IShares Core Correlations

XAW Etf

CAD 53.46 0.38 0.72%

The current 90-days correlation between iShares Core MSCI and iShares SPTSX Capped is 0.07 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares Core moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares Core MSCI moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Core Correlation With Market

Very poor diversification

The correlation between iShares Core MSCI and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Core MSCI and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares Core could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace IShares Core 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 IShares Core - 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 iShares Core MSCI to buy it.

Moving together with IShares Etf

0.98	XEQT	iShares Core Equity	Pair Corr
0.94	DXG	Dynamic Active Global	Pair Corr
1.0	VXC	Vanguard FTSE Global	Pair Corr
0.96	XWD	iShares MSCI World	Pair Corr
0.98	VEQT	Vanguard All Equity	Pair Corr
0.9	XIU	iShares SPTSX 60	Pair Corr
0.77	XSP	iShares Core SP	Pair Corr
0.9	XIC	iShares Core SPTSX	Pair Corr
0.9	ZCN	BMO SPTSX Capped	Pair Corr
0.77	ZEB	BMO SPTSX Equal	Pair Corr
0.85	NMNG	Ninepoint Mining Evo	Pair Corr
0.62	XEG	iShares SPTSX Capped	Pair Corr
0.83	EIT-UN	Canoe EIT Income	Pair Corr
0.84	DGRC	CI Canada Quality	Pair Corr
0.95	ZCON	BMO Conservative ETF	Pair Corr
0.72	XSB	iShares Canadian Short	Pair Corr
0.82	NHYB	NBI High Yield	Pair Corr
0.71	ZUD	BMO Dividend Hedged	Pair Corr
0.66	NXF	First Asset Energy	Pair Corr
0.81	GCTB	Guardian Ultra Short	Pair Corr
0.79	TERM	Manulife Smart Short	Pair Corr
0.95	HXX	Global X Europe	Pair Corr
0.69	HPF	Harvest Energy Leaders	Pair Corr
0.85	UDIV	Manulife Smart Dividend	Pair Corr
0.79	MINT-B	Manulife Multifactor	Pair Corr
0.8	DXBG	Dynamic Global Fixed	Pair Corr
0.88	HAC	Global X Seasonal	Pair Corr
0.79	DXAU	Dynamic Active Global	Pair Corr
0.88	FLUS	Franklin Large Cap	Pair Corr

Related Correlations Analysis

	HEP	TOCA	TOCM	XHB	ERE-UN	CLU	RUDB	BN-PFI	XTOT	XEG
HEP		0.9	0.91	0.75	0.74	0.84	-0.64	0.76	0.21	0.65	HEP
TOCA	0.9		0.99	0.74	0.76	0.87	-0.51	0.73	0.45	0.61	TOCA
TOCM	0.91	0.99		0.8	0.74	0.88	-0.5	0.73	0.4	0.68	TOCM
XHB	0.75	0.74	0.8		0.62	0.83	-0.4	0.63	0.09	0.86	XHB
ERE-UN	0.74	0.76	0.74	0.62		0.76	-0.52	0.69	0.34	0.38	ERE-UN
CLU	0.84	0.87	0.88	0.83	0.76		-0.68	0.84	0.24	0.76	CLU
RUDB	-0.64	-0.51	-0.5	-0.4	-0.52	-0.68		-0.79	0.18	-0.46	RUDB
BN-PFI	0.76	0.73	0.73	0.63	0.69	0.84	-0.79		0.01	0.58	BN-PFI
XTOT	0.21	0.45	0.4	0.09	0.34	0.24	0.18	0.01		-0.12	XTOT
XEG	0.65	0.61	0.68	0.86	0.38	0.76	-0.46	0.58	-0.12		XEG
	HEP	TOCA	TOCM	XHB	ERE-UN	CLU	RUDB	BN-PFI	XTOT	XEG

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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

TOCM	+ 0.99	TOCA
TOCM	+ 0.91	HEP
TOCA	+ 0.9	HEP
CLU	+ 0.88	TOCM
CLU	+ 0.87	TOCA
XEG	+ 0.86	XHB

High negative correlations

BN-PFI	- 0.79	RUDB
RUDB	- 0.68	CLU
RUDB	- 0.64	HEP
RUDB	- 0.52	ERE-UN
RUDB	- 0.51	TOCA
RUDB	- 0.5	TOCM

IShares Core Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Core 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 IShares Core'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
HEP	1.95	0.42	0.09	(2.22)	2.95	(1.91)	4.59	(4.39)	15.94
TOCA	0.46	0.05	(0.02)	0.53	0.53	(0.48)	0.94	(1.00)	2.67
TOCM	0.35	0.04	(0.04)	0.68	0.36	(0.35)	0.70	(0.76)	1.85
XHB	0.12	0.02	(0.23)	0.32	0.06	(0.13)	0.25	(0.30)	0.80
ERE-UN	0.70	0.08	0.00	(0.86)	0.70	(1.24)	1.80	(1.72)	4.37
CLU	0.48	0.11	0.11	0.36	0.25	(0.58)	1.24	(0.88)	3.00
RUDB	0.27	(0.03)	0.00	0.47	0.00	0.00	0.55	(0.72)	1.56
BN-PFI	0.22	0.04	(0.09)	3.77	0.18	(0.28)	0.59	(0.54)	1.58
XTOT	0.63	(0.03)	(0.06)	0.03	0.82	(0.66)	1.25	(1.29)	5.08
XEG	1.15	0.28	0.15	3.28	1.15	(1.26)	2.53	(1.52)	5.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in IShares Core 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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