CI Canadian Correlations

CAGG Etf

CAD 45.48 0.21 0.46%

The current 90-days correlation between CI Canadian Aggregate and NBI High Yield is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as CI Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if CI Canadian Aggregate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

The ability to find closely correlated positions to CI 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 CI 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 CI 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 CI Canadian Aggregate to buy it.

Moving together with CAGG Etf

0.62	ZAG	BMO Aggregate Bond	Pair Corr
0.62	XBB	iShares Canadian Universe	Pair Corr
0.96	ZCPB	BMO Core Plus	Pair Corr
0.61	ZDB	BMO Discount Bond	Pair Corr
0.95	XGB	iShares Canadian Gov	Pair Corr
0.93	ZMP	BMO Mid Provincial	Pair Corr
0.97	XQB	iShares High Quality	Pair Corr
0.95	HBB	Global X Canadian	Pair Corr
0.91	CCRE	CIBC Core Fixed	Pair Corr
0.9	XLB	iShares Core Canadian	Pair Corr
0.61	VLB	Vanguard Canadian Long	Pair Corr
0.95	VGV	Vanguard Canadian	Pair Corr
0.8	DCG	Desjardins 1 5	Pair Corr
0.62	XRB	iShares Canadian Real	Pair Corr

Related Correlations Analysis

	CAGG	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	ZBI	GDEP
CAGG		0.4	0.0	0.56	0.47	0.47	-0.53	0.34	0.62	CAGG
NHYB	0.4		0.0	0.73	0.14	0.78	-0.76	0.75	0.47	NHYB
AGLB	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AGLB
NUBF	0.56	0.73	0.0		0.51	0.69	-0.78	0.51	0.75	NUBF
QDXB	0.47	0.14	0.0	0.51		0.01	-0.41	-0.21	0.71	QDXB
ZSB	0.47	0.78	0.0	0.69	0.01		-0.59	0.94	0.32	ZSB
CNDD	-0.53	-0.76	0.0	-0.78	-0.41	-0.59		-0.44	-0.7	CNDD
ZBI	0.34	0.75	0.0	0.51	-0.21	0.94	-0.44		0.12	ZBI
GDEP	0.62	0.47	0.0	0.75	0.71	0.32	-0.7	0.12		GDEP
	CAGG	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	ZBI	GDEP

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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

ZBI	+ 0.94	ZSB
ZSB	+ 0.78	NHYB
ZBI	+ 0.75	NHYB
GDEP	+ 0.75	NUBF
NUBF	+ 0.73	NHYB
GDEP	+ 0.71	QDXB

High negative correlations

CNDD	- 0.78	NUBF
CNDD	- 0.76	NHYB
GDEP	- 0.7	CNDD
CNDD	- 0.59	ZSB
CNDD	- 0.53	CAGG
ZBI	- 0.44	CNDD

CI Canadian Constituents Risk-Adjusted Indicators

There is a big difference between CAGG Etf performing well and CI 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 CI 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
CAGG	0.28	0.04	0.18	17.99	0.19	(0.31)	0.60	(0.47)	1.90
NHYB	0.28	0.01	0.07	0.03	0.32	(0.38)	0.60	(0.55)	1.89
AGLB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NUBF	0.26	0.01	0.06	0.01	0.30	(0.33)	0.58	(0.61)	1.57
QDXB	0.26	(0.02)	0.00	(0.26)	0.00	0.00	0.59	(0.46)	1.83
ZSB	0.12	0.02	0.26	0.94	0.00	(0.14)	0.27	(0.21)	0.83
CNDD	1.02	(0.01)	0.02	(0.01)	1.14	(1.23)	2.41	(1.87)	7.14
ZBI	0.09	0.02	0.42	0.96	0.00	(0.12)	0.23	(0.13)	0.59
GDEP	0.32	(0.02)	0.00	(0.14)	0.00	0.00	0.66	(0.69)	1.62

Be your own money manager

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