TD Select Correlations

Etfs . Canada . 
Etf . TD Select Short
TCSB Etf  CAD 14.94  0.01  0.07%   
The current 90-days correlation between TD Select Short and Global X Large is -0.02 (i.e., Good 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 0.79 (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

  0.87XCB iShares Core CanadianPairCorr
  0.8ZCM BMO Mid CorporatePairCorr
  0.81HAB Global X ActivePairCorr
  0.67CBH iShares 1 10YrPairCorr
  0.74NSCC NBI Sustainable CanadianPairCorr
  0.63RQO RBC Target 2026PairCorr
  0.84CACB CIBC Active InvestmentPairCorr
  0.85FLCI Franklin Bissett CorPairCorr
  0.69RQP RBC Target 2027PairCorr
  0.86ESGB BMO ESG CorporatePairCorr
  0.69HGU BetaPro Canadian GoldPairCorr
  0.68HGGG Harvest Global GoldPairCorr
  0.69ZGD BMO Equal WeightPairCorr
  0.85GLDX Global X GoldPairCorr
  0.69ZJG BMO Junior GoldPairCorr
  0.69HBU BetaPro Gold BullionPairCorr
  0.66HUZ Global X SilverPairCorr
  0.67SVR iShares Silver BullionPairCorr
  0.7XGD iShares SPTSX GlobalPairCorr
  0.71XSH iShares Core CanadianPairCorr
  0.76XEU iShares MSCI EuropePairCorr
  0.88UDIV Manulife Smart DividendPairCorr
  0.62ZBK BMO Equal WeightPairCorr
  0.76HXU BetaPro SP TSXPairCorr
  0.66NHYB NBI High YieldPairCorr
  0.8ZUD BMO Dividend HedgedPairCorr
  0.92EIT-UN Canoe EIT IncomePairCorr
  0.9NMNG Ninepoint Mining EvoPairCorr
  0.79DXAU Dynamic Active GlobalPairCorr
  0.95TERM Manulife Smart ShortPairCorr
  0.69ZCON BMO Conservative ETFPairCorr
  0.81HPF Harvest Energy LeadersPairCorr
  0.71HAC Global X SeasonalPairCorr
  0.61ZGI BMO Global InfrastructurePairCorr
  0.66XEN iShares Jantzi SocialPairCorr
  0.87WSHR Wealthsimple ShariahPairCorr
  0.75PDIV Purpose Enhanced DividendPairCorr

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

VVL
+ 0.93
FCCV
VVL
+ 0.93
CAFR
CAFR
+ 0.9
FCCV
VVL
+ 0.85
TQSM
XQB
+ 0.83
CLF
FCCV
+ 0.82
TQSM
  

High negative correlations

NGPE
- 0.78
CLF
TQGM
- 0.69
NGPE
XQB
- 0.62
NGPE
CAFR
- 0.56
NGPE
VVL
- 0.47
NGPE
CAFR
- 0.44
NSGE

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
CLF  0.08  0.00 (0.31) 1.97  0.07 
(0.09)
 0.11 
(0.11)
 0.68 
TQSM  0.74  0.01 (0.03) 0.07  0.80 
(0.81)
 2.10 
(1.57)
 4.09 
NGPE  1.12 (0.16) 0.00  0.49  0.00 
 0.00 
 1.96 
(2.34)
 12.05 
XQB  0.17  0.00 (0.26)(0.02) 0.18 
(0.20)
 0.27 
(0.31)
 1.05 
NSGE  0.53 (0.13) 0.00 (0.22) 0.00 
 0.00 
 1.47 
(1.85)
 5.49 
FCCV  0.76  0.16  0.10  0.37  0.97 
(0.78)
 1.93 
(1.51)
 6.24 
CAFR  0.03  0.00 (0.94) 2.16  0.00 
(0.06)
 0.10 
(0.05)
 0.25 
VVL  0.69  0.12  0.12  0.32  0.54 
(0.78)
 1.78 
(1.02)
 3.95 
TQGM  0.48  0.12  0.08 (0.54) 0.37 
(0.56)
 1.19 
(0.82)
 2.98 
HULC  0.59  0.00 (0.08) 0.04  0.79 
(0.64)
 1.15 
(1.37)
 3.94 

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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