First Asset Correlations

TXF Etf

CAD 22.41 0.16 0.71%

The current 90-days correlation between First Asset Tech and Global X NASDAQ 100 is 0.77 (i.e., Poor 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 Tech moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Asset Correlation With Market

Average diversification

The correlation between First Asset Tech and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Asset Tech 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 Tech to buy it.

Moving together with First Etf

0.62	TEC	TD Global Technology	Pair Corr
0.64	CYBR	Evolve Cyber Security	Pair Corr

Moving against First Etf

0.74	XST	iShares SPTSX Capped	Pair Corr
0.63	ZUT	BMO Equal Weight	Pair Corr
0.58	ZWU	BMO Covered Call	Pair Corr
0.42	CWW	iShares Global Water	Pair Corr
0.34	COW	iShares Global Agric	Pair Corr
0.46	XDG	iShares Core MSCI	Pair Corr
0.43	HXE	Global X SPTSX	Pair Corr
0.41	XDV	iShares Canadian Select	Pair Corr
0.41	XSI	iShares Short Term	Pair Corr
0.38	VSC	Vanguard Canadian Short	Pair Corr
0.37	CYH	iShares Global Monthly	Pair Corr
0.35	HXH	Global X Canadian	Pair Corr
0.52	CORE	PIMCO Canadian Core	Pair Corr
0.42	VCB	Vanguard Canadian	Pair Corr
0.42	XDIV	iShares Core MSCI	Pair Corr
0.42	XEG	iShares SPTSX Capped	Pair Corr

Related Correlations Analysis

	QMAX	XIT	WXM	DGRC	HCAL	TUED	HTA	BANK	ESG	QQCC
QMAX		0.97	-0.87	-0.83	-0.74	-0.58	0.67	-0.53	0.65	0.66	QMAX
XIT	0.97		-0.85	-0.79	-0.72	-0.54	0.58	-0.51	0.66	0.6	XIT
WXM	-0.87	-0.85		0.97	0.89	0.74	-0.41	0.76	-0.5	-0.32	WXM
DGRC	-0.83	-0.79	0.97		0.81	0.78	-0.5	0.67	-0.42	-0.3	DGRC
HCAL	-0.74	-0.72	0.89	0.81		0.51	-0.28	0.94	-0.53	-0.37	HCAL
TUED	-0.58	-0.54	0.74	0.78	0.51		-0.33	0.35	0.07	0.14	TUED
HTA	0.67	0.58	-0.41	-0.5	-0.28	-0.33		-0.1	0.33	0.66	HTA
BANK	-0.53	-0.51	0.76	0.67	0.94	0.35	-0.1		-0.45	-0.21	BANK
ESG	0.65	0.66	-0.5	-0.42	-0.53	0.07	0.33	-0.45		0.76	ESG
QQCC	0.66	0.6	-0.32	-0.3	-0.37	0.14	0.66	-0.21	0.76		QQCC
	QMAX	XIT	WXM	DGRC	HCAL	TUED	HTA	BANK	ESG	QQCC

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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

XIT	+ 0.97	QMAX
DGRC	+ 0.97	WXM
BANK	+ 0.94	HCAL
HCAL	+ 0.89	WXM
HCAL	+ 0.81	DGRC
TUED	+ 0.78	DGRC

High negative correlations

WXM	- 0.87	QMAX
WXM	- 0.85	XIT
DGRC	- 0.83	QMAX
DGRC	- 0.79	XIT
HCAL	- 0.74	QMAX
HCAL	- 0.72	XIT

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
QMAX	0.91	(0.29)	0.00	(0.23)	0.00	0.00	1.87	(2.61)	6.51
XIT	1.48	(0.46)	0.00	(0.30)	0.00	0.00	2.31	(4.33)	7.71
WXM	0.68	0.22	0.17	0.49	0.68	(0.76)	1.44	(1.37)	4.67
DGRC	0.65	0.16	0.11	0.53	0.80	(0.71)	1.32	(1.23)	4.48
HCAL	0.81	0.18	0.15	0.35	0.75	(0.93)	1.82	(1.39)	4.33
TUED	0.72	(0.01)	(0.03)	0.06	0.89	(0.71)	1.24	(1.31)	4.73
HTA	0.90	(0.09)	0.00	(0.01)	0.00	0.00	1.44	(2.39)	5.36
BANK	0.57	0.11	0.09	0.30	0.46	(0.62)	1.34	(1.06)	2.94
ESG	0.57	(0.09)	0.00	(0.05)	0.00	0.00	1.03	(1.18)	3.34
QQCC	0.62	(0.08)	0.00	(0.03)	0.00	0.00	1.23	(1.40)	3.18

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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