Global X Correlations

HBGD Etf

CAD 25.68 0.08 0.31%

The current 90-days correlation between Global X Big and iShares SPTSX 60 is 0.01 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global X moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global X Big moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global X Correlation With Market

Significant diversification

The correlation between Global X Big and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Big and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Global X could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Global X 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 Global X - 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 Global X Big to buy it.

Moving together with Global Etf

0.82	HBGD-U	Horizons Big Data	Pair Corr
0.61	DISC	BMO Global Consumer	Pair Corr

Moving against Global Etf

0.81	ZAG	BMO Aggregate Bond	Pair Corr
0.81	XBB	iShares Canadian Universe	Pair Corr
0.81	HHL-B	Harvest Healthcare	Pair Corr
0.78	TCLB	TD Canadian Long	Pair Corr
0.62	ZEB	BMO SPTSX Equal	Pair Corr
0.61	HCAL	Hamilton Enhanced	Pair Corr
0.5	XIU	iShares SPTSX 60	Pair Corr
0.43	XIC	iShares Core SPTSX	Pair Corr
0.43	ZCN	BMO SPTSX Capped	Pair Corr
0.41	EQL-U	Invesco SP 500	Pair Corr
0.38	GDPY-B	Guardian Directed Premium	Pair Corr

Related Correlations Analysis

	XIU	XSP	XIC	ZAG	XBB	ZCN	ZSP	VFV	ZEB
XIU		0.47	0.99	0.72	0.73	0.99	0.38	0.38	0.93	XIU
XSP	0.47		0.52	0.05	0.04	0.52	0.92	0.92	0.32	XSP
XIC	0.99	0.52		0.67	0.68	1.0	0.45	0.45	0.9	XIC
ZAG	0.72	0.05	0.67		1.0	0.67	-0.09	-0.09	0.78	ZAG
XBB	0.73	0.04	0.68	1.0		0.67	-0.1	-0.1	0.79	XBB
ZCN	0.99	0.52	1.0	0.67	0.67		0.45	0.44	0.9	ZCN
ZSP	0.38	0.92	0.45	-0.09	-0.1	0.45		1.0	0.18	ZSP
VFV	0.38	0.92	0.45	-0.09	-0.1	0.44	1.0		0.18	VFV
ZEB	0.93	0.32	0.9	0.78	0.79	0.9	0.18	0.18		ZEB
	XIU	XSP	XIC	ZAG	XBB	ZCN	ZSP	VFV	ZEB

Click cells to compare fundamentals

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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

ZCN	+ 1.0	XIC
XBB	+ 1.0	ZAG
VFV	+ 1.0	ZSP
XIC	+ 0.99	XIU
ZCN	+ 0.99	XIU
ZEB	+ 0.93	XIU

High negative correlations

VFV	- 0.1	XBB
ZSP	- 0.1	XBB
VFV	- 0.09	ZAG
ZSP	- 0.09	ZAG

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
XIU	0.59	0.07	0.04	0.22	0.56	(0.70)	1.36	(1.16)	3.56
XSP	0.68	0.01	(0.02)	0.10	0.94	(0.64)	1.51	(1.85)	4.59
XIC	0.60	0.06	0.03	0.19	0.65	(0.69)	1.29	(1.18)	3.71
ZAG	0.24	0.07	(0.04)	(0.52)	0.14	(0.29)	0.58	(0.43)	1.68
XBB	0.25	0.07	(0.05)	(0.50)	0.10	(0.28)	0.60	(0.42)	1.58
ZCN	0.61	0.06	0.03	0.19	0.63	(0.70)	1.30	(1.13)	3.73
ZSP	0.65	0.00	(0.04)	0.08	0.88	(0.67)	1.24	(1.55)	3.89
VFV	0.66	0.00	(0.04)	0.08	0.88	(0.68)	1.27	(1.58)	3.84
ZEB	0.53	0.14	0.14	0.43	0.36	(0.61)	1.12	(0.93)	3.49

Be your own money manager

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