TD Canadian Correlations

Etfs . Canada . 
Etf . TD Canadian Equity
TTP Etf  CAD 39.54  0.17  0.43%   
The current 90-days correlation between TD Canadian Equity and Global X Robotics is 0.55 (i.e., Very weak 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 Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

TD Canadian Correlation With Market

Very poor diversification

The correlation between TD Canadian Equity and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TD Canadian Equity 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 Equity to buy it.

Moving together with TTP Etf

  0.99XIU iShares SPTSX 60PairCorr
  1.0XIC iShares Core SPTSXPairCorr
  1.0ZCN BMO SPTSX CappedPairCorr
  1.0VCN Vanguard FTSE CanadaPairCorr
  0.99HXT Global X SPTSXPairCorr
  1.0HXCN Global X SPTSXPairCorr
  1.0QCN Mackenzie Canadian EquityPairCorr
  0.97WXM First Asset MorningstarPairCorr
  0.9HGU BetaPro Canadian GoldPairCorr
  0.73HEU BetaPro SP TSXPairCorr
  0.97ZGD BMO Equal WeightPairCorr
  0.97ZJG BMO Junior GoldPairCorr
  0.82HBU BetaPro Gold BullionPairCorr
  0.76HXE Global X SPTSXPairCorr
  0.96HGGG Harvest Global GoldPairCorr
  0.77XEG iShares SPTSX CappedPairCorr
  0.77HURA Global X UraniumPairCorr
  0.78HFU BetaPro SPTSX CappedPairCorr
  0.79BLCK First Trust IndxxPairCorr
  0.94HXU BetaPro SP TSXPairCorr
  0.91PINC Purpose Multi AssetPairCorr
  0.73CLF iShares 1 5PairCorr
  0.83BANK Evolve Canadian BanksPairCorr
  0.95PDIV Purpose Enhanced DividendPairCorr
  0.93XSEM iShares ESG AwarePairCorr
  0.85XINC iShares Core IncomePairCorr
  0.97MCSM Manulife MultifactorPairCorr
  0.93QDX Mackenzie InternationalPairCorr
  0.81XDIV iShares Core MSCIPairCorr
  0.89RID RBC Quant EAFEPairCorr
  0.94FMAE Fidelity Multi AltPairCorr
  1.0XESG iShares ESG AwarePairCorr
  0.85PXS Invesco RAFI IndexPairCorr
  0.74OILU SavvyLong Geared CrudePairCorr
  0.82PINV Purpose Global InnovatorsPairCorr
  0.88XSMH iShares SP SmallPairCorr

Moving against TTP Etf

  0.67NSCE NBI Sustainable CanadianPairCorr

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

HUTE
+ 0.98
TILV
XSMC
+ 0.96
XSMH
HGR
+ 0.9
TILV
HGR
+ 0.89
HUTE
TILV
+ 0.88
TULV
HUTE
+ 0.87
TULV
  

High negative correlations

FCQH
- 0.16
TULV
FCQH
- 0.07
HUTE
FCQH
- 0.05
TILV
FCQH
- 0.04
HGR
HHLE
- 0.01
HUTE

TD Canadian Constituents Risk-Adjusted Indicators

There is a big difference between TTP 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TULV  0.47  0.06 (0.04)(3.52) 0.45 
(0.57)
 0.91 
(0.95)
 3.55 
TILV  0.37  0.15  0.15  1.75  0.00 
(0.45)
 0.88 
(0.56)
 2.00 
XSMH  0.76  0.08  0.08  0.17  0.65 
(0.89)
 1.97 
(1.39)
 4.88 
TRVI  0.99  0.10  0.06  0.24  1.07 
(1.09)
 1.87 
(2.21)
 5.82 
HUTE  0.54  0.22  0.21 (7.59) 0.27 
(0.66)
 1.31 
(1.09)
 2.61 
XSMC  0.81  0.04  0.02  0.12  0.84 
(0.92)
 1.76 
(1.50)
 5.24 
HHLE  0.78 (0.02)(0.06) 0.05  0.82 
(0.99)
 1.84 
(1.25)
 5.33 
HGR  0.78  0.07  0.01  0.40  0.98 
(0.82)
 1.75 
(2.18)
 5.36 
FCQH  0.46  0.00 (0.05) 0.08  0.57 
(0.51)
 0.95 
(0.95)
 4.57 
RBOT  0.89  0.14  0.11  0.26  0.87 
(0.95)
 2.02 
(1.66)
 6.14 

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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