Wealthsimple Shariah Correlations

WSHR Etf

32.38 0.11 0.34%

The current 90-days correlation between Wealthsimple Shariah and Wealthsimple North America is 0.61 (i.e., Poor diversification). The correlation of Wealthsimple Shariah is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Wealthsimple Shariah Correlation With Market

Modest diversification

The correlation between Wealthsimple Shariah World and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wealthsimple Shariah World and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Wealthsimple Etf

0.7	XMW	iShares MSCI Min	Pair Corr
0.66	ZPH	BMO Put Write	Pair Corr

Moving against Wealthsimple Etf

0.42	NXF	First Asset Energy	Pair Corr
0.4	MFT	Mackenzie Floating Rate	Pair Corr
0.37	CALL	Evolve Banks Enhanced	Pair Corr

Related Correlations Analysis

	WSRI	WSRD	WSHR	WSGB	NHYB	NUBF	QDXB	ZSB	CNDD
WSRI		0.71	0.76	0.5	0.07	0.4	0.54	0.56	-0.56	WSRI
WSRD	0.71		0.8	0.69	0.35	0.67	0.8	0.69	-0.64	WSRD
WSHR	0.76	0.8		0.59	0.28	0.33	0.55	0.44	-0.39	WSHR
WSGB	0.5	0.69	0.59		0.53	0.66	0.77	0.83	-0.75	WSGB
NHYB	0.07	0.35	0.28	0.53		0.45	0.4	0.46	-0.43	NHYB
NUBF	0.4	0.67	0.33	0.66	0.45		0.76	0.83	-0.71	NUBF
QDXB	0.54	0.8	0.55	0.77	0.4	0.76		0.84	-0.72	QDXB
ZSB	0.56	0.69	0.44	0.83	0.46	0.83	0.84		-0.94	ZSB
CNDD	-0.56	-0.64	-0.39	-0.75	-0.43	-0.71	-0.72	-0.94		CNDD
	WSRI	WSRD	WSHR	WSGB	NHYB	NUBF	QDXB	ZSB	CNDD

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

ZSB	+ 0.84	QDXB
ZSB	+ 0.83	WSGB
ZSB	+ 0.83	NUBF
WSHR	+ 0.8	WSRD
QDXB	+ 0.8	WSRD
QDXB	+ 0.77	WSGB

High negative correlations

CNDD	- 0.94	ZSB
CNDD	- 0.75	WSGB
CNDD	- 0.72	QDXB
CNDD	- 0.71	NUBF
CNDD	- 0.64	WSRD
CNDD	- 0.56	WSRI

Wealthsimple Shariah Constituents Risk-Adjusted Indicators

There is a big difference between Wealthsimple Etf performing well and Wealthsimple Shariah 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 Wealthsimple Shariah'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
WSRI	0.44	0.03	0.02	0.14	0.57	(0.50)	0.87	(0.93)	3.63
WSRD	0.56	0.00	(0.02)	0.02	0.62	(0.67)	1.00	(1.06)	3.25
WSHR	0.54	0.00	(0.02)	0.01	0.65	(0.59)	1.16	(1.13)	3.11
WSGB	0.21	0.00	0.00	0.00	0.16	(0.26)	0.52	(0.39)	1.31
NHYB	0.36	(0.01)	(0.05)	(0.04)	0.41	(0.43)	0.65	(0.78)	1.98
NUBF	0.22	0.00	(0.05)	0.14	0.21	(0.30)	0.52	(0.42)	1.35
QDXB	0.17	0.01	(0.05)	0.29	0.13	(0.20)	0.51	(0.31)	1.40
ZSB	0.06	0.01	(0.05)	1.12	0.00	(0.08)	0.16	(0.12)	0.45
CNDD	1.07	(0.24)	0.00	(1.81)	0.00	0.00	2.53	(2.39)	5.61

Be your own money manager

Our tools can tell you how much better you can do entering a position in Wealthsimple Shariah 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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