First Asset Correlations

Etfs . Canada . 
Etf . First Asset Morningstar
QXM Etf  CAD 38.69  0.02  0.05%   
The current 90-days correlation between First Asset Morningstar and iShares Core MSCI is 0.35 (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

Weak diversification

The correlation between First Asset Morningstar and DJI is 0.34 (i.e., 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

  0.96XIU iShares SPTSX 60PairCorr
  0.96XIC iShares Core SPTSXPairCorr
  0.96ZCN BMO SPTSX CappedPairCorr
  0.96VCN Vanguard FTSE CanadaPairCorr
  0.96HXT Global X SPTSXPairCorr
  0.96HXCN Global X SPTSXPairCorr
  0.84NSCE NBI Sustainable CanadianPairCorr
  0.96QCN Mackenzie Canadian EquityPairCorr
  0.92WXM First Asset MorningstarPairCorr
  0.96TTP TD Canadian EquityPairCorr
  0.76DOLY Purpose Dollarama YieldPairCorr
  0.64LIFE Evolve Global HealthcarePairCorr
  0.68VEQT Vanguard All EquityPairCorr
  0.8RQO RBC Target 2026PairCorr
  0.74ZDM BMO MSCI EAFEPairCorr
  0.89FCMI Fidelity Canadian MonthlyPairCorr
  0.95FLCD Franklin FTSE CanadaPairCorr
  0.93PXC Invesco RAFI CanadianPairCorr
  0.95QCE Mackenzie Canadian LargePairCorr
  0.92CIC CI Canadian BanksPairCorr
  0.85FHM First Trust NYSEPairCorr
  0.87FCUV Fidelity Value ETFPairCorr
  0.71FBAL Fidelity All inPairCorr
  0.93HEWB Global X EqualPairCorr
  0.94HFU BetaPro SPTSX CappedPairCorr
  0.86HLIT Global X LithiumPairCorr

Moving against First Etf

  0.95HXD BetaPro SPTSX 60PairCorr
  0.74HUC Global X CrudePairCorr
  0.61HOU BetaPro Crude OilPairCorr
  0.6HBLK Blockchain TechnologiesPairCorr
  0.53HIU BetaPro SP 500PairCorr
  0.43HED BetaPro SPTSX CappedPairCorr
  0.38HQD BetaPro NASDAQ 100PairCorr

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

XCV
+ 0.96
HCA
FLI
+ 0.94
HCA
RIDH
+ 0.93
HCA
XCV
+ 0.93
FLI
XCV
+ 0.93
RIDH
RIDH
+ 0.88
FLI
  

High negative correlations

CALL
- 0.6
XSE
XSE
- 0.49
FLI
XSE
- 0.46
HCA
XCV
- 0.44
XSE
XSE
- 0.29
RIDH
XSE
- 0.14
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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
XDUH  0.51  0.00 (0.05) 0.08  0.65 
(0.55)
 1.23 
(1.05)
 3.28 
TILV  0.41  0.02 (0.07) 0.21  0.50 
(0.44)
 1.00 
(0.77)
 2.94 
HCA  0.51  0.13  0.14  0.44  0.25 
(0.67)
 1.29 
(0.89)
 2.72 
FLI  0.49  0.07  0.03  0.27  0.61 
(0.54)
 0.98 
(1.20)
 3.58 
RIDH  0.42  0.10  0.12  0.26  0.24 
(0.53)
 1.14 
(0.77)
 2.48 
ZFC  0.82  0.04  0.00  0.15  1.37 
(0.79)
 1.73 
(1.85)
 6.93 
XSE  0.13 (0.02) 0.00 (0.16) 0.00 
 0.00 
 0.22 
(0.33)
 0.83 
CALL  0.81  0.09  0.04  0.22  1.20 
(0.86)
 2.09 
(1.31)
 8.42 
XSMC  0.85 (0.01)(0.04) 0.06  1.03 
(0.91)
 1.91 
(1.49)
 5.95 
XCV  0.34  0.10  0.09  0.49  0.23 
(0.38)
 0.87 
(0.87)
 1.98 

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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