IShares Canadian Correlations

XDV Etf

CAD 39.81 0.19 0.47%

The current 90-days correlation between iShares Canadian Select and BMO Covered Call is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares Canadian Select moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Poor diversification

The correlation between iShares Canadian Select and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Select and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares Canadian 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 Canadian 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 Canadian - 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 Canadian Select to buy it.

Moving together with IShares Etf

0.81	ZWC	BMO Canadian High	Pair Corr
0.78	CDZ	iShares SPTSX Canadian	Pair Corr
0.82	PDC	Invesco Canadian Dividend	Pair Corr
0.79	XEI	iShares SPTSX Composite	Pair Corr
0.91	VDY	Vanguard FTSE Canadian	Pair Corr
0.64	ZDV	BMO Canadian Dividend	Pair Corr
0.81	DGRC	CI Canada Quality	Pair Corr
0.89	CDIV	Manulife Smart Dividend	Pair Corr
0.72	HXH	Global X Canadian	Pair Corr
0.7	HGU	BetaPro Canadian Gold	Pair Corr
0.64	SVR	iShares Silver Bullion	Pair Corr
0.63	SBT	Silver Bullion Trust	Pair Corr
0.63	HUZ	Global X Silver	Pair Corr
0.73	MNS	Royal Canadian Mint	Pair Corr
0.75	ZGD	BMO Equal Weight	Pair Corr
0.73	ZJG	BMO Junior Gold	Pair Corr
0.72	XGD	iShares SPTSX Global	Pair Corr

Related Correlations Analysis

	XFN	HXCN	XFH	HMAX	FCUV	CACB	ZNQ	ZWC	VGG	ZWU
XFN		0.92	0.83	1.0	0.8	-0.09	-0.3	0.89	0.49	-0.49	XFN
HXCN	0.92		0.93	0.94	0.74	0.18	-0.2	0.97	0.57	-0.2	HXCN
XFH	0.83	0.93		0.84	0.65	0.34	-0.06	0.89	0.61	-0.06	XFH
HMAX	1.0	0.94	0.84		0.8	-0.07	-0.3	0.91	0.5	-0.45	HMAX
FCUV	0.8	0.74	0.65	0.8		-0.07	-0.01	0.69	0.7	-0.5	FCUV
CACB	-0.09	0.18	0.34	-0.07	-0.07		0.23	0.19	0.35	0.72	CACB
ZNQ	-0.3	-0.2	-0.06	-0.3	-0.01	0.23		-0.36	0.33	0.09	ZNQ
ZWC	0.89	0.97	0.89	0.91	0.69	0.19	-0.36		0.53	-0.09	ZWC
VGG	0.49	0.57	0.61	0.5	0.7	0.35	0.33	0.53		-0.03	VGG
ZWU	-0.49	-0.2	-0.06	-0.45	-0.5	0.72	0.09	-0.09	-0.03		ZWU
	XFN	HXCN	XFH	HMAX	FCUV	CACB	ZNQ	ZWC	VGG	ZWU

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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

HMAX	+ 1.0	XFN
ZWC	+ 0.97	HXCN
HMAX	+ 0.94	HXCN
XFH	+ 0.93	HXCN
HXCN	+ 0.92	XFN
ZWC	+ 0.91	HMAX

High negative correlations

ZWU	- 0.5	FCUV
ZWU	- 0.49	XFN
ZWU	- 0.45	HMAX
ZWC	- 0.36	ZNQ
ZNQ	- 0.3	HMAX
ZNQ	- 0.3	XFN

IShares Canadian Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Canadian 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 Canadian'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
XFN	0.51	0.07	0.06	0.37	0.58	(0.53)	1.23	(0.98)	3.04
HXCN	0.61	0.06	0.03	0.27	1.00	(0.55)	1.16	(1.24)	3.67
XFH	0.46	0.07	0.07	0.29	0.49	(0.50)	1.08	(1.00)	2.37
HMAX	0.39	0.06	0.06	0.33	0.42	(0.40)	0.89	(0.84)	2.41
FCUV	0.75	(0.01)	(0.02)	0.02	1.10	(0.73)	1.35	(1.33)	5.98
CACB	0.15	(0.01)	(0.17)	(0.11)	0.21	(0.17)	0.25	(0.30)	1.00
ZNQ	0.72	(0.09)	0.00	(0.17)	0.00	0.00	1.43	(1.84)	5.48
ZWC	0.35	0.08	0.10	0.77	0.34	(0.38)	0.78	(0.69)	1.97
VGG	0.52	(0.02)	(0.07)	(0.02)	0.61	(0.60)	0.94	(1.05)	3.13
ZWU	0.38	0.03	(0.02)	(0.38)	0.44	(0.37)	0.65	(0.73)	1.69

Be your own money manager

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