IShares Canadian Correlations

Etfs . Canada . 
Etf . iShares Canadian Select
XDV Etf  CAD 42.80  0.16  0.38%   
The current 90-days correlation between iShares Canadian Select and BMO Covered Call is -0.03 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares Canadian Select moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Poor diversification

The correlation between iShares Canadian Select and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Select and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to IShares 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 IShares 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 IShares 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 iShares Canadian Select to buy it.

Moving together with IShares Etf

  0.84ZWC BMO Canadian HighPairCorr
  0.92CDZ iShares SPTSX CanadianPairCorr
  0.93PDC Invesco Canadian DividendPairCorr
  0.87XEI iShares SPTSX CompositePairCorr
  0.9VDY Vanguard FTSE CanadianPairCorr
  0.82ZDV BMO Canadian DividendPairCorr
  0.83DGRC CI Canada QualityPairCorr
  0.82CDIV Manulife Smart DividendPairCorr
  0.82HXH Global X CanadianPairCorr
  0.7ZGD BMO Equal WeightPairCorr
  0.71ZJG BMO Junior GoldPairCorr
  0.71HGGG Harvest Global GoldPairCorr
  0.67GLDX Global X GoldPairCorr
  0.67XGD iShares SPTSX GlobalPairCorr
  0.75QDX Mackenzie InternationalPairCorr
  0.74VCN Vanguard FTSE CanadaPairCorr
  0.67XINC iShares Core IncomePairCorr
  0.66VCB Vanguard CanadianPairCorr
  0.8PINC Purpose Multi AssetPairCorr
  0.67XBAL iShares Core BalancedPairCorr
  0.72XEG iShares SPTSX CappedPairCorr
  0.62COPP Global X CopperPairCorr
  0.81XDG iShares Core MSCIPairCorr
  0.71BANK Evolve Canadian BanksPairCorr
  0.76PDIV Purpose Enhanced DividendPairCorr
  0.72XSMH iShares SP SmallPairCorr
  0.73FMAE Fidelity Multi AltPairCorr
  0.63GBUL Ninepoint Gold BullionPairCorr
  0.73HEU BetaPro SP TSXPairCorr

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

HMAX
+ 0.99
XFN
ZWC
+ 0.97
XFH
XFH
+ 0.93
HXCN
ZWC
+ 0.93
HXCN
ZWU
+ 0.93
CACB
HMAX
+ 0.88
HXCN
  

High negative correlations

ZWU
- 0.68
ZNQ
ZWC
- 0.61
ZNQ
ZNQ
- 0.58
CACB
ZNQ
- 0.56
XFH
ZNQ
- 0.44
HMAX
ZNQ
- 0.4
HXCN

IShares Canadian Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares 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 IShares 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
XFN  0.55  0.08  0.03  0.29  0.52 
(0.60)
 1.41 
(0.97)
 3.13 
HXCN  0.62  0.14  0.08  0.35  0.81 
(0.65)
 1.46 
(1.02)
 4.56 
XFH  0.43  0.13  0.13  0.39  0.00 
(0.55)
 1.08 
(0.74)
 2.53 
HMAX  0.45  0.07  0.01  0.28  0.38 
(0.50)
 1.09 
(0.85)
 2.79 
FCUV  0.73  0.00 (0.03) 0.11  1.06 
(0.74)
 1.44 
(1.45)
 5.98 
CACB  0.14  0.01 (0.47) 1.49  0.09 
(0.17)
 0.30 
(0.25)
 0.90 
ZNQ  0.71 (0.09)(0.11)(0.01) 0.98 
(0.74)
 1.43 
(1.79)
 5.48 
ZWC  0.40  0.13  0.08  0.59  0.26 
(0.45)
 0.91 
(0.95)
 2.36 
VGG  0.55 (0.04)(0.12) 0.05  0.59 
(0.63)
 1.30 
(1.05)
 3.13 
ZWU  0.39  0.14  0.01 (0.57) 0.22 
(0.42)
 0.92 
(0.64)
 1.71 

Be your own money manager

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

Did you try this?

Run Money Managers Now

   

Money Managers

Screen money managers from public funds and ETFs managed around the world
All  Next Launch Module
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2026 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY