First Asset Correlations

QXM Etf

CAD 39.77 0.03 0.08%

The current 90-days correlation between First Asset Morningstar and iShares Core MSCI is 0.3 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Asset moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Asset Morningstar moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Asset Correlation With Market

Very weak diversification

The correlation between First Asset Morningstar and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Asset Morningstar and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to First Asset 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 Asset 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 Asset - 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 Asset Morningstar to buy it.

Moving together with First Etf

0.98	XIU	iShares SPTSX 60	Pair Corr
0.98	XIC	iShares Core SPTSX	Pair Corr
0.98	ZCN	BMO SPTSX Capped	Pair Corr
0.98	VCN	Vanguard FTSE Canada	Pair Corr
0.98	HXT	Global X SPTSX	Pair Corr
0.98	HXCN	Global X SPTSX	Pair Corr
0.98	QCN	Mackenzie Canadian Equity	Pair Corr
0.97	WXM	First Asset Morningstar	Pair Corr
0.98	TTP	TD Canadian Equity	Pair Corr
0.68	XSP	iShares Core SP	Pair Corr
0.95	ZEB	BMO SPTSX Equal	Pair Corr

Moving against First Etf

0.77	TCLB	TD Canadian Long	Pair Corr
0.58	ZAG	BMO Aggregate Bond	Pair Corr
0.58	XBB	iShares Canadian Universe	Pair Corr

Related Correlations Analysis

	XDUH	TILV	HCA	FLI	RIDH	ZFC	XSE	CALL	XSMC	XCV
XDUH		0.78	0.81	0.75	0.86	0.66	-0.19	0.81	0.87	0.82	XDUH
TILV	0.78		0.55	0.55	0.71	0.46	0.06	0.54	0.7	0.65	TILV
HCA	0.81	0.55		0.96	0.95	0.56	-0.62	0.98	0.68	0.97	HCA
FLI	0.75	0.55	0.96		0.91	0.46	-0.61	0.96	0.61	0.94	FLI
RIDH	0.86	0.71	0.95	0.91		0.65	-0.49	0.93	0.75	0.95	RIDH
ZFC	0.66	0.46	0.56	0.46	0.65		-0.06	0.56	0.73	0.49	ZFC
XSE	-0.19	0.06	-0.62	-0.61	-0.49	-0.06		-0.6	-0.04	-0.57	XSE
CALL	0.81	0.54	0.98	0.96	0.93	0.56	-0.6		0.71	0.93	CALL
XSMC	0.87	0.7	0.68	0.61	0.75	0.73	-0.04	0.71		0.65	XSMC
XCV	0.82	0.65	0.97	0.94	0.95	0.49	-0.57	0.93	0.65		XCV
	XDUH	TILV	HCA	FLI	RIDH	ZFC	XSE	CALL	XSMC	XCV

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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

CALL	+ 0.98	HCA
XCV	+ 0.97	HCA
FLI	+ 0.96	HCA
CALL	+ 0.96	FLI
RIDH	+ 0.95	HCA
XCV	+ 0.95	RIDH

High negative correlations

XSE	- 0.62	HCA
XSE	- 0.61	FLI
CALL	- 0.6	XSE
XCV	- 0.57	XSE
XSE	- 0.49	RIDH
XSE	- 0.19	XDUH

First Asset Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Asset 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 Asset'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
XDUH	0.48	0.03	(0.03)	0.16	0.50	(0.53)	1.17	(1.00)	3.25
TILV	0.39	0.03	(0.06)	0.19	0.43	(0.42)	0.95	(0.68)	2.68
HCA	0.53	0.12	0.14	0.32	0.21	(0.67)	1.36	(0.82)	2.73
FLI	0.55	0.05	0.00	0.22	0.63	(0.62)	1.26	(1.15)	3.58
RIDH	0.43	0.14	0.17	0.50	0.00	(0.58)	1.14	(0.75)	2.49
ZFC	0.90	0.15	0.04	1.29	1.56	(0.90)	2.43	(2.58)	10.10
XSE	0.13	(0.01)	(0.48)	(0.28)	0.17	(0.14)	0.23	(0.23)	0.84
CALL	0.81	0.08	0.06	0.17	1.03	(0.87)	2.11	(1.33)	5.20
XSMC	0.82	0.02	0.03	0.10	0.77	(0.97)	1.76	(1.32)	4.16
XCV	0.35	0.12	0.10	0.55	0.17	(0.40)	0.87	(0.85)	1.99

Be your own money manager

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