IShares Canadian Correlations

XRB Etf

CAD 22.75 0.10 0.44%

The current 90-days correlation between iShares Canadian Real and iShares ESG Advanced is 0.34 (i.e., Weak 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 Real moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Very good diversification

The correlation between iShares Canadian Real and DJI is -0.47 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Real 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 Real to buy it.

Moving together with IShares Etf

0.84	ZRR	BMO Real Return	Pair Corr
0.87	ZAG	BMO Aggregate Bond	Pair Corr
0.85	XBB	iShares Canadian Universe	Pair Corr
0.8	TCLB	TD Canadian Long	Pair Corr

Moving against IShares Etf

0.56	ZEB	BMO SPTSX Equal	Pair Corr
0.36	XIU	iShares SPTSX 60	Pair Corr
0.35	XIC	iShares Core SPTSX	Pair Corr
0.35	ZCN	BMO SPTSX Capped	Pair Corr

Related Correlations Analysis

	QEBH	XIG	XPF	XEH	DXV	VLB	ZCB	HBIL	ZGD	XDSR
QEBH		-0.35	0.12	0.25	0.33	-0.3	-0.14	0.07	0.3	-0.04	QEBH
XIG	-0.35		0.09	0.02	-0.2	0.45	0.43	0.56	-0.11	0.36	XIG
XPF	0.12	0.09		0.92	0.77	-0.42	0.25	0.42	0.79	0.83	XPF
XEH	0.25	0.02	0.92		0.87	-0.49	0.23	0.45	0.88	0.81	XEH
DXV	0.33	-0.2	0.77	0.87		-0.63	0.08	0.31	0.94	0.52	DXV
VLB	-0.3	0.45	-0.42	-0.49	-0.63		0.67	0.24	-0.6	0.02	VLB
ZCB	-0.14	0.43	0.25	0.23	0.08	0.67		0.59	0.11	0.57	ZCB
HBIL	0.07	0.56	0.42	0.45	0.31	0.24	0.59		0.4	0.61	HBIL
ZGD	0.3	-0.11	0.79	0.88	0.94	-0.6	0.11	0.4		0.56	ZGD
XDSR	-0.04	0.36	0.83	0.81	0.52	0.02	0.57	0.61	0.56		XDSR
	QEBH	XIG	XPF	XEH	DXV	VLB	ZCB	HBIL	ZGD	XDSR

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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

ZGD	+ 0.94	DXV
XEH	+ 0.92	XPF
ZGD	+ 0.88	XEH
DXV	+ 0.87	XEH
XDSR	+ 0.83	XPF
XDSR	+ 0.81	XEH

High negative correlations

VLB	- 0.63	DXV
ZGD	- 0.6	VLB
VLB	- 0.49	XEH
VLB	- 0.42	XPF
XIG	- 0.35	QEBH
VLB	- 0.3	QEBH

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
QEBH	0.32	0.00	(0.16)	0.10	0.35	(0.37)	0.73	(0.62)	2.24
XIG	0.24	(0.03)	0.00	(0.15)	0.00	0.00	0.45	(0.50)	1.75
XPF	0.28	0.03	(0.07)	0.38	0.36	(0.29)	0.44	(0.51)	2.47
XEH	0.46	0.06	0.02	0.25	0.53	(0.48)	1.19	(1.14)	2.97
DXV	0.08	0.00	(0.58)	0.00	0.00	(0.10)	0.15	(0.20)	0.51
VLB	0.35	(0.05)	0.00	(0.14)	0.00	0.00	0.62	(0.67)	2.32
ZCB	0.16	(0.01)	(0.28)	(0.01)	0.22	(0.16)	0.31	(0.38)	1.12
HBIL	0.07	(0.01)	(0.71)	(1.58)	0.06	(0.10)	0.14	(0.14)	0.34
ZGD	1.66	0.58	0.31	1.03	1.39	(2.06)	4.45	(3.60)	10.26
XDSR	0.58	0.01	(0.04)	0.09	0.75	(0.55)	0.95	(1.18)	3.05

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.

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