IShares Canadian Correlations

XGB Etf

CAD 19.54 0.04 0.21%

The current 90-days correlation between iShares Canadian Gov and iShares Core Canadian is 0.17 (i.e., Average 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 Government moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares Canadian Correlation With Market

Average diversification

The correlation between iShares Canadian Government 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 iShares Canadian Government 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 Government to buy it.

Moving together with IShares Etf

0.92	ZAG	BMO Aggregate Bond	Pair Corr
1.0	XBB	iShares Canadian Universe	Pair Corr
0.89	ZDB	BMO Discount Bond	Pair Corr
0.87	ZMP	BMO Mid Provincial	Pair Corr
0.87	ZFM	BMO Mid Federal	Pair Corr
0.89	XQB	iShares High Quality	Pair Corr
0.89	HBB	Global X Canadian	Pair Corr
0.75	MNT	Royal Canadian Mint	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.06	0.48	-0.55	0.21	0.45	0.47	0.9	-0.65	-0.13	META
MSFT	0.06		-0.59	-0.07	-0.81	0.57	0.6	0.19	0.41	-0.57	MSFT
UBER	0.48	-0.59		-0.14	0.82	-0.16	-0.21	0.48	-0.84	0.54	UBER
F	-0.55	-0.07	-0.14		0.12	-0.19	-0.25	-0.42	0.42	0.48	F
T	0.21	-0.81	0.82	0.12		-0.48	-0.5	0.15	-0.68	0.64	T
A	0.45	0.57	-0.16	-0.19	-0.48		0.9	0.64	0.1	-0.29	A
CRM	0.47	0.6	-0.21	-0.25	-0.5	0.9		0.6	0.09	-0.38	CRM
JPM	0.9	0.19	0.48	-0.42	0.15	0.64	0.6		-0.6	-0.03	JPM
MRK	-0.65	0.41	-0.84	0.42	-0.68	0.1	0.09	-0.6		-0.36	MRK
XOM	-0.13	-0.57	0.54	0.48	0.64	-0.29	-0.38	-0.03	-0.36		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

JPM	+ 0.9	META
CRM	+ 0.9	A
T	+ 0.82	UBER
XOM	+ 0.64	T
JPM	+ 0.64	A
CRM	+ 0.6	MSFT

High negative correlations

MRK	- 0.84	UBER
T	- 0.81	MSFT
MRK	- 0.68	T
MRK	- 0.65	META
MRK	- 0.6	JPM
UBER	- 0.59	MSFT

IShares Canadian Competition 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
META	1.65	0.05	0.02	0.02	2.37	(1.43)	2.96	(3.73)	8.90
MSFT	1.07	(0.14)	0.00	(0.19)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.92	0.32	0.15	3.02	2.11	(2.12)	4.72	(3.13)	12.75
F	1.45	0.12	0.05	0.07	2.22	(1.39)	2.71	(2.89)	10.14
T	0.99	0.37	0.23	0.68	1.40	(1.16)	1.99	(1.21)	11.66
A	1.18	(0.18)	0.00	(0.21)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.43	(0.28)	0.00	(0.26)	0.00	0.00	2.72	(3.53)	8.88
JPM	1.09	0.15	0.10	0.40	1.55	(1.09)	2.16	(1.98)	6.85
MRK	1.22	(0.16)	0.00	0.35	0.00	0.00	2.07	(2.25)	11.58
XOM	1.01	0.19	0.14	0.38	1.23	(1.06)	2.55	(2.36)	5.89

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.

Did you try this?

Run Correlation Analysis Now

Correlation Analysis

Reduce portfolio risk simply by holding instruments which are not perfectly correlated

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC