First Asset Correlations

Etfs . Canada . 
Etf . First Asset Morningstar
QXM Etf  CAD 40.41  0.08  0.20%   
The current 90-days correlation between First Asset Morningstar and Global X Robotics is 0.39 (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 poor diversification

The correlation between First Asset Morningstar and DJI is 0.89 (i.e., Very poor 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

  0.91XIU iShares SPTSX 60PairCorr
  0.91XIC iShares Core SPTSXPairCorr
  0.91ZCN BMO SPTSX CappedPairCorr
  0.91VCN Vanguard FTSE CanadaPairCorr
  0.91HXT Global X SPTSXPairCorr
  0.91HXCN Global X SPTSXPairCorr
  0.91QCN Mackenzie Canadian EquityPairCorr
  0.85WXM First Asset MorningstarPairCorr
  0.91TTP TD Canadian EquityPairCorr
  0.8HGU BetaPro Canadian GoldPairCorr
  0.87ZGD BMO Equal WeightPairCorr
  0.86ZJG BMO Junior GoldPairCorr
  0.71HBU BetaPro Gold BullionPairCorr
  0.85HGGG Harvest Global GoldPairCorr
  0.72HURA Global X UraniumPairCorr
  0.88HFU BetaPro SPTSX CappedPairCorr
  0.85BLCK First Trust IndxxPairCorr
  0.87HXU BetaPro SP TSXPairCorr
  0.81PINC Purpose Multi AssetPairCorr
  0.89BANK Evolve Canadian BanksPairCorr
  0.83PDIV Purpose Enhanced DividendPairCorr
  0.81XSEM iShares ESG AwarePairCorr
  0.75PFMN Picton Mahoney FortifiedPairCorr
  0.68XINC iShares Core IncomePairCorr
  0.86MCSM Manulife MultifactorPairCorr
  0.85QDX Mackenzie InternationalPairCorr
  0.65XDIV iShares Core MSCIPairCorr
  0.77RID RBC Quant EAFEPairCorr
  0.84FMAE Fidelity Multi AltPairCorr
  0.92XESG iShares ESG AwarePairCorr
  0.82PXS Invesco RAFI IndexPairCorr
  0.67PINV Purpose Global InnovatorsPairCorr
  0.86XSMH iShares SP SmallPairCorr

Moving against First Etf

  0.66NSCE NBI Sustainable CanadianPairCorr

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

HUTE
+ 0.98
TILV
XSMC
+ 0.96
XSMH
HGR
+ 0.9
TILV
HGR
+ 0.89
HUTE
TILV
+ 0.88
TULV
HUTE
+ 0.87
TULV
  

High negative correlations

FCQH
- 0.16
TULV
FCQH
- 0.07
HUTE
FCQH
- 0.05
TILV
FCQH
- 0.04
HGR
HHLE
- 0.01
HUTE

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
TULV  0.47  0.06 (0.04)(3.52) 0.45 
(0.57)
 0.91 
(0.95)
 3.55 
TILV  0.37  0.15  0.15  1.75  0.00 
(0.45)
 0.88 
(0.56)
 2.00 
XSMH  0.76  0.08  0.08  0.17  0.65 
(0.89)
 1.97 
(1.39)
 4.88 
TRVI  0.99  0.10  0.06  0.24  1.07 
(1.09)
 1.87 
(2.21)
 5.82 
HUTE  0.54  0.22  0.21 (7.59) 0.27 
(0.66)
 1.31 
(1.09)
 2.61 
XSMC  0.81  0.04  0.02  0.12  0.84 
(0.92)
 1.76 
(1.50)
 5.24 
HHLE  0.78 (0.02)(0.06) 0.05  0.82 
(0.99)
 1.84 
(1.25)
 5.33 
HGR  0.78  0.07  0.01  0.40  0.98 
(0.82)
 1.75 
(2.18)
 5.36 
FCQH  0.46  0.00 (0.05) 0.08  0.57 
(0.51)
 0.95 
(0.95)
 4.57 
RBOT  0.89  0.14  0.11  0.26  0.87 
(0.95)
 2.02 
(1.66)
 6.14 

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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