IShares Core Correlations

Etfs . Canada . 
Etf . iShares Core Canadian
XCB Etf  CAD 20.50  0.01  0.05%   
The current 90-days correlation between iShares Core Canadian and Global X Large is 0.26 (i.e., Modest 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 Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Core Correlation With Market

Very weak diversification

The correlation between iShares Core Canadian and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Core Canadian 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 Canadian to buy it.

Moving together with IShares Etf

  0.98ZCM BMO Mid CorporatePairCorr
  0.96HAB Global X ActivePairCorr
  0.98CBH iShares 1 10YrPairCorr
  0.95NSCC NBI Sustainable CanadianPairCorr
  0.8RQO RBC Target 2026PairCorr
  0.98CACB CIBC Active InvestmentPairCorr
  0.97FLCI Franklin Bissett CorPairCorr
  0.92RQP RBC Target 2027PairCorr
  0.98ESGB BMO ESG CorporatePairCorr
  0.63HGU BetaPro Canadian GoldPairCorr
  0.72HGGG Harvest Global GoldPairCorr
  0.71ZGD BMO Equal WeightPairCorr
  0.72GLDX Global X GoldPairCorr
  0.72ZJG BMO Junior GoldPairCorr
  0.73HBU BetaPro Gold BullionPairCorr
  0.73XGD iShares SPTSX GlobalPairCorr
  0.97XSH iShares Core CanadianPairCorr
  0.79XEU iShares MSCI EuropePairCorr
  0.83UDIV Manulife Smart DividendPairCorr
  0.65NHYB NBI High YieldPairCorr
  0.79ZUD BMO Dividend HedgedPairCorr
  0.85EIT-UN Canoe EIT IncomePairCorr
  0.75NMNG Ninepoint Mining EvoPairCorr
  0.83XDUH iShares Core MSCIPairCorr
  0.96TERM Manulife Smart ShortPairCorr
  0.86ZCON BMO Conservative ETFPairCorr
  0.86HPF Harvest Energy LeadersPairCorr
  0.75HAC Global X SeasonalPairCorr
  0.86ZGI BMO Global InfrastructurePairCorr
  0.68XEN iShares Jantzi SocialPairCorr
  0.91WSHR Wealthsimple ShariahPairCorr
  0.82PDIV Purpose Enhanced DividendPairCorr

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

TQGM
+ 0.97
VVL
XQB
+ 0.95
CLF
VVL
+ 0.94
FCCV
TQGM
+ 0.93
FCCV
VVL
+ 0.93
CAFR
CAFR
+ 0.91
FCCV
  

High negative correlations

CAFR
- 0.84
NGPE
NGPE
- 0.81
CLF
TQGM
- 0.73
NGPE
VVL
- 0.73
NGPE
XQB
- 0.68
NGPE
FCCV
- 0.64
NGPE

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
CLF  0.08  0.00 (0.37) 0.10  0.06 
(0.09)
 0.11 
(0.11)
 0.68 
TQSM  0.70  0.06  0.03  0.19  0.69 
(0.79)
 2.10 
(1.22)
 4.09 
NGPE  1.12 (0.26) 0.00 (0.20) 0.00 
 0.00 
 1.96 
(2.41)
 12.05 
XQB  0.16  0.00 (0.26) 0.12  0.16 
(0.19)
 0.27 
(0.31)
 1.05 
NSGE  0.53 (0.09) 0.00 (0.11) 0.00 
 0.00 
 1.47 
(1.52)
 5.49 
FCCV  0.72  0.18  0.11  0.43  0.96 
(0.75)
 1.53 
(1.51)
 5.77 
CAFR  0.04  0.00 (1.05)(0.28) 0.00 
(0.06)
 0.10 
(0.05)
 0.25 
VVL  0.66  0.17  0.19  0.42  0.36 
(0.76)
 1.78 
(0.96)
 3.95 
TQGM  0.49  0.06  0.04  0.19  0.42 
(0.54)
 1.19 
(0.99)
 2.98 
HULC  0.60 (0.04)(0.08) 0.01  0.77 
(0.63)
 1.15 
(1.37)
 3.94 

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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