Guardian Canadian Correlations

GCSC Etf   27.37  0.00  0.00%   
The current 90-days correlation between Guardian Canadian Sector and Guardian Directed Equity is 0.33 (i.e., Weak 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 Sector moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Guardian Canadian Correlation With Market

Significant diversification

The correlation between Guardian Canadian Sector and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guardian Canadian Sector 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 Sector to buy it.

Moving together with Guardian Etf

  0.94XIU iShares SPTSX 60PairCorr
  0.95XIC iShares Core SPTSXPairCorr
  0.95ZCN BMO SPTSX CappedPairCorr
  0.95VCN Vanguard FTSE CanadaPairCorr
  0.94HXT Global X SPTSXPairCorr
  0.95QCN Mackenzie Canadian EquityPairCorr
  0.94WXM First Asset MorningstarPairCorr
  0.92TTP TD Canadian EquityPairCorr
  0.94VCE Vanguard FTSE CanadaPairCorr
  0.89BNC Purpose Canadian FinPairCorr
  0.88ZGQ BMO MSCI AllPairCorr
  0.87XQQ iShares NASDAQ 100PairCorr
  0.92QQC Invesco NASDAQ 100PairCorr
  0.89XMU iShares MSCI MinPairCorr
  0.9XHU iShares High DividendPairCorr
  0.85ZDJ BMO Dow JonesPairCorr

Moving against Guardian Etf

  0.87HQD BetaPro NASDAQ 100PairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
GIQUGIQG
GCTBGDEP
GCTBGCSC
GCSCGCFE
GCSCGDEP
GCTBGCFE
  
High negative correlations   
GIESGDEP
GIESGCTB
GIQUGIES
GIESGCFE
GIESGIQG
GIESGCSC

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.

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.

Did you try this?

Run Portfolio Manager Now

   

Portfolio Manager

State of the art Portfolio Manager to monitor and improve performance of your invested capital
All  Next Launch Module