Guardian Canadian Correlations

GCSC Etf

32.75 0.17 0.52%

The current 90-days correlation between Guardian Canadian Sector and Guardian Directed Equity is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Guardian Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Guardian Canadian Sector moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Guardian Canadian Correlation With Market

Significant diversification

The correlation between Guardian Canadian Sector and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guardian Canadian Sector and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Guardian 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 Guardian 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 Guardian 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 Guardian Canadian Sector to buy it.

Moving together with Guardian Etf

0.73	XIU	iShares SPTSX 60	Pair Corr
0.74	XIC	iShares Core SPTSX	Pair Corr
0.74	ZCN	BMO SPTSX Capped	Pair Corr
0.75	VCN	Vanguard FTSE Canada	Pair Corr
0.73	HXT	Global X SPTSX	Pair Corr
0.74	HXCN	Global X SPTSX	Pair Corr
0.74	QCN	Mackenzie Canadian Equity	Pair Corr
0.67	WXM	First Asset Morningstar	Pair Corr
0.74	TTP	TD Canadian Equity	Pair Corr
0.63	XSP	iShares Core SP	Pair Corr

Moving against Guardian Etf

0.41

TCLB

TD Canadian Long

Pair Corr

Related Correlations Analysis

	GDEP	GCFE	GIGR	GSIF	GCSC	GCTB	GIQG	GIES	GCBD
GDEP		0.25	0.0	0.2	0.35	0.0	0.38	0.03	0.24	GDEP
GCFE	0.25		0.0	0.83	0.85	0.5	0.21	0.45	-0.08	GCFE
GIGR	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	GIGR
GSIF	0.2	0.83	0.0		0.78	0.8	0.14	0.6	-0.34	GSIF
GCSC	0.35	0.85	0.0	0.78		0.51	0.13	0.31	-0.21	GCSC
GCTB	0.0	0.5	0.0	0.8	0.51		-0.01	0.7	-0.65	GCTB
GIQG	0.38	0.21	0.0	0.14	0.13	-0.01		0.23	0.18	GIQG
GIES	0.03	0.45	0.0	0.6	0.31	0.7	0.23		-0.2	GIES
GCBD	0.24	-0.08	0.0	-0.34	-0.21	-0.65	0.18	-0.2		GCBD
	GDEP	GCFE	GIGR	GSIF	GCSC	GCTB	GIQG	GIES	GCBD

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

GCSC	+ 0.85	GCFE
GSIF	+ 0.83	GCFE
GCTB	+ 0.8	GSIF
GCSC	+ 0.78	GSIF
GIES	+ 0.7	GCTB
GIES	+ 0.6	GSIF

High negative correlations

GCBD	- 0.65	GCTB
GCBD	- 0.34	GSIF
GCBD	- 0.21	GCSC
GCBD	- 0.2	GIES
GCBD	- 0.08	GCFE
GIQG	- 0.01	GCTB

Guardian Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Guardian Etf performing well and Guardian 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 Guardian 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
GDEP	0.40	0.00	(0.16)	0.14	0.43	(0.49)	1.00	(0.78)	2.10
GCFE	0.49	0.11	0.04	0.71	0.27	(0.92)	1.63	(1.14)	4.88
GIGR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GSIF	0.10	0.01	(0.32)	0.26	0.00	(0.24)	0.41	(0.20)	0.97
GCSC	0.52	0.04	(0.06)	0.84	0.61	(0.56)	1.57	(0.87)	3.13
GCTB	0.02	0.00	(4.37)	0.00	0.00	(0.03)	0.04	(0.02)	0.08
GIQG	0.70	0.02	(0.05)	0.15	0.87	(0.78)	1.73	(1.92)	4.50
GIES	0.36	0.12	0.06	1.23	0.00	(1.12)	1.41	(0.62)	4.57
GCBD	0.17	(0.01)	(0.28)	(0.16)	0.25	(0.22)	0.43	(0.38)	1.52

Be your own money manager

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