IShares Core Correlations

XBAL Etf

CAD 34.24 0.16 0.47%

The current 90-days correlation between iShares Core Balanced and iShares Canadian Select is 0.46 (i.e., Very weak 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 Balanced moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Core Correlation With Market

Poor diversification

The correlation between iShares Core Balanced and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Core Balanced 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 Balanced to buy it.

Moving together with IShares Etf

1.0	VBAL	Vanguard Balanced	Pair Corr
0.75	ZESG	BMO Balanced ESG	Pair Corr
1.0	ZBAL	BMO Balanced ETF	Pair Corr
0.87	XCNS	iShares Core Conservative	Pair Corr
0.84	MBAL	Mackenzie Balanced	Pair Corr
0.73	CGAA	CI Global Asset	Pair Corr
0.66	FCGI	Fidelity Global Monthly	Pair Corr
0.77	HCAL	Hamilton Enhanced	Pair Corr
0.76	HBGD	Global X Big	Pair Corr
0.73	HBGD-U	Global X Big	Pair Corr
0.73	EQL-U	Invesco SP 500	Pair Corr
0.62	HXU	BetaPro SP TSX	Pair Corr
0.68	HAZ	Global X Active	Pair Corr
0.71	UDIV	Manulife Smart Dividend	Pair Corr
0.72	TERM	Manulife Smart Short	Pair Corr
0.82	XSH	iShares Core Canadian	Pair Corr
0.72	BANK	Evolve Canadian Banks	Pair Corr
0.75	XSB	iShares Canadian Short	Pair Corr
0.89	AMAX	Hamilton Gold Producer	Pair Corr
0.65	XSTB	iShares ESG Aware	Pair Corr
0.81	XEU	iShares MSCI Europe	Pair Corr
0.76	WSHR	Wealthsimple Shariah	Pair Corr
0.87	ATSX	Accelerate Canadian Long	Pair Corr
0.71	FLUS	Franklin Large Cap	Pair Corr
0.93	ZDM	BMO MSCI EAFE	Pair Corr
0.9	CGXF	CI Gold Giants	Pair Corr
0.66	GDV	Global Dividend Growth	Pair Corr

Related Correlations Analysis

	NSCE	VGG	XEI	QCN	XGRO	XFH	VCE	VXC	XFN	XDV
NSCE		-0.31	-0.68	-0.68	-0.7	-0.8	-0.61	-0.67	-0.45	-0.25	NSCE
VGG	-0.31		0.43	0.57	0.75	0.62	0.59	0.83	0.47	0.34	VGG
XEI	-0.68	0.43		0.68	0.67	0.82	0.61	0.59	0.47	0.72	XEI
QCN	-0.68	0.57	0.68		0.95	0.93	0.99	0.88	0.87	0.69	QCN
XGRO	-0.7	0.75	0.67	0.95		0.94	0.95	0.98	0.8	0.58	XGRO
XFH	-0.8	0.62	0.82	0.93	0.94		0.9	0.88	0.81	0.69	XFH
VCE	-0.61	0.59	0.61	0.99	0.95	0.9		0.89	0.9	0.68	VCE
VXC	-0.67	0.83	0.59	0.88	0.98	0.88	0.89		0.72	0.47	VXC
XFN	-0.45	0.47	0.47	0.87	0.8	0.81	0.9	0.72		0.76	XFN
XDV	-0.25	0.34	0.72	0.69	0.58	0.69	0.68	0.47	0.76		XDV
	NSCE	VGG	XEI	QCN	XGRO	XFH	VCE	VXC	XFN	XDV

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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

VCE	+ 0.99	QCN
VXC	+ 0.98	XGRO
XGRO	+ 0.95	QCN
VCE	+ 0.95	XGRO
XFH	+ 0.94	XGRO
XFH	+ 0.93	QCN

High negative correlations

XFH	- 0.8	NSCE
XGRO	- 0.7	NSCE
QCN	- 0.68	NSCE
XEI	- 0.68	NSCE
VXC	- 0.67	NSCE
VCE	- 0.61	NSCE

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
NSCE	0.51	(0.07)	0.00	(1.59)	0.00	0.00	0.79	(1.25)	4.91
VGG	0.58	0.07	(0.02)	(0.18)	0.57	(0.70)	1.30	(1.05)	3.13
XEI	0.41	0.13	0.11	5.90	0.35	(0.47)	0.92	(0.68)	2.44
QCN	0.62	0.16	0.09	(12.27)	0.85	(0.65)	1.47	(1.05)	4.64
XGRO	0.41	0.09	0.03	(0.75)	0.40	(0.44)	0.89	(0.93)	2.47
XFH	0.46	0.16	0.16	(1.72)	0.27	(0.56)	1.13	(0.98)	2.53
VCE	0.60	0.13	0.08	(7.23)	0.77	(0.67)	1.21	(1.22)	4.26
VXC	0.48	0.08	0.01	(0.37)	0.54	(0.50)	1.09	(0.98)	3.39
XFN	0.53	0.13	0.10	(1.72)	0.46	(0.59)	1.23	(0.96)	3.05
XDV	0.40	0.11	0.05	(4.31)	0.61	(0.44)	0.86	(0.52)	4.42

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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