TD Select Correlations

TCSB Etf

CAD 14.90 0.03 0.20%

The current 90-days correlation between TD Select Short and TD Active High is 0.05 (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

Good diversification

The correlation between TD Select Short and DJI is -0.02 (i.e., Good 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

0.61	CACB	CIBC Active Investment	Pair Corr
0.62	FLCI	Franklin Bissett Cor	Pair Corr
0.86	RQP	RBC Target 2027	Pair Corr
0.61	FTN	Financial 15 Split Split	Pair Corr

Related Correlations Analysis

	TUHY	ZPS	ZFS	TPRF	FLSD	CRED	ZPL	ZWK	ZEQ	PFL
TUHY		-0.18	-0.16	0.82	0.03	0.49	-0.48	0.85	0.65	0.76	TUHY
ZPS	-0.18		0.94	-0.26	0.85	0.49	0.82	-0.41	-0.17	-0.28	ZPS
ZFS	-0.16	0.94		-0.2	0.9	0.53	0.82	-0.38	-0.18	-0.23	ZFS
TPRF	0.82	-0.26	-0.2		0.04	0.51	-0.48	0.89	0.45	0.9	TPRF
FLSD	0.03	0.85	0.9	0.04		0.72	0.75	-0.17	-0.14	0.03	FLSD
CRED	0.49	0.49	0.53	0.51	0.72		0.28	0.34	0.07	0.54	CRED
ZPL	-0.48	0.82	0.82	-0.48	0.75	0.28		-0.68	-0.48	-0.5	ZPL
ZWK	0.85	-0.41	-0.38	0.89	-0.17	0.34	-0.68		0.6	0.87	ZWK
ZEQ	0.65	-0.17	-0.18	0.45	-0.14	0.07	-0.48	0.6		0.32	ZEQ
PFL	0.76	-0.28	-0.23	0.9	0.03	0.54	-0.5	0.87	0.32		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

ZFS	+ 0.94	ZPS
FLSD	+ 0.9	ZFS
PFL	+ 0.9	TPRF
ZWK	+ 0.89	TPRF
PFL	+ 0.87	ZWK
ZWK	+ 0.85	TUHY

High negative correlations

ZWK	- 0.68	ZPL
PFL	- 0.5	ZPL
ZEQ	- 0.48	ZPL
ZPL	- 0.48	TPRF
ZPL	- 0.48	TUHY
ZWK	- 0.41	ZPS

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	0.21	0.00	(0.18)	0.07	0.24	(0.23)	0.44	(0.44)	1.26
ZPS	0.10	(0.01)	(0.37)	(0.18)	0.12	(0.14)	0.24	(0.24)	0.88
ZFS	0.08	(0.01)	(0.37)	(0.29)	0.10	(0.10)	0.14	(0.14)	0.72
TPRF	0.22	0.05	0.00	0.40	0.20	(0.26)	0.50	(0.41)	1.55
FLSD	0.08	0.00	(0.40)	(0.13)	0.05	(0.10)	0.21	(0.16)	0.62
CRED	0.08	0.00	(0.44)	(0.04)	0.03	(0.11)	0.25	(0.15)	0.74
ZPL	0.34	(0.02)	0.00	(0.12)	0.00	0.00	0.67	(0.75)	2.23
ZWK	0.87	0.12	0.07	0.24	1.06	(0.99)	2.03	(1.52)	7.90
ZEQ	0.48	0.00	(0.05)	0.07	0.53	(0.52)	0.99	(0.90)	2.49
PFL	0.04	0.00	(0.99)	0.04	0.00	(0.07)	0.10	(0.05)	0.26

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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