IShares Floating Correlations

XFR Etf

CAD 20.03 0.01 0.05%

The current 90-days correlation between iShares Floating Rate and BMO Mid Term IG is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares Floating moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares Floating Rate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Floating Correlation With Market

Very poor diversification

The correlation between iShares Floating Rate and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Floating Rate and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares Floating 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 Floating 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 Floating - 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 Floating Rate to buy it.

Moving together with IShares Etf

0.86	XSB	iShares Canadian Short	Pair Corr
0.91	XSH	iShares Core Canadian	Pair Corr
0.91	ZCS	BMO Short Corporate	Pair Corr
0.85	VSB	Vanguard Canadian Short	Pair Corr
0.86	CBO	iShares 1 5	Pair Corr
0.87	PSB	Invesco 1 5	Pair Corr
0.79	CLF	iShares 1 5	Pair Corr
0.84	XIU	iShares SPTSX 60	Pair Corr
0.87	XIC	iShares Core SPTSX	Pair Corr
0.67	ZAG	BMO Aggregate Bond	Pair Corr
0.68	XBB	iShares Canadian Universe	Pair Corr
0.87	ZCN	BMO SPTSX Capped	Pair Corr
0.88	ZEB	BMO SPTSX Equal	Pair Corr
0.9	MCSM	Manulife Multifactor	Pair Corr
0.85	XRE	iShares SPTSX Capped	Pair Corr
0.83	XBAL	iShares Core Balanced	Pair Corr
0.81	HEU	BetaPro SP TSX	Pair Corr
0.92	CYH	iShares Global Monthly	Pair Corr
0.79	ZSML	BMO SP Small	Pair Corr
0.73	HURA	Global X Uranium	Pair Corr
0.68	XDV	iShares Canadian Select	Pair Corr
0.7	BLCK	First Trust Indxx	Pair Corr
0.92	PINC	Purpose Multi Asset	Pair Corr
0.76	BANK	Evolve Canadian Banks	Pair Corr
0.92	QDX	Mackenzie International	Pair Corr
0.8	HXU	BetaPro SP TSX	Pair Corr
0.76	XDIV	iShares Core MSCI	Pair Corr
0.89	XSEM	iShares ESG Aware	Pair Corr
0.93	COPP	Global X Copper	Pair Corr
0.87	VCN	Vanguard FTSE Canada	Pair Corr
0.89	UMI	CI MidCap Dividend	Pair Corr
0.87	XESG	iShares ESG Aware	Pair Corr

Moving against IShares Etf

0.62

ZST

BMO Ultra Short

Pair Corr

Related Correlations Analysis

	HBB	XEC	XDIV	TPE	VEE	XGD	ZMU	XAW	ZIC
HBB		0.77	0.79	0.78	0.72	0.71	0.82	0.68	0.23	HBB
XEC	0.77		0.73	0.98	0.98	0.91	0.57	0.93	-0.15	XEC
XDIV	0.79	0.73		0.78	0.61	0.76	0.77	0.58	-0.05	XDIV
TPE	0.78	0.98	0.78		0.95	0.89	0.62	0.91	-0.15	TPE
VEE	0.72	0.98	0.61	0.95		0.86	0.49	0.96	-0.07	VEE
XGD	0.71	0.91	0.76	0.89	0.86		0.51	0.81	-0.22	XGD
ZMU	0.82	0.57	0.77	0.62	0.49	0.51		0.45	0.22	ZMU
XAW	0.68	0.93	0.58	0.91	0.96	0.81	0.45		0.05	XAW
ZIC	0.23	-0.15	-0.05	-0.15	-0.07	-0.22	0.22	0.05		ZIC
	HBB	XEC	XDIV	TPE	VEE	XGD	ZMU	XAW	ZIC

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

TPE	+ 0.98	XEC
VEE	+ 0.98	XEC
XAW	+ 0.96	VEE
VEE	+ 0.95	TPE
XAW	+ 0.93	XEC
XGD	+ 0.91	XEC

High negative correlations

ZIC	- 0.22	XGD
ZIC	- 0.15	TPE
ZIC	- 0.15	XEC
ZIC	- 0.07	VEE
ZIC	- 0.05	XDIV

IShares Floating Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Floating 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 Floating'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
HBB	0.17	(0.01)	(0.15)	(0.36)	0.26	(0.16)	0.30	(0.34)	1.00
XEC	0.73	0.07	0.05	0.15	1.05	(0.76)	1.42	(1.10)	7.40
XDIV	0.33	0.07	0.06	0.39	0.46	(0.33)	0.65	(0.72)	2.57
TPE	0.56	0.05	0.04	0.12	0.81	(0.54)	1.17	(1.43)	5.00
VEE	0.63	0.00	(0.02)	0.03	0.90	(0.64)	1.34	(1.22)	5.69
XGD	2.03	0.37	0.09	0.36	3.35	(1.99)	4.55	(6.00)	16.14
ZMU	0.19	(0.01)	(0.11)	(0.09)	0.30	(0.23)	0.39	(0.31)	2.09
XAW	0.49	(0.01)	(0.03)	0.02	0.66	(0.51)	1.06	(0.97)	3.81
ZIC	0.27	(0.04)	0.00	(1.75)	0.00	0.00	0.50	(0.81)	1.42

Be your own money manager

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