Global X Correlations

Etfs . Canada . 
Etf . Global X Active
HAB Etf  CAD 10.37  0.03  0.29%   
The current 90-days correlation between Global X Active and iShares Core Conservative is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global X moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global X Active moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global X Correlation With Market

Average diversification

The correlation between Global X Active and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Active and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Global X could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Global X 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 Global X - 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 Global X Active to buy it.

Moving together with Global Etf

  0.98XCB iShares Core CanadianPairCorr
  0.97ZCM BMO Mid CorporatePairCorr
  0.96CBH iShares 1 10YrPairCorr
  0.97NSCC NBI Sustainable CanadianPairCorr
  0.93RQO RBC Target 2026PairCorr
  0.97CACB CIBC Active InvestmentPairCorr
  0.97FLCI Franklin Bissett CorPairCorr
  0.95RQP RBC Target 2027PairCorr
  0.97ESGB BMO ESG CorporatePairCorr
  0.91DRMU Desjardins RI USAPairCorr
  0.91FTN Financial 15 Split SplitPairCorr
  0.87DRFG Desjardins RI GlobalPairCorr
  0.85HAC Global X SeasonalPairCorr
  0.87QDX Mackenzie InternationalPairCorr
  0.89QCE Mackenzie Canadian LargePairCorr
  0.9QCN Mackenzie Canadian EquityPairCorr
  0.85MCSM Manulife MultifactorPairCorr
  0.84VUS Vanguard Total MarketPairCorr
  0.94PFIA Picton Mahoney FortifiedPairCorr
  0.84XCV iShares Canadian ValuePairCorr
  0.69TDOC TD Global HealthcarePairCorr
  0.91FCRR Fidelity Dividend forPairCorr
  0.86CMEY CI Marret AlternativePairCorr
  0.8DLR Global X DollarPairCorr
  0.86MCAD Premium Cash ManagementPairCorr
  0.9BNC Purpose Canadian FinPairCorr
  0.98DCU Desjardins CanadianPairCorr
  0.83WSGB Wealthsimple NorthPairCorr
  0.86ZUE BMO SP 500PairCorr
  0.9XVLU iShares MSCI USAPairCorr
  0.78YAMD AMD Amd YieldPairCorr
  0.8ZWA BMO Covered CallPairCorr
  0.88CANL Global X EnhancedPairCorr
  0.85NPRF NBI Active CanadianPairCorr
  0.69MUMC-B Manulife Multifactor MidPairCorr
  0.93FST First Trust CanadianPairCorr
  0.86GIQG Guardian i3 GlobalPairCorr

Related Correlations Analysis


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

QQCL
+ 0.99
USCL
USCL
+ 0.96
XCNS
QQCL
+ 0.96
XCNS
RCD
+ 0.93
XMA
RCD
+ 0.93
BKCC
BKCC
+ 0.92
XCNS
  

High negative correlations

BKCC
- 0.13
ZLI
RCD
- 0.09
ZLI
ZLI
- 0.09
XMA

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
XCNS  0.25  0.04  0.01  0.30  0.17 
(0.29)
 0.55 
(0.44)
 1.54 
XUT  0.36  0.07  0.08  0.49  0.29 
(0.40)
 0.74 
(0.58)
 2.32 
USCL  0.49  0.07  0.04  0.31  0.66 
(0.53)
 1.14 
(1.07)
 3.61 
XMA  1.45  0.30  0.10  0.49  2.33 
(1.47)
 3.13 
(3.48)
 12.04 
ZLI  0.39 (0.05) 0.00 (0.33) 0.00 
 0.00 
 0.79 
(0.78)
 2.25 
QQCL  0.68  0.08  0.05  0.23  0.99 
(0.68)
 1.52 
(1.72)
 4.34 
ZFN  0.87  0.02  0.00  0.09  1.35 
(0.79)
 2.24 
(2.46)
 6.35 
BKCC  0.34  0.12  0.18  0.67  0.00 
(0.39)
 0.84 
(0.74)
 2.40 
RCD  0.50  0.11  0.10  0.43  0.54 
(0.51)
 1.06 
(1.10)
 3.11 
ZMID  0.66 (0.02)(0.04) 0.00  0.84 
(0.73)
 1.55 
(1.55)
 3.96 

Be your own money manager

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