Guardian Canadian Correlations

GCFE Etf

29.26 0.26 0.90%

The current 90-days correlation between Guardian Canadian Focused and Guardian Directed Equity is 0.24 (i.e., Modest 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 Focused moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Guardian Canadian Correlation With Market

Good diversification

The correlation between Guardian Canadian Focused and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guardian Canadian Focused 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 Focused to buy it.

Moving against Guardian Etf

0.59	ZGD	BMO Equal Weight	Pair Corr
0.58	XGD	iShares SPTSX Global	Pair Corr
0.57	ZJG	BMO Junior Gold	Pair Corr
0.57	HGGG	Harvest Global Gold	Pair Corr
0.55	MNT	Royal Canadian Mint	Pair Corr
0.53	HGU	BetaPro Canadian Gold	Pair Corr
0.53	HEP	Global X Enhanced	Pair Corr
0.51	HBU	BetaPro Gold Bullion	Pair Corr
0.49	ZCH	BMO MSCI China	Pair Corr

Related Correlations Analysis

	GDEP	GCFE	GIGR	GCSC	GCTB	GIQG	GIES	GCBD	GIQU
GDEP		0.15	0.0	0.59	0.08	0.47	0.12	0.42	0.46	GDEP
GCFE	0.15		0.0	0.15	-0.59	0.49	-0.56	-0.44	0.49	GCFE
GIGR	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	GIGR
GCSC	0.59	0.15	0.0		0.21	0.1	0.37	0.53	0.1	GCSC
GCTB	0.08	-0.59	0.0	0.21		-0.61	0.93	0.79	-0.65	GCTB
GIQG	0.47	0.49	0.0	0.1	-0.61		-0.69	-0.44	0.99	GIQG
GIES	0.12	-0.56	0.0	0.37	0.93	-0.69		0.84	-0.71	GIES
GCBD	0.42	-0.44	0.0	0.53	0.79	-0.44	0.84		-0.45	GCBD
GIQU	0.46	0.49	0.0	0.1	-0.65	0.99	-0.71	-0.45		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

GIQU	+ 0.99	GIQG
GIES	+ 0.93	GCTB
GCBD	+ 0.84	GIES
GCBD	+ 0.79	GCTB
GCSC	+ 0.59	GDEP
GCBD	+ 0.53	GCSC

High negative correlations

GIQU	- 0.71	GIES
GIES	- 0.69	GIQG
GIQU	- 0.65	GCTB
GIQG	- 0.61	GCTB
GCTB	- 0.59	GCFE
GIES	- 0.56	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	0.37	(0.03)	0.00	(1.17)	0.00	0.00	0.79	(0.85)	1.84
GCFE	0.53	(0.05)	0.00	0.30	0.00	0.00	1.59	(1.51)	4.17
GIGR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCSC	0.23	(0.02)	0.00	(0.26)	0.00	0.00	0.75	(0.99)	2.76
GCTB	0.02	0.00	0.84	(0.54)	0.00	(0.04)	0.04	(0.02)	0.54
GIQG	0.95	(0.17)	0.00	(0.85)	0.00	0.00	1.59	(2.52)	5.93
GIES	0.46	0.17	0.25	8.44	0.00	(1.42)	2.58	(0.82)	5.25
GCBD	0.28	0.02	0.16	0.28	0.39	(0.31)	0.55	(0.59)	2.31
GIQU	1.15	(0.19)	0.00	(2.82)	0.00	0.00	2.19	(3.09)	7.59

Be your own money manager

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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