IShares Canadian Correlations

Etfs . Canada . 
Etf . iShares Canadian Financial
FIE Etf  CAD 10.03  0.01  0.1%   
The current 90-days correlation between iShares Canadian Fin and iShares SPTSX Capped is -0.02 (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

Weak diversification

The correlation between iShares Canadian Financial and DJI is 0.39 (i.e., 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

  0.62ZUB BMO Equal WeightPairCorr
  0.64ZBK BMO Equal WeightPairCorr
  0.62CALL Evolve Banks EnhancedPairCorr
  0.67ZWK BMO Covered CallPairCorr
  0.77CIC CI Canadian BanksPairCorr
  0.92HLIT Global X LithiumPairCorr
  0.74HFU BetaPro SPTSX CappedPairCorr
  0.7VGRO Vanguard Growth PortfolioPairCorr
  0.9BFIN Brompton North AmericanPairCorr
  0.95ZMMK BMO Money MarketPairCorr
  0.73TOCA TD One ClickPairCorr
  0.92HLPR Global X LadderedPairCorr
  0.9VVL Vanguard Global ValuePairCorr
  0.64HXU BetaPro SP TSXPairCorr
  0.8USCC-U Global X SPPairCorr
  0.69LYFR Lysander Canso FloatingPairCorr
  0.92FLCD Franklin FTSE CanadaPairCorr
  0.88ZLB BMO Low VolatilityPairCorr
  0.93FHM First Trust NYSEPairCorr
  0.98CLSA Brompton Split CorpPairCorr
  0.97XCV iShares Canadian ValuePairCorr
  0.63FGLS Fidelity Global ValuePairCorr

Moving against IShares Etf

  0.64CBCX CI Galaxy BlockchainPairCorr
  0.63HBLK Blockchain TechnologiesPairCorr
  0.52CARS Evolve AutomobilePairCorr
  0.47CARS-B Evolve AutomobilePairCorr
  0.37HBGD Global X BigPairCorr

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

HHL
+ 0.87
TQCD
VUS
+ 0.8
BND
VUS
+ 0.76
QDX
FCIQ
+ 0.66
XRE
HHL
+ 0.59
XEG
QDX
+ 0.58
BND
  

High negative correlations

XRE
- 0.7
XEG
FCIQ
- 0.66
XEG
XRE
- 0.63
TQCD
HHL
- 0.49
XRE
FCIQ
- 0.45
TQCD
HHL
- 0.39
FCIQ

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
BND  0.10  0.00 (0.49)(0.01) 0.06 
(0.13)
 0.28 
(0.17)
 0.67 
XEG  0.86  0.02 (0.03) 0.17  1.22 
(0.86)
 2.02 
(1.56)
 5.93 
TQCD  0.50  0.11  0.08  0.44  0.50 
(0.54)
 1.10 
(1.23)
 2.81 
QDX  0.57  0.04 (0.03) 1.95  0.71 
(0.59)
 1.21 
(1.07)
 3.33 
RIIN  0.37 (0.01)(0.14) 0.34  0.51 
(0.38)
 0.75 
(0.91)
 2.34 
XRE  0.55 (0.07) 0.00  0.79  0.00 
 0.00 
 1.03 
(1.24)
 2.76 
FCIQ  0.64 (0.01)(0.08)(0.05) 0.87 
(0.62)
 1.10 
(1.47)
 3.10 
HHL  0.68  0.12  0.12  0.31  0.52 
(0.84)
 1.86 
(1.17)
 5.27 
VUS  0.59  0.06 (0.02)(0.49) 0.90 
(0.57)
 1.18 
(1.23)
 3.62 
QQC  0.78  0.01 (0.02) 0.08  1.21 
(0.69)
 1.80 
(1.88)
 4.78 

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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