TD Select Correlations

TUSB Etf

CAD 14.48 0.01 0.07%

The current 90-days correlation between TD Select Short and BMO BBB Corporate is 0.39 (i.e., Weak 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 TUSB Etf

0.9	ZIC	BMO Mid Term	Pair Corr
0.68	FIG	CI Investment Grade	Pair Corr
0.82	RUSB	RBC Short Term	Pair Corr

Moving against TUSB Etf

0.56	ZUB	BMO Equal Weight	Pair Corr
0.55	CALL	Evolve Banks Enhanced	Pair Corr
0.48	ZBK	BMO Equal Weight	Pair Corr
0.44	ZWK	BMO Covered Call	Pair Corr
0.39	FHE	First Trust Indxx	Pair Corr
0.48	CALL-B	Evolve Banks Enhanced	Pair Corr
0.38	ZWS	BMO High Dividend	Pair Corr
0.38	VVSG	Vanguard Canadian Ultra	Pair Corr
0.38	ZUD	BMO Dividend Hedged	Pair Corr
0.37	PFAE	Picton Mahoney Fortified	Pair Corr
0.36	QAH	Mackenzie Large Cap	Pair Corr
0.32	HDIV	Hamilton Enhanced Multi	Pair Corr
0.61	PZW-F	Invesco FTSE RAFI	Pair Corr
0.5	BNC	Purpose Canadian Fin	Pair Corr
0.48	MNS	Royal Canadian Mint	Pair Corr
0.43	FCVH	Fidelity Value Currency	Pair Corr
0.4	RQO	RBC Target 2026	Pair Corr
0.37	DRMC	Desjardins RI Canada	Pair Corr

Related Correlations Analysis

	ZBBB	XMTM	JAPN	CAGS	XEB	HBLK	ARB	DISC	LEAD	CMAR
ZBBB		0.23	0.28	0.89	0.17	0.22	0.34	0.3	0.21	0.83	ZBBB
XMTM	0.23		-0.28	0.19	-0.3	0.85	0.08	0.41	0.81	0.33	XMTM
JAPN	0.28	-0.28		0.09	0.67	-0.59	-0.1	0.52	-0.41	0.38	JAPN
CAGS	0.89	0.19	0.09		0.15	0.22	0.35	0.12	0.2	0.69	CAGS
XEB	0.17	-0.3	0.67	0.15		-0.6	-0.28	0.37	-0.28	0.11	XEB
HBLK	0.22	0.85	-0.59	0.22	-0.6		0.22	0.14	0.81	0.26	HBLK
ARB	0.34	0.08	-0.1	0.35	-0.28	0.22		-0.08	0.07	0.3	ARB
DISC	0.3	0.41	0.52	0.12	0.37	0.14	-0.08		0.4	0.44	DISC
LEAD	0.21	0.81	-0.41	0.2	-0.28	0.81	0.07	0.4		0.3	LEAD
CMAR	0.83	0.33	0.38	0.69	0.11	0.26	0.3	0.44	0.3		CMAR
	ZBBB	XMTM	JAPN	CAGS	XEB	HBLK	ARB	DISC	LEAD	CMAR

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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

CAGS	+ 0.89	ZBBB
HBLK	+ 0.85	XMTM
CMAR	+ 0.83	ZBBB
LEAD	+ 0.81	XMTM
LEAD	+ 0.81	HBLK
CMAR	+ 0.69	CAGS

High negative correlations

HBLK	- 0.6	XEB
HBLK	- 0.59	JAPN
LEAD	- 0.41	JAPN
XEB	- 0.3	XMTM
LEAD	- 0.28	XEB
ARB	- 0.28	XEB

TD Select Constituents Risk-Adjusted Indicators

There is a big difference between TUSB 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
ZBBB	0.10	0.00	(0.53)	0.00	0.09	(0.12)	0.21	(0.21)	0.83
XMTM	0.77	(0.10)	0.00	(0.03)	0.00	0.00	1.59	(1.85)	4.78
JAPN	0.60	0.23	0.27	0.66	0.00	(0.74)	1.53	(1.00)	3.64
CAGS	0.07	(0.01)	(0.59)	(0.13)	0.11	(0.07)	0.17	(0.15)	0.82
XEB	0.19	0.00	(0.26)	0.08	0.19	(0.22)	0.43	(0.49)	1.16
HBLK	2.75	(0.50)	0.00	(0.16)	0.00	0.00	6.02	(5.95)	15.02
ARB	0.45	0.01	(0.12)	0.38	0.53	(0.53)	1.00	(1.03)	2.87
DISC	0.59	0.01	(0.04)	0.11	0.72	(0.64)	1.17	(1.38)	4.66
LEAD	0.68	(0.12)	0.00	(0.10)	0.00	0.00	1.47	(2.01)	5.02
CMAR	0.11	0.00	(0.52)	0.18	0.07	(0.12)	0.22	(0.22)	0.66

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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