First Trust Correlations

Etfs . Canada . 
Etf . First Trust AlphaDEX
FHU Etf  CAD 25.34  0.63  2.43%   
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

Excellent diversification

The correlation between First Trust AlphaDEX and DJI is -0.58 (i.e., Excellent 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

  0.92XIT iShares SPTSX CappedPairCorr
  0.64HMMJ Global X MarijuanaPairCorr
  0.86TEC TD Global TechnologyPairCorr
  0.79CYBR Evolve Cyber SecurityPairCorr

Moving against First Etf

  0.91ZWU BMO Covered CallPairCorr
  0.91COW iShares Global AgricPairCorr
  0.85CWW iShares Global WaterPairCorr
  0.81ZUT BMO Equal WeightPairCorr
  0.76XST iShares SPTSX CappedPairCorr
  0.74ZJG BMO Junior GoldPairCorr
  0.74HGGG Harvest Global GoldPairCorr
  0.73ZGD BMO Equal WeightPairCorr
  0.72HBU BetaPro Gold BullionPairCorr
  0.71GLDX Global X GoldPairCorr
  0.6HGU BetaPro Canadian GoldPairCorr
  0.92CYH iShares Global MonthlyPairCorr
  0.92XDG iShares Core MSCIPairCorr
  0.91HXH Global X CanadianPairCorr
  0.9VSC Vanguard Canadian ShortPairCorr
  0.9HXE Global X SPTSXPairCorr
  0.88RID RBC Quant EAFEPairCorr
  0.84QDX Mackenzie InternationalPairCorr
  0.8XMM iShares MSCI MinPairCorr
  0.79TGFI TD Active GlobalPairCorr
  0.74XSMH iShares SP SmallPairCorr
  0.72XGD iShares SPTSX GlobalPairCorr
  0.71XDV iShares Canadian SelectPairCorr
  0.68ZSML BMO SP SmallPairCorr
  0.67XSI iShares Short TermPairCorr
  0.55HURA Global X UraniumPairCorr
  0.41SVR iShares Silver BullionPairCorr
  0.4SBT Silver Bullion TrustPairCorr
  0.9XEG iShares SPTSX CappedPairCorr
  0.88VCB Vanguard CanadianPairCorr
  0.87PINC Purpose Multi AssetPairCorr
  0.82XSEM iShares ESG AwarePairCorr
  0.8GBUL Ninepoint Gold BullionPairCorr
  0.79XDIV iShares Core MSCIPairCorr

Related Correlations Analysis


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

CRM
+ 0.91
MSFT
XOM
+ 0.91
MRK
UBER
+ 0.82
MSFT
A
+ 0.81
UBER
A
+ 0.79
MSFT
MRK
+ 0.75
F
  

High negative correlations

XOM
- 0.94
MSFT
MRK
- 0.89
MSFT
XOM
- 0.88
CRM
CRM
- 0.84
T
T
- 0.84
MSFT
XOM
- 0.83
A

First Trust Competition 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.53  0.09  0.04  0.20  1.51 
(1.75)
 3.43 
(2.81)
 13.69 
MSFT  1.33 (0.33) 0.00 (0.60) 0.00 
 0.00 
 2.19 
(2.87)
 13.28 
UBER  1.61 (0.31) 0.00  0.76  0.00 
 0.00 
 2.46 
(4.25)
 11.09 
F  1.29  0.09  0.07  0.19  1.16 
(1.56)
 3.61 
(2.30)
 7.50 
T  1.04  0.18  0.06 (1.21) 0.94 
(1.20)
 3.87 
(1.76)
 7.44 
A  1.26 (0.33) 0.00 (0.19) 0.00 
 0.00 
 2.90 
(2.72)
 7.85 
CRM  1.74 (0.35) 0.00 (0.21) 0.00 
 0.00 
 3.41 
(4.75)
 12.37 
JPM  1.25 (0.15)(0.05) 0.01  1.79 
(1.31)
 2.34 
(3.11)
 8.17 
MRK  1.22  0.33  0.22  0.58  0.98 
(1.40)
 2.81 
(1.98)
 8.74 
XOM  1.29  0.37  0.19  3.51  1.09 
(1.50)
 2.90 
(2.44)
 6.83 

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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