementary analysis to other Horizons Pipelines' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bonds Directory module to find actively traded corporate debentures issued by US companies.