IShares Canadian Correlations

XBB Etf

CAD 28.47 0.02 0.07%

The current 90-days correlation between iShares Canadian Universe and iShares Canadian Short is 0.84 (i.e., Very poor 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 Universe moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Significant diversification

The correlation between iShares Canadian Universe and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Universe 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 Universe to buy it.

Moving together with IShares Etf

1.0	ZAG	BMO Aggregate Bond	Pair Corr
0.99	ZCPB	BMO Core Plus	Pair Corr
1.0	ZDB	BMO Discount Bond	Pair Corr
1.0	XGB	iShares Canadian Gov	Pair Corr
0.99	ZMP	BMO Mid Provincial	Pair Corr
0.99	ZFM	BMO Mid Federal	Pair Corr
1.0	XQB	iShares High Quality	Pair Corr
0.93	HBB	Global X Canadian	Pair Corr
0.99	CLG	iShares 1 10Yr	Pair Corr
0.87	HGU	BetaPro Canadian Gold	Pair Corr
0.92	HGGG	Harvest Global Gold	Pair Corr
0.74	CBCX	CI Galaxy Blockchain	Pair Corr
0.92	ZGD	BMO Equal Weight	Pair Corr
0.92	ZJG	BMO Junior Gold	Pair Corr
0.92	DXAU	Dynamic Active Global	Pair Corr
0.92	XGD	iShares SPTSX Global	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.45	0.14	0.05	0.6	0.01	-0.69	0.22	-0.2	-0.18	META
MSFT	0.45		-0.32	-0.31	-0.2	-0.18	-0.47	0.12	-0.24	-0.42	MSFT
UBER	0.14	-0.32		0.79	0.35	0.58	-0.26	0.54	0.25	0.61	UBER
F	0.05	-0.31	0.79		0.3	0.81	-0.33	0.54	0.58	0.59	F
T	0.6	-0.2	0.35	0.3		0.28	-0.41	0.36	0.14	0.18	T
A	0.01	-0.18	0.58	0.81	0.28		-0.28	0.65	0.65	0.57	A
CRM	-0.69	-0.47	-0.26	-0.33	-0.41	-0.28		-0.4	-0.13	0.09	CRM
JPM	0.22	0.12	0.54	0.54	0.36	0.65	-0.4		0.1	0.6	JPM
MRK	-0.2	-0.24	0.25	0.58	0.14	0.65	-0.13	0.1		0.16	MRK
XOM	-0.18	-0.42	0.61	0.59	0.18	0.57	0.09	0.6	0.16		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

A	+ 0.81	F
F	+ 0.79	UBER
JPM	+ 0.65	A
MRK	+ 0.65	A
XOM	+ 0.61	UBER
T	+ 0.6	META

High negative correlations

CRM	- 0.69	META
CRM	- 0.47	MSFT
XOM	- 0.42	MSFT
CRM	- 0.41	T
JPM	- 0.4	CRM
CRM	- 0.33	F

IShares Canadian Competition 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
META	1.23	(0.04)	(0.05)	0.00	1.35	(1.41)	2.12	(2.27)	14.28
MSFT	0.73	0.05	0.01	0.21	0.80	(0.77)	1.77	(1.47)	6.50
UBER	1.35	0.06	0.01	0.29	1.71	(1.40)	3.26	(2.30)	8.86
F	1.10	0.05	0.05	0.10	1.21	(1.17)	2.98	(1.83)	5.33
T	0.77	(0.06)	0.00	(1.38)	0.00	0.00	1.75	(2.28)	4.52
A	1.54	0.13	0.10	0.13	1.55	(1.65)	3.82	(2.59)	8.31
CRM	1.33	(0.23)	0.00	(0.16)	0.00	0.00	2.32	(3.30)	8.74
JPM	0.80	0.02	0.02	0.08	1.08	(0.82)	1.69	(1.51)	5.01
MRK	1.30	0.07	0.05	0.14	1.37	(1.40)	2.91	(2.57)	8.08
XOM	0.95	0.02	(0.02)	0.12	1.32	(0.89)	1.77	(2.42)	6.25

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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