IShares Canadian Correlations

FIE Etf

CAD 9.79 0.04 0.41%

The current 90-days correlation between iShares Canadian Fin and iShares SPTSX Capped is -0.11 (i.e., Good 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 Financial moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Very weak diversification

The correlation between iShares Canadian Financial and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Financial 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 Financial to buy it.

Moving together with IShares Etf

0.64

HXCN

Global X SPTSX

Pair Corr

Moving against IShares Etf

0.79	ZRR	BMO Real Return	Pair Corr
0.64	OILU	SavvyLong Geared Crude	Pair Corr

Related Correlations Analysis

	BND	XEG	TQCD	QDX	RIIN	XRE	FCIQ	HHL	VUS	QQC
BND		0.56	0.83	0.81	0.34	0.71	0.28	0.57	0.82	0.09	BND
XEG	0.56		0.69	0.55	0.69	0.49	-0.08	0.46	0.29	-0.28	XEG
TQCD	0.83	0.69		0.88	0.35	0.73	0.08	0.77	0.71	-0.21	TQCD
QDX	0.81	0.55	0.88		0.48	0.9	0.44	0.59	0.79	0.11	QDX
RIIN	0.34	0.69	0.35	0.48		0.53	0.3	0.33	0.21	0.14	RIIN
XRE	0.71	0.49	0.73	0.9	0.53		0.42	0.48	0.58	0.09	XRE
FCIQ	0.28	-0.08	0.08	0.44	0.3	0.42		-0.16	0.52	0.74	FCIQ
HHL	0.57	0.46	0.77	0.59	0.33	0.48	-0.16		0.46	-0.27	HHL
VUS	0.82	0.29	0.71	0.79	0.21	0.58	0.52	0.46		0.44	VUS
QQC	0.09	-0.28	-0.21	0.11	0.14	0.09	0.74	-0.27	0.44		QQC
	BND	XEG	TQCD	QDX	RIIN	XRE	FCIQ	HHL	VUS	QQC

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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

XRE	+ 0.9	QDX
QDX	+ 0.88	TQCD
TQCD	+ 0.83	BND
VUS	+ 0.82	BND
QDX	+ 0.81	BND
VUS	+ 0.79	QDX

High negative correlations

QQC	- 0.28	XEG
QQC	- 0.27	HHL
QQC	- 0.21	TQCD
HHL	- 0.16	FCIQ
FCIQ	- 0.08	XEG

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
BND	0.12	(0.01)	(0.21)	(0.06)	0.12	(0.14)	0.28	(0.28)	0.73
XEG	1.02	0.27	0.16	(1.90)	1.11	(1.08)	2.22	(1.49)	5.88
TQCD	0.47	0.11	0.11	0.63	0.52	(0.51)	1.00	(0.93)	2.76
QDX	0.57	0.05	0.04	0.21	0.61	(0.63)	1.21	(1.11)	2.70
RIIN	0.40	0.03	(0.01)	0.25	0.41	(0.46)	0.77	(0.75)	1.97
XRE	0.59	0.03	(0.01)	0.40	0.71	(0.60)	1.10	(1.11)	3.40
FCIQ	0.66	(0.05)	0.00	(0.09)	0.00	0.00	1.21	(1.47)	4.25
HHL	0.62	0.04	0.03	0.13	0.63	(0.75)	1.75	(1.07)	4.11
VUS	0.53	(0.01)	(0.04)	0.00	0.75	(0.54)	1.17	(1.22)	3.61
QQC	0.72	(0.09)	0.00	(0.14)	0.00	0.00	1.39	(1.84)	4.71

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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