First Trust Correlations

ETP Etf

CAD 18.63 0.01 0.05%

The current 90-days correlation between First Trust Global and Purpose Monthly Income is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Global moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust Global and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Global and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with First Etf

0.92	VRIF	Vanguard Retirement	Pair Corr
0.8	VCIP	Vanguard Conservative	Pair Corr
0.83	XINC	iShares Core Income	Pair Corr
0.88	MCON	Mackenzie Conservative	Pair Corr
0.83	ZCON	BMO Conservative ETF	Pair Corr
0.87	TOCC	TD One Click	Pair Corr
0.71	HOU	BetaPro Crude Oil	Pair Corr
0.9	BMAX	Brompton Enhanced Multi	Pair Corr
0.76	HXU	BetaPro SP TSX	Pair Corr
0.82	XEG	iShares SPTSX Capped	Pair Corr
0.79	ZMID	BMO SP Mid	Pair Corr
0.82	AMAX	Hamilton Gold Producer	Pair Corr
0.7	XCNS	iShares Core Conservative	Pair Corr
0.87	WSHR	Wealthsimple Shariah	Pair Corr
0.89	XSH	iShares Core Canadian	Pair Corr
0.64	ZWU	BMO Covered Call	Pair Corr
0.93	ZDM	BMO MSCI EAFE	Pair Corr
0.77	RAAA	Corton Enhanced Income	Pair Corr
0.87	HXX	Global X Europe	Pair Corr
0.82	XEN	iShares Jantzi Social	Pair Corr
0.75	ZBK	BMO Equal Weight	Pair Corr
0.66	HAZ	Global X Active	Pair Corr
0.92	PDIV	Purpose Enhanced Dividend	Pair Corr
0.95	GDV	Global Dividend Growth	Pair Corr
0.77	XSTB	iShares ESG Aware	Pair Corr
0.9	GCTB	Guardian Ultra Short	Pair Corr
0.9	NMNG	Ninepoint Mining Evo	Pair Corr
0.88	XDUH	iShares Core MSCI	Pair Corr

Moving against First Etf

0.82	HED	BetaPro SPTSX Capped	Pair Corr
0.79	HXD	BetaPro SPTSX 60	Pair Corr
0.78	FHC	First Trust Dow	Pair Corr
0.59	HIU	BetaPro SP 500	Pair Corr
0.43	HBLK	Blockchain Technologies	Pair Corr

Related Correlations Analysis

	ZWQT	PHR	RPDH	CNDI	BLOV	CNCL	FHH	FCUH	PIN
ZWQT		0.87	0.96	-0.89	0.76	0.85	-0.09	0.49	0.91	ZWQT
PHR	0.87		0.88	-0.78	0.7	0.73	-0.02	0.35	0.88	PHR
RPDH	0.96	0.88		-0.85	0.82	0.79	-0.24	0.54	0.96	RPDH
CNDI	-0.89	-0.78	-0.85		-0.51	-0.98	-0.07	-0.24	-0.78	CNDI
BLOV	0.76	0.7	0.82	-0.51		0.44	-0.29	0.79	0.89	BLOV
CNCL	0.85	0.73	0.79	-0.98	0.44		0.11	0.18	0.72	CNCL
FHH	-0.09	-0.02	-0.24	-0.07	-0.29	0.11		-0.39	-0.24	FHH
FCUH	0.49	0.35	0.54	-0.24	0.79	0.18	-0.39		0.66	FCUH
PIN	0.91	0.88	0.96	-0.78	0.89	0.72	-0.24	0.66		PIN
	ZWQT	PHR	RPDH	CNDI	BLOV	CNCL	FHH	FCUH	PIN

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

RPDH	+ 0.96	ZWQT
PIN	+ 0.96	RPDH
PIN	+ 0.91	ZWQT
PIN	+ 0.89	BLOV
RPDH	+ 0.88	PHR
PIN	+ 0.88	PHR

High negative correlations

CNCL	- 0.98	CNDI
CNDI	- 0.89	ZWQT
CNDI	- 0.85	RPDH
PIN	- 0.78	CNDI
CNDI	- 0.78	PHR
BLOV	- 0.51	CNDI

First Trust Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust 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 First Trust'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
ZWQT	0.43	0.04	0.02	0.14	0.36	(0.55)	0.93	(0.79)	2.97
PHR	0.46	0.07	0.02	0.72	0.43	(0.52)	0.88	(0.57)	3.29
RPDH	0.45	0.16	0.24	0.78	0.00	(0.61)	1.47	(0.58)	3.19
CNDI	0.60	(0.09)	0.00	0.29	0.00	0.00	1.26	(1.15)	4.76
BLOV	0.32	0.11	0.11	1.54	0.00	(0.41)	0.81	(0.45)	2.46
CNCL	0.56	0.05	0.01	0.16	0.83	(0.63)	1.14	(1.22)	4.65
FHH	0.80	(0.03)	0.00	(0.05)	0.00	0.00	1.93	(1.68)	5.62
FCUH	0.53	0.06	0.00	0.88	0.70	(0.54)	1.05	(1.08)	3.65
PIN	0.29	0.08	0.09	0.45	0.00	(0.37)	0.74	(0.48)	1.73

Be your own money manager

Our tools can tell you how much better you can do entering a position in First Trust 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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