TD Canadian Correlations

TCLB Etf

CAD 114.91 0.51 0.45%

The current 90-days correlation between TD Canadian Long and iShares Canadian Universe is 0.77 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as TD Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if TD Canadian Long moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

TD Canadian Correlation With Market

Very good diversification

The correlation between TD Canadian Long and DJI is -0.46 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TD Canadian Long and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to TD 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 TD 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 TD 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 TD Canadian Long to buy it.

Moving together with TCLB Etf

0.78	ZAG	BMO Aggregate Bond	Pair Corr
0.76	XBB	iShares Canadian Universe	Pair Corr

Moving against TCLB Etf

0.66	ZEB	BMO SPTSX Equal	Pair Corr
0.64	CALL	Evolve Banks Enhanced	Pair Corr
0.63	FTN	Financial 15 Split Split	Pair Corr
0.49	XIU	iShares SPTSX 60	Pair Corr
0.47	XIC	iShares Core SPTSX	Pair Corr
0.47	ZCN	BMO SPTSX Capped	Pair Corr
0.42	XSP	iShares Core SP	Pair Corr
0.57	ZPH	BMO Put Write	Pair Corr
0.53	CPD	iShares SPTSX Canadian	Pair Corr
0.51	GCTB	Guardian Ultra Short	Pair Corr
0.45	ATSX	Accelerate Canadian Long	Pair Corr
0.44	RAAA	Corton Enhanced Income	Pair Corr
0.42	NMNG	Ninepoint Mining Evo	Pair Corr
0.36	NHYB	NBI High Yield	Pair Corr
0.33	PAYF	Purpose Enhanced Premium	Pair Corr
0.33	EIT-UN	Canoe EIT Income	Pair Corr
0.33	XEU	iShares MSCI Europe	Pair Corr
0.31	HXX	Global X Europe	Pair Corr
0.51	PFAE	Picton Mahoney Fortified	Pair Corr
0.49	DXAU	Dynamic Active Global	Pair Corr
0.48	HXU	BetaPro SP TSX	Pair Corr
0.44	XEN	iShares Jantzi Social	Pair Corr
0.42	DXBG	Dynamic Global Fixed	Pair Corr
0.37	BMAX	Brompton Enhanced Multi	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

TD Canadian Competition Risk-Adjusted Indicators

There is a big difference between TCLB Etf performing well and TD 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 TD 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
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

Be your own money manager

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