IA Clarington Correlations

Etfs . Canada . 
Etf . IA Clarington Floating
IFRF Etf  CAD 7.62  0.02  0.26%   
The current 90-days correlation between IA Clarington Floating and BMO Long Corporate is 0.17 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IA Clarington moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if IA Clarington Floating moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IA Clarington Correlation With Market

Excellent diversification

The correlation between IA Clarington Floating and DJI is -0.55 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IA Clarington Floating and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to IA Clarington could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace IA Clarington 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 IA Clarington - 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 IA Clarington Floating to buy it.

Moving together with IFRF Etf

  0.68ZFH BMO Floating RatePairCorr
  0.75FSL First Trust SeniorPairCorr

Moving against IFRF Etf

  0.9CYH iShares Global MonthlyPairCorr
  0.88XEG iShares SPTSX CappedPairCorr
  0.88RID RBC Quant EAFEPairCorr
  0.87HXE Global X SPTSXPairCorr
  0.87RPDH RBC Quant EuropeanPairCorr
  0.84CLF iShares 1 5PairCorr
  0.82VCB Vanguard CanadianPairCorr
  0.81PDIV Purpose Enhanced DividendPairCorr
  0.8DCG Desjardins 1 5PairCorr
  0.8ZFS-L BMO Short FederalPairCorr
  0.79XFR iShares Floating RatePairCorr
  0.79XINC iShares Core IncomePairCorr
  0.77HBB Global X CanadianPairCorr
  0.74XSMH iShares SP SmallPairCorr
  0.74VCN Vanguard FTSE CanadaPairCorr
  0.73XESG iShares ESG AwarePairCorr
  0.71VGV Vanguard CanadianPairCorr
  0.71GBUL Ninepoint Gold BullionPairCorr
  0.69ZSML BMO SP SmallPairCorr
  0.67XLB iShares Core CanadianPairCorr
  0.67VLB Vanguard Canadian LongPairCorr
  0.67XRB iShares Canadian RealPairCorr
  0.59BANK Evolve Canadian BanksPairCorr
  0.58PINV Purpose Global InnovatorsPairCorr
  0.45PREF Quadravest PreferredPairCorr
  0.91HXH Global X CanadianPairCorr
  0.9XDG iShares Core MSCIPairCorr
  0.89PINC Purpose Multi AssetPairCorr
  0.88HEU BetaPro SP TSXPairCorr
  0.87XDIV iShares Core MSCIPairCorr
  0.85VSB Vanguard Canadian ShortPairCorr
  0.84EIT-UN Canoe EIT IncomePairCorr
  0.84XDV iShares Canadian SelectPairCorr
  0.83QDX Mackenzie InternationalPairCorr

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

CRM
+ 0.94
MSFT
XOM
+ 0.93
MRK
A
+ 0.87
UBER
UBER
+ 0.84
MSFT
A
+ 0.84
MSFT
XOM
+ 0.8
T
  

High negative correlations

XOM
- 0.95
MSFT
XOM
- 0.93
CRM
MRK
- 0.92
MSFT
T
- 0.87
MSFT
MRK
- 0.86
CRM
XOM
- 0.86
A

IA Clarington Competition Risk-Adjusted Indicators

There is a big difference between IFRF Etf performing well and IA Clarington 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 IA Clarington'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
META  1.47  0.07  0.03  0.12  1.58 
(1.57)
 2.38 
(2.81)
 13.69 
MSFT  1.33 (0.28) 0.00 (0.60) 0.00 
 0.00 
 2.19 
(2.87)
 13.28 
UBER  1.55 (0.17) 0.00 (0.34) 0.00 
 0.00 
 2.70 
(3.82)
 11.09 
F  1.31 (0.03) 0.00  1.61  0.00 
 0.00 
 3.61 
(2.59)
 9.82 
T  1.07  0.20  0.14 (0.72) 0.94 
(1.26)
 3.87 
(1.76)
 7.44 
A  1.22 (0.40) 0.00 (0.38) 0.00 
 0.00 
 2.48 
(2.73)
 7.20 
CRM  1.78 (0.27) 0.00 (0.21) 0.00 
 0.00 
 3.66 
(4.75)
 12.37 
JPM  1.25 (0.09) 0.00 (0.02) 0.00 
 0.00 
 2.34 
(3.11)
 8.17 
MRK  1.20  0.21  0.13  0.55  1.27 
(1.26)
 2.54 
(2.06)
 7.10 
XOM  1.34  0.41  0.26  3.02  1.14 
(1.59)
 2.90 
(2.44)
 6.83 

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