IShares High Correlations

XHY Etf

CAD 16.64 0.01 0.06%

The current 90-days correlation between iShares High Yield and iShares Core Canadian is 0.36 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares High moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares High Yield moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares High Correlation With Market

Weak diversification

The correlation between iShares High Yield and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares High Yield and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares High 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 High 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 High - 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 High Yield to buy it.

Moving together with IShares Etf

0.7	NHYB	NBI High Yield	Pair Corr
0.91	ZHY	BMO High Yield	Pair Corr
0.81	QHY	Mackenzie High Yield	Pair Corr
0.61	DXO	Dynamic Active Crossover	Pair Corr
0.8	TUHY	TD Active High	Pair Corr
0.73	XIU	iShares SPTSX 60	Pair Corr
0.77	XSP	iShares Core SP	Pair Corr
0.72	XIC	iShares Core SPTSX	Pair Corr
0.72	ZCN	BMO SPTSX Capped	Pair Corr
0.61	ZEB	BMO SPTSX Equal	Pair Corr

Moving against IShares Etf

0.36

TCLB

TD Canadian Long

Pair Corr

Related Correlations Analysis

	XLB	PDC	WSRD	QAH	VEF	WSRI	VGH	CIF	SMAX	UMAX
XLB		-0.54	0.28	-0.09	-0.28	-0.16	-0.28	0.78	0.5	0.56	XLB
PDC	-0.54		0.24	0.56	0.87	0.63	0.75	-0.25	0.19	-0.29	PDC
WSRD	0.28	0.24		0.65	0.55	0.43	0.53	0.39	0.6	0.17	WSRD
QAH	-0.09	0.56	0.65		0.79	0.39	0.8	0.29	0.59	-0.31	QAH
VEF	-0.28	0.87	0.55	0.79		0.55	0.79	0.1	0.56	-0.33	VEF
WSRI	-0.16	0.63	0.43	0.39	0.55		0.79	-0.14	0.16	0.22	WSRI
VGH	-0.28	0.75	0.53	0.8	0.79	0.79		0.02	0.35	-0.12	VGH
CIF	0.78	-0.25	0.39	0.29	0.1	-0.14	0.02		0.81	0.28	CIF
SMAX	0.5	0.19	0.6	0.59	0.56	0.16	0.35	0.81		0.11	SMAX
UMAX	0.56	-0.29	0.17	-0.31	-0.33	0.22	-0.12	0.28	0.11		UMAX
	XLB	PDC	WSRD	QAH	VEF	WSRI	VGH	CIF	SMAX	UMAX

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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

VEF	+ 0.87	PDC
SMAX	+ 0.81	CIF
VGH	+ 0.8	QAH
VEF	+ 0.79	QAH
VGH	+ 0.79	VEF
VGH	+ 0.79	WSRI

High negative correlations

PDC	- 0.54	XLB
UMAX	- 0.33	VEF
UMAX	- 0.31	QAH
UMAX	- 0.29	PDC
VGH	- 0.28	XLB
VEF	- 0.28	XLB

IShares High Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares High 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 High'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
XLB	0.32	(0.02)	0.00	(0.11)	0.00	0.00	0.59	(0.64)	2.24
PDC	0.32	0.05	0.03	0.26	0.30	(0.33)	0.65	(0.68)	2.12
WSRD	0.53	0.02	(0.02)	0.11	0.57	(0.63)	1.13	(1.04)	3.11
QAH	0.60	0.02	(0.01)	0.08	0.81	(0.58)	1.16	(1.24)	4.68
VEF	0.47	0.08	0.06	0.23	0.63	(0.45)	1.02	(0.97)	3.05
WSRI	0.44	0.00	(0.05)	0.04	0.54	(0.48)	0.86	(0.72)	3.65
VGH	0.57	0.00	(0.03)	0.05	0.67	(0.60)	1.06	(1.02)	2.80
CIF	0.65	(0.02)	(0.06)	(0.02)	0.93	(0.61)	1.32	(1.64)	4.21
SMAX	0.59	0.02	(0.02)	0.09	0.77	(0.62)	1.39	(1.23)	3.90
UMAX	0.29	(0.02)	0.00	(0.11)	0.00	0.00	0.53	(0.75)	1.66

Be your own money manager

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