IShares High Correlations

XHY Etf

CAD 16.72 0.01 0.06%

The current 90-days correlation between iShares High Yield and iShares IG Corporate is 0.29 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IShares High moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if iShares High Yield moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IShares High Correlation With Market

Significant diversification

The correlation between iShares High Yield and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares High Yield and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares High 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 High 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 High - 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 High Yield to buy it.

Moving together with IShares Etf

0.86	ZHY	BMO High Yield	Pair Corr
0.87	XSI	iShares Short Term	Pair Corr
0.9	PBD	Purpose Total Return	Pair Corr
0.91	QHY	Mackenzie High Yield	Pair Corr
0.89	DXO	Dynamic Active Crossover	Pair Corr
0.64	ZGD	BMO Equal Weight	Pair Corr
0.63	ZJG	BMO Junior Gold	Pair Corr
0.68	HGGG	Harvest Global Gold	Pair Corr
0.64	HBU	BetaPro Gold Bullion	Pair Corr
0.69	XGD	iShares SPTSX Global	Pair Corr
0.65	ZCH	BMO MSCI China	Pair Corr
0.67	CYBR-B	Evolve Cyber Security	Pair Corr
0.73	MNT	Royal Canadian Mint	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.04	0.52	-0.54	0.32	0.39	0.26	0.9	-0.75	-0.01	META
MSFT	-0.04		-0.38	0.09	-0.79	0.49	0.89	0.1	0.44	-0.52	MSFT
UBER	0.52	-0.38		-0.41	0.65	-0.31	-0.34	0.37	-0.74	0.42	UBER
F	-0.54	0.09	-0.41		-0.05	-0.05	-0.08	-0.39	0.56	0.31	F
T	0.32	-0.79	0.65	-0.05		-0.49	-0.71	0.17	-0.65	0.58	T
A	0.39	0.49	-0.31	-0.05	-0.49		0.6	0.64	0.04	-0.22	A
CRM	0.26	0.89	-0.34	-0.08	-0.71	0.6		0.33	0.24	-0.58	CRM
JPM	0.9	0.1	0.37	-0.39	0.17	0.64	0.33		-0.63	0.07	JPM
MRK	-0.75	0.44	-0.74	0.56	-0.65	0.04	0.24	-0.63		-0.31	MRK
XOM	-0.01	-0.52	0.42	0.31	0.58	-0.22	-0.58	0.07	-0.31		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.9	META
CRM	+ 0.89	MSFT
T	+ 0.65	UBER
JPM	+ 0.64	A
CRM	+ 0.6	A
XOM	+ 0.58	T

High negative correlations

T	- 0.79	MSFT
MRK	- 0.75	META
MRK	- 0.74	UBER
CRM	- 0.71	T
MRK	- 0.65	T
MRK	- 0.63	JPM

IShares High Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares High 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 High'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	1.59	0.02	0.00	(0.05)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.12	(0.15)	0.00	(0.28)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.95	0.36	0.18	(14.55)	2.11	(2.21)	4.72	(3.13)	12.75
F	1.47	0.07	0.03	0.00	2.22	(1.39)	2.71	(2.89)	10.14
T	1.04	0.26	0.16	0.40	1.61	(1.11)	1.90	(1.75)	11.66
A	1.16	(0.17)	0.00	7.74	0.00	0.00	2.92	(2.59)	9.03
CRM	1.38	(0.27)	0.00	(0.31)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.10	0.09	0.05	0.02	1.74	(1.04)	1.99	(3.35)	6.85
MRK	1.17	(0.11)	0.00	1.52	0.00	0.00	2.07	(1.80)	11.58
XOM	1.06	0.11	0.10	0.17	1.39	(1.08)	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 High 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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