iShares MSCI Canada
ALTAR
Score™
7.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.1x P/Sales
ratio
1.6x
P/BV
ratio
1.8x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Canada Index fund seeks investment results that correspond to the price and yield performance of the MSCI Canada Index. The index consists primarily of large cap stocks traded in the Canadian market.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $2,952
Currency USD
Expense ratio 47 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 91
Wgt avg mkt cap (mns) $44,680
Large cap (>$10bn) 87.3%
Mid cap ($2-10bn) 12.4%
Small cap (<$2bn) 0.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ROYAL BANK OF CANADA 8.2 %
TORONTO-DOMINION BANK 7.4 %
ENBRIDGE INC 5.0 %
BANK OF NOVA SCOTIA 4.4 %
CANADIAN NATL RAILWAY CO 4.2 %
SUNCOR ENERGY INC 3.5 %
BROOKFIELD ASSET MANAGE-CL A 3.5 %
BANK OF MONTREAL 3.4 %
TRANSCANADA CORP 3.1 %
MANULIFE FINANCIAL CORP 2.7 %
Total 45.3 %

TOP COUNTRY EXPOSURE
CANADA 99.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
24.8% 14.1% 1.9% 3.5% 9.4%

Market Correlations
versus... Beta R-squared
S&P500 0.89 64%
MSCI EAFE 0.95 61%
MSCI Emg. Mkts. 0.64 45%

Technical Indicators
Recent close $29.43
30d moving avg. $29.32
Annualized volatility 13.4%
Short interest (ETF) 2.3%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 1,552
Turnover 1.6%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $3,611

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares MSCI Canada ETF based on the alternatives' overlap in portfolio holdings with EWC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWC Expense: 47 bp ALTAR Score™: 7.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWC
Ticker Fund
Name
Overlap1
vs EWC
(%)
Expense
ratio
(bp)
Savings
vs EWC
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWC
(%)
BBCA JPMorgan BetaBuilders Canada 93.1 19 28 7.2 +0.1
QCAN SPDR MSCI Canada Quality Mix 90.7 14 33 7.2 +0.1
FLCA Franklin FTSE Canada 89.8 9 38 7.6 +0.5
PID Invesco International Dividend Achievers 32.2 54 -7 7.4 +0.3
FCAN First Trust Canada 24.5 80 -33 5.0 -2.1
AIIQ AI Powered International Equity 17.8 79 -32 4.6 -2.5
NANR SPDR S&P N. American Nat. Resources 16.8 35 12 4.1 -3.0
IDLV Invesco S&P Int'l Developed Low Volatility 15.7 25 22 6.3 -0.8
IGRO iShares International Dividend Growth 14.9 22 25 7.9 +0.8
ISDX Invesco Strategic Developed ex-US 13.7 23 24 7.7 +0.6
IMTM iShares MSCI Int'l Developed Momentum 13.5 30 17 5.2 -1.9
NFRA FlexShares STOXX Global Broad Infrastructure 13.0 47 0 6.4 -0.7
INTF iShares FactorSelect MSCI International 12.2 30 17 8.2 +1.1
TOLZ ProShares Global Infrastructure 11.7 46 1 5.2 -1.9
IXC iShares S&P Global Energy Sector 11.6 46 1 5.2 -1.9
FID First Trust S&P International Dividend Aristocrats 11.3 60 -13 7.1 -0.0
INFR Legg Mason Global Infrastructure 11.1 40 7 5.7 -1.4
HDAW Xtrackers MSCI All World ex US High Div Yield 10.8 20 27 10.0 +2.9
CIZ Compass EMP Dev. 500 Enhanced Vol. Wgt. 10.8 45 2 6.9 -0.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI Canada
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.5 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 7.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.