TD Select Correlations

TCSB Etf

CAD 14.97 0.01 0.07%

The current 90-days correlation between TD Select Short and Invesco 1 3 Year is 0.01 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as TD Select moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if TD Select Short moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

TD Select Correlation With Market

Poor diversification

The correlation between TD Select Short and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TD Select Short and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to TD Select 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 Select 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 Select - 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 Select Short to buy it.

Moving together with TCSB Etf

0.92	XCB	iShares Core Canadian	Pair Corr
0.83	ZCM	BMO Mid Corporate	Pair Corr
0.86	HAB	Global X Active	Pair Corr
0.79	NSCC	NBI Sustainable Canadian	Pair Corr
0.72	RQO	RBC Target 2026	Pair Corr
0.88	FLCI	Franklin Bissett Cor	Pair Corr
0.73	RQP	RBC Target 2027	Pair Corr
0.9	ESGB	BMO ESG Corporate	Pair Corr
0.8	HGU	BetaPro Canadian Gold	Pair Corr
0.83	HGGG	Harvest Global Gold	Pair Corr
0.83	ZGD	BMO Equal Weight	Pair Corr
0.84	GLDX	Global X Gold	Pair Corr
0.84	ZJG	BMO Junior Gold	Pair Corr
0.84	HBU	BetaPro Gold Bullion	Pair Corr
0.64	HUZ	Global X Silver	Pair Corr
0.65	SVR	iShares Silver Bullion	Pair Corr
0.84	XGD	iShares SPTSX Global	Pair Corr
0.93	XSH	iShares Core Canadian	Pair Corr
0.91	XEU	iShares MSCI Europe	Pair Corr
0.61	BANK	Evolve Canadian Banks	Pair Corr
0.89	UDIV	Manulife Smart Dividend	Pair Corr
0.68	ZBK	BMO Equal Weight	Pair Corr
0.76	HXU	BetaPro SP TSX	Pair Corr
0.78	NHYB	NBI High Yield	Pair Corr
0.83	ZUD	BMO Dividend Hedged	Pair Corr
0.93	EIT-UN	Canoe EIT Income	Pair Corr
0.89	NMNG	Ninepoint Mining Evo	Pair Corr
0.74	DXAU	Dynamic Active Global	Pair Corr
0.84	XDUH	iShares Core MSCI	Pair Corr
0.94	TERM	Manulife Smart Short	Pair Corr
0.86	HPF	Harvest Energy Leaders	Pair Corr
0.86	HAC	Global X Seasonal	Pair Corr
0.73	ZGI	BMO Global Infrastructure	Pair Corr
0.9	WSHR	Wealthsimple Shariah	Pair Corr
0.91	PDIV	Purpose Enhanced Dividend	Pair Corr

Related Correlations Analysis

	TUHY	ZPS	ZFS	TPRF	FLSD	CRED	ZPL	ZWK	ZEQ	PFL
TUHY		0.43	0.06	0.43	0.5	0.62	-0.23	0.82	0.86	0.81	TUHY
ZPS	0.43		0.83	0.39	0.95	0.88	0.65	0.38	0.64	0.66	ZPS
ZFS	0.06	0.83		0.08	0.79	0.65	0.87	0.0	0.25	0.31	ZFS
TPRF	0.43	0.39	0.08		0.41	0.46	-0.11	0.39	0.55	0.56	TPRF
FLSD	0.5	0.95	0.79	0.41		0.9	0.59	0.45	0.72	0.72	FLSD
CRED	0.62	0.88	0.65	0.46	0.9		0.42	0.56	0.79	0.81	CRED
ZPL	-0.23	0.65	0.87	-0.11	0.59	0.42		-0.35	-0.03	-0.03	ZPL
ZWK	0.82	0.38	0.0	0.39	0.45	0.56	-0.35		0.82	0.83	ZWK
ZEQ	0.86	0.64	0.25	0.55	0.72	0.79	-0.03	0.82		0.9	ZEQ
PFL	0.81	0.66	0.31	0.56	0.72	0.81	-0.03	0.83	0.9		PFL
	TUHY	ZPS	ZFS	TPRF	FLSD	CRED	ZPL	ZWK	ZEQ	PFL

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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

FLSD	+ 0.95	ZPS
CRED	+ 0.9	FLSD
PFL	+ 0.9	ZEQ
CRED	+ 0.88	ZPS
ZPL	+ 0.87	ZFS
ZEQ	+ 0.86	TUHY

High negative correlations

ZWK	- 0.35	ZPL
ZPL	- 0.23	TUHY
ZPL	- 0.11	TPRF
PFL	- 0.03	ZPL
ZEQ	- 0.03	ZPL
ZWK	- 0.0	ZFS

TD Select Constituents Risk-Adjusted Indicators

There is a big difference between TCSB Etf performing well and TD Select 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 Select'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
TUHY	0.18	0.00	(0.19)	0.09	0.23	(0.20)	0.39	(0.34)	1.55
ZPS	0.09	0.00	(0.37)	0.04	0.06	(0.12)	0.24	(0.16)	0.73
ZFS	0.07	0.00	(0.33)	(0.05)	0.07	(0.09)	0.14	(0.14)	0.65
TPRF	0.15	0.06	(0.04)	1.34	0.00	(0.20)	0.33	(0.24)	0.98
FLSD	0.09	0.00	(0.43)	0.20	0.00	(0.11)	0.21	(0.21)	0.62
CRED	0.07	0.00	(0.40)	0.00	0.00	(0.10)	0.20	(0.20)	0.74
ZPL	0.33	(0.01)	(0.15)	(0.17)	0.46	(0.34)	0.67	(0.74)	2.05
ZWK	0.88	0.17	0.13	0.40	0.75	(1.06)	1.98	(1.40)	4.82
ZEQ	0.50	0.08	0.04	0.45	0.52	(0.55)	1.21	(1.01)	3.26
PFL	0.04	0.00	(1.14)	(0.02)	0.00	(0.07)	0.10	(0.05)	0.21

Be your own money manager

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