First Trust Correlations

FHH Etf

CAD 43.29 0.64 1.46%

The current 90-days correlation between First Trust AlphaDEX and BMO Global Enhanced is 0.06 (i.e., Significant 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

Weak diversification

The correlation between First Trust AlphaDEX and DJI is 0.37 (i.e., Weak 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

0.68	ZUH	BMO Equal Weight	Pair Corr
0.62	XHC	iShares Global Healthcare	Pair Corr
0.65	HHL	Harvest Healthcare	Pair Corr
0.67	FHI	CI Health Care	Pair Corr
0.79	LS	Middlefield Healthcare	Pair Corr
0.85	TDOC	TD Global Healthcare	Pair Corr
0.91	ZHU	BMO Equal Weight	Pair Corr
0.64	LIFE	Evolve Global Healthcare	Pair Corr

Related Correlations Analysis

	FCUH	CNDI	FINT	ETP	CNCL	RPDH	BLOV	ZWQT
FCUH		0.19	-0.08	0.03	-0.19	-0.22	0.03	-0.14	FCUH
CNDI	0.19		-0.77	-0.83	-0.99	-0.96	-0.73	-0.96	CNDI
FINT	-0.08	-0.77		0.84	0.76	0.86	0.56	0.84	FINT
ETP	0.03	-0.83	0.84		0.83	0.89	0.75	0.86	ETP
CNCL	-0.19	-0.99	0.76	0.83		0.96	0.73	0.96	CNCL
RPDH	-0.22	-0.96	0.86	0.89	0.96		0.72	0.96	RPDH
BLOV	0.03	-0.73	0.56	0.75	0.73	0.72		0.7	BLOV
ZWQT	-0.14	-0.96	0.84	0.86	0.96	0.96	0.7		ZWQT
	FCUH	CNDI	FINT	ETP	CNCL	RPDH	BLOV	ZWQT

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	CNCL
ZWQT	+ 0.96	CNCL
ZWQT	+ 0.96	RPDH
RPDH	+ 0.89	ETP
RPDH	+ 0.86	FINT
ZWQT	+ 0.86	ETP

High negative correlations

CNCL	- 0.99	CNDI
ZWQT	- 0.96	CNDI
RPDH	- 0.96	CNDI
ETP	- 0.83	CNDI
FINT	- 0.77	CNDI
BLOV	- 0.73	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
FCUH	0.50	(0.01)	(0.08)	0.05	0.67	(0.52)	0.96	(0.92)	3.67
CNDI	0.54	(0.10)	0.00	0.44	0.00	0.00	1.26	(1.08)	3.10
FINT	0.55	0.09	0.07	0.26	0.59	(0.59)	1.62	(1.06)	3.58
ETP	0.19	0.02	(0.17)	(16.65)	0.19	(0.20)	0.43	(0.44)	1.15
CNCL	0.50	0.09	0.05	0.36	0.52	(0.57)	1.07	(1.21)	2.71
RPDH	0.42	0.13	0.17	0.53	0.00	(0.55)	1.34	(0.58)	3.19
BLOV	0.31	0.05	(0.04)	1.76	0.31	(0.37)	0.73	(0.71)	2.41
ZWQT	0.41	0.04	0.00	0.17	0.33	(0.51)	0.78	(0.60)	2.95

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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