Mackenzie Canadian Correlations

QCE Etf

CAD 189.27 0.58 0.31%

The current 90-days correlation between Mackenzie Canadian Large and iShares SPTSX Small is 0.63 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mackenzie Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mackenzie Canadian Large moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Mackenzie Canadian Correlation With Market

Modest diversification

The correlation between Mackenzie Canadian Large and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mackenzie Canadian Large and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Mackenzie 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 Mackenzie 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 Mackenzie 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 Mackenzie Canadian Large to buy it.

Moving together with Mackenzie Etf

0.77	XIU	iShares SPTSX 60	Pair Corr
0.77	XIC	iShares Core SPTSX	Pair Corr
0.77	ZCN	BMO SPTSX Capped	Pair Corr
0.78	VCN	Vanguard FTSE Canada	Pair Corr
0.77	HXT	Global X SPTSX	Pair Corr
0.77	HXCN	Global X SPTSX	Pair Corr
0.71	NSCE	NBI Sustainable Canadian	Pair Corr
0.77	QCN	Mackenzie Canadian Equity	Pair Corr
0.68	WXM	First Asset Morningstar	Pair Corr
0.98	TTP	TD Canadian Equity	Pair Corr

Moving against Mackenzie Etf

0.71	HXD	BetaPro SPTSX 60	Pair Corr
0.58	HBLK	Blockchain Technologies	Pair Corr
0.42	HED	BetaPro SPTSX Capped	Pair Corr
0.4	HIU	BetaPro SP 500	Pair Corr
0.39	HUC	Global X Crude	Pair Corr

Related Correlations Analysis

	XCS	PDF	XHD	IQD	FCVH	DRFE	TBNK	XMW	GGRO
XCS		0.63	0.44	0.51	0.64	-0.48	0.84	-0.46	0.37	XCS
PDF	0.63		0.56	0.82	0.91	-0.32	0.73	-0.36	0.16	PDF
XHD	0.44	0.56		0.38	0.39	-0.34	0.28	0.13	-0.03	XHD
IQD	0.51	0.82	0.38		0.94	-0.15	0.56	-0.55	0.5	IQD
FCVH	0.64	0.91	0.39	0.94		-0.29	0.72	-0.59	0.42	FCVH
DRFE	-0.48	-0.32	-0.34	-0.15	-0.29		-0.36	0.23	0.32	DRFE
TBNK	0.84	0.73	0.28	0.56	0.72	-0.36		-0.5	0.25	TBNK
XMW	-0.46	-0.36	0.13	-0.55	-0.59	0.23	-0.5		-0.45	XMW
GGRO	0.37	0.16	-0.03	0.5	0.42	0.32	0.25	-0.45		GGRO
	XCS	PDF	XHD	IQD	FCVH	DRFE	TBNK	XMW	GGRO

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

FCVH	+ 0.94	IQD
FCVH	+ 0.91	PDF
TBNK	+ 0.84	XCS
IQD	+ 0.82	PDF
TBNK	+ 0.73	PDF
TBNK	+ 0.72	FCVH

High negative correlations

XMW	- 0.59	FCVH
XMW	- 0.55	IQD
XMW	- 0.5	TBNK
DRFE	- 0.48	XCS
XMW	- 0.46	XCS
GGRO	- 0.45	XMW

Mackenzie Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Mackenzie Etf performing well and Mackenzie 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 Mackenzie 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
XCS	1.09	0.11	0.06	0.24	1.42	(1.09)	2.06	(2.33)	8.29
PDF	0.36	0.03	(0.02)	0.19	0.32	(0.40)	0.73	(0.71)	2.00
XHD	0.44	(0.01)	(0.09)	0.02	0.53	(0.43)	0.95	(0.88)	2.57
IQD	0.49	0.03	(0.01)	0.12	0.55	(0.56)	1.15	(0.85)	2.57
FCVH	0.65	0.10	0.07	0.23	0.65	(0.82)	1.63	(1.38)	3.94
DRFE	0.60	0.01	(0.04)	0.07	0.80	(0.71)	1.34	(1.24)	4.17
TBNK	0.52	0.16	0.20	0.44	0.30	(0.60)	1.13	(1.04)	2.93
XMW	0.33	(0.05)	0.00	(0.33)	0.00	0.00	0.83	(0.83)	2.46
GGRO	0.55	(0.02)	(0.06)	0.02	0.76	(0.54)	0.94	(1.26)	3.24

Be your own money manager

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