IShares Global Correlations

CIF Etf

CAD 57.73 0.09 0.16%

The current 90-days correlation between iShares Global Infra and Invesco Canadian Dividend is 0.45 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares Global moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares Global Infrastructure moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Global Correlation With Market

Modest diversification

The correlation between iShares Global Infrastructure and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Global Infrastructure and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with IShares Etf

0.81	CINF	CI Global Infrastructure	Pair Corr
0.63	QINF	Mackenzie Global Inf	Pair Corr
0.75	HULC	Global X Large	Pair Corr

Moving against IShares Etf

0.42	HGU	BetaPro Canadian Gold	Pair Corr
0.39	ZGD	BMO Equal Weight	Pair Corr
0.58	NDIV	NBI Canadian Dividend	Pair Corr
0.46	MXF	CI First Asset	Pair Corr
0.45	ZJG	BMO Junior Gold	Pair Corr
0.33	GLDX	Global X Gold	Pair Corr

Related Correlations Analysis

	PDC	XHY	WSRD	UMAX	VEF	WSRI	DXG	QAH	VGH	HDIV
PDC		0.53	0.33	-0.08	0.87	0.68	0.27	0.56	0.76	0.92	PDC
XHY	0.53		0.51	-0.17	0.58	0.59	0.43	0.76	0.81	0.58	XHY
WSRD	0.33	0.51		0.31	0.62	0.49	0.48	0.67	0.56	0.24	WSRD
UMAX	-0.08	-0.17	0.31		-0.1	0.32	-0.08	-0.17	0.01	-0.12	UMAX
VEF	0.87	0.58	0.62	-0.1		0.6	0.56	0.79	0.79	0.79	VEF
WSRI	0.68	0.59	0.49	0.32	0.6		0.21	0.43	0.8	0.74	WSRI
DXG	0.27	0.43	0.48	-0.08	0.56	0.21		0.77	0.54	0.28	DXG
QAH	0.56	0.76	0.67	-0.17	0.79	0.43	0.77		0.81	0.51	QAH
VGH	0.76	0.81	0.56	0.01	0.79	0.8	0.54	0.81		0.76	VGH
HDIV	0.92	0.58	0.24	-0.12	0.79	0.74	0.28	0.51	0.76		HDIV
	PDC	XHY	WSRD	UMAX	VEF	WSRI	DXG	QAH	VGH	HDIV

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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

HDIV	+ 0.92	PDC
VEF	+ 0.87	PDC
VGH	+ 0.81	XHY
VGH	+ 0.81	QAH
VGH	+ 0.8	WSRI
QAH	+ 0.79	VEF

High negative correlations

QAH	- 0.17	UMAX
UMAX	- 0.17	XHY
HDIV	- 0.12	UMAX
VEF	- 0.1	UMAX
DXG	- 0.08	UMAX
UMAX	- 0.08	PDC

IShares Global Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Global 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 IShares Global'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
PDC	0.32	0.06	0.00	0.29	0.29	(0.34)	0.64	(0.68)	2.11
XHY	0.18	0.00	(0.32)	0.04	0.15	(0.23)	0.42	(0.30)	0.90
WSRD	0.54	0.02	(0.05)	0.13	0.56	(0.65)	1.13	(1.04)	3.11
UMAX	0.29	0.01	(0.13)	0.15	0.39	(0.27)	0.53	(0.75)	1.66
VEF	0.47	0.07	0.03	0.25	0.62	(0.45)	1.02	(0.97)	3.06
WSRI	0.45	0.00	(0.07)	0.09	0.54	(0.49)	0.87	(0.72)	3.65
DXG	0.80	(0.03)	(0.05)	0.03	1.03	(0.80)	1.52	(1.68)	4.67
QAH	0.61	0.01	(0.03)	0.09	0.85	(0.58)	1.16	(1.24)	4.68
VGH	0.57	0.00	(0.05)	0.08	0.67	(0.60)	1.06	(1.04)	2.79
HDIV	0.59	0.08	0.04	0.26	0.66	(0.61)	1.13	(1.39)	3.76

Be your own money manager

Our tools can tell you how much better you can do entering a position in IShares Global 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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