First Trust Correlations

FHH Etf

CAD 42.69 0.04 0.09%

The current 90-days correlation between First Trust AlphaDEX and Evolve FANGMA Index is 0.3 (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 AlphaDEX moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Good diversification

The correlation between First Trust AlphaDEX and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust AlphaDEX 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 AlphaDEX to buy it.

Moving together with First Etf

0.77	LS	Middlefield Healthcare	Pair Corr
0.92	ZHU	BMO Equal Weight	Pair Corr
0.66	HBF-B	Harvest Brand Leaders	Pair Corr
0.68	HHL-B	Harvest Healthcare	Pair Corr
0.67	GDPY-B	Guardian Directed Premium	Pair Corr

Moving against First Etf

0.32	HCAL	Hamilton Enhanced	Pair Corr
0.42	HEU	BetaPro SP TSX	Pair Corr
0.37	XDV	iShares Canadian Select	Pair Corr
0.34	XDIV	iShares Core MSCI	Pair Corr
0.32	RID	RBC Quant EAFE	Pair Corr
0.41	XEG	iShares SPTSX Capped	Pair Corr
0.37	HXE	Global X SPTSX	Pair Corr
0.34	XDG	iShares Core MSCI	Pair Corr
0.33	PINC	Purpose Multi Asset	Pair Corr

Related Correlations Analysis

	FMAX	CNCC	GDPY	RID	XID	UTES	PYF	PDIV	THU	TECH
FMAX		0.01	0.87	-0.39	0.2	-0.82	0.77	-0.3	0.42	0.59	FMAX
CNCC	0.01		-0.08	0.83	-0.65	0.37	0.18	0.86	0.7	-0.54	CNCC
GDPY	0.87	-0.08		-0.5	0.15	-0.81	0.84	-0.32	0.35	0.69	GDPY
RID	-0.39	0.83	-0.5		-0.68	0.72	-0.29	0.9	0.47	-0.76	RID
XID	0.2	-0.65	0.15	-0.68		-0.31	-0.08	-0.74	-0.48	0.49	XID
UTES	-0.82	0.37	-0.81	0.72	-0.31		-0.69	0.64	-0.09	-0.75	UTES
PYF	0.77	0.18	0.84	-0.29	-0.08	-0.69		-0.07	0.55	0.55	PYF
PDIV	-0.3	0.86	-0.32	0.9	-0.74	0.64	-0.07		0.56	-0.62	PDIV
THU	0.42	0.7	0.35	0.47	-0.48	-0.09	0.55	0.56		0.12	THU
TECH	0.59	-0.54	0.69	-0.76	0.49	-0.75	0.55	-0.62	0.12		TECH
	FMAX	CNCC	GDPY	RID	XID	UTES	PYF	PDIV	THU	TECH

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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

PDIV	+ 0.9	RID
GDPY	+ 0.87	FMAX
PDIV	+ 0.86	CNCC
PYF	+ 0.84	GDPY
RID	+ 0.83	CNCC
PYF	+ 0.77	FMAX

High negative correlations

UTES	- 0.82	FMAX
UTES	- 0.81	GDPY
TECH	- 0.76	RID
TECH	- 0.75	UTES
PDIV	- 0.74	XID
PYF	- 0.69	UTES

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
FMAX	0.80	(0.10)	0.00	(0.08)	0.00	0.00	1.39	(2.07)	4.62
CNCC	0.44	0.09	0.06	0.27	0.65	(0.48)	1.15	(1.10)	3.96
GDPY	0.60	(0.08)	0.00	(0.16)	0.00	0.00	1.16	(1.61)	4.13
RID	0.59	0.17	0.14	0.43	0.60	(0.67)	1.35	(1.28)	4.36
XID	0.65	(0.12)	0.00	(0.21)	0.00	0.00	1.71	(1.49)	5.37
UTES	0.50	0.11	0.04	(0.29)	0.59	(0.52)	1.10	(1.03)	2.69
PYF	0.12	(0.03)	0.00	(0.17)	0.00	0.00	0.30	(0.42)	0.96
PDIV	0.31	0.00	0.01	0.00	0.39	(0.35)	0.63	(0.83)	3.21
THU	0.55	(0.01)	(0.04)	0.05	0.69	(0.56)	0.98	(1.26)	3.12
TECH	0.77	(0.17)	0.00	(0.29)	0.00	0.00	1.33	(1.71)	5.84

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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