Guardian Canadian Correlations

GCBD Etf

18.83 0.13 0.70%

The current 90-days correlation between Guardian Canadian Bond and Guardian Directed Equity is -0.11 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Guardian Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Guardian Canadian Bond moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Guardian Canadian Correlation With Market

Average diversification

The correlation between Guardian Canadian Bond and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guardian Canadian Bond and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Guardian 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 Guardian 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 Guardian 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 Guardian Canadian Bond to buy it.

Moving together with Guardian Etf

0.98	ZAG	BMO Aggregate Bond	Pair Corr
0.98	XBB	iShares Canadian Universe	Pair Corr
0.96	ZCPB	BMO Core Plus	Pair Corr
0.98	ZDB	BMO Discount Bond	Pair Corr
0.98	XGB	iShares Canadian Gov	Pair Corr
0.97	ZMP	BMO Mid Provincial	Pair Corr
0.98	ZFM	BMO Mid Federal	Pair Corr
0.97	XQB	iShares High Quality	Pair Corr
0.98	HBB	Global X Canadian	Pair Corr
0.94	CCRE	CIBC Core Fixed	Pair Corr
0.94	XLB	iShares Core Canadian	Pair Corr
0.85	VLB	Vanguard Canadian Long	Pair Corr
0.97	VGV	Vanguard Canadian	Pair Corr
0.84	CLF	iShares 1 5	Pair Corr
0.78	DCG	Desjardins 1 5	Pair Corr
0.95	XRB	iShares Canadian Real	Pair Corr
0.93	CBH	iShares 1 10Yr	Pair Corr

Related Correlations Analysis

	GDEP	GCFE	GIGR	GCSC	GCTB	GIQG	GIES	GCBD	GIQU
GDEP		0.45	0.0	0.8	-0.21	0.15	0.23	0.56	0.11	GDEP
GCFE	0.45		0.0	0.42	-0.69	-0.02	-0.49	-0.09	-0.07	GCFE
GIGR	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	GIGR
GCSC	0.8	0.42	0.0		-0.21	0.27	0.19	0.52	0.26	GCSC
GCTB	-0.21	-0.69	0.0	-0.21		0.23	0.86	0.45	0.31	GCTB
GIQG	0.15	-0.02	0.0	0.27	0.23		0.21	0.1	0.81	GIQG
GIES	0.23	-0.49	0.0	0.19	0.86	0.21		0.75	0.26	GIES
GCBD	0.56	-0.09	0.0	0.52	0.45	0.1	0.75		0.05	GCBD
GIQU	0.11	-0.07	0.0	0.26	0.31	0.81	0.26	0.05		GIQU
	GDEP	GCFE	GIGR	GCSC	GCTB	GIQG	GIES	GCBD	GIQU

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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

GIES	+ 0.86	GCTB
GIQU	+ 0.81	GIQG
GCSC	+ 0.8	GDEP
GCBD	+ 0.75	GIES
GCBD	+ 0.56	GDEP
GCBD	+ 0.52	GCSC

High negative correlations

GCTB	- 0.69	GCFE
GIES	- 0.49	GCFE
GCTB	- 0.21	GCSC
GCTB	- 0.21	GDEP
GCBD	- 0.09	GCFE
GIQU	- 0.07	GCFE

Guardian Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Guardian Etf performing well and Guardian 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 Guardian 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
GDEP	0.31	(0.02)	0.00	0.43	0.00	0.00	0.66	(0.69)	1.62
GCFE	0.53	(0.05)	0.00	(0.66)	0.00	0.00	1.35	(1.64)	6.74
GIGR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCSC	0.24	(0.01)	0.00	(0.15)	0.00	0.00	0.75	(0.99)	2.76
GCTB	0.02	0.00	0.73	(0.59)	0.00	(0.04)	0.04	(0.02)	0.54
GIQG	0.85	(0.03)	0.00	(0.39)	0.00	0.00	1.46	(2.00)	5.93
GIES	0.41	0.15	0.20	(3.26)	0.00	(1.29)	1.87	(0.82)	5.25
GCBD	0.29	0.06	0.26	0.68	0.21	(0.35)	0.70	(0.54)	2.20
GIQU	0.98	(0.03)	0.00	(0.47)	0.00	0.00	1.96	(2.45)	7.59

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