First Asset Correlations

Etfs . Canada . 
Etf . First Asset Morningstar
VXM Etf  CAD 52.39  0.29  0.55%   
The current 90-days correlation between First Asset Morningstar and iShares Equal Weight 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

  0.96XEF iShares Core MSCIPairCorr
  0.96ZEA BMO MSCI EAFEPairCorr
  0.97VIU Vanguard FTSE DevelopedPairCorr
  0.97XIN iShares MSCI EAFEPairCorr
  0.98XFH iShares Core MSCIPairCorr
  0.97ZDM BMO MSCI EAFEPairCorr
  0.84WSRD Wealthsimple DevelopedPairCorr
  0.68ZLI BMO Low VolatilityPairCorr
  0.97VDU Vanguard FTSE DevelopedPairCorr
  0.98VEF Vanguard FTSE DevelopedPairCorr
  0.85FTN Financial 15 Split SplitPairCorr
  0.77DRFG Desjardins RI GlobalPairCorr
  0.93HAC Global X SeasonalPairCorr
  0.96QDX Mackenzie InternationalPairCorr
  0.86QCE Mackenzie Canadian LargePairCorr
  0.9QCN Mackenzie Canadian EquityPairCorr
  0.9ATSX Accelerate Canadian LongPairCorr
  0.75DXN Dynamic Active GlobalPairCorr
  0.78BANK Evolve Canadian BanksPairCorr
  0.66XCNS iShares Core ConservativePairCorr
  0.96DXBG Dynamic Global FixedPairCorr
  0.95XEU iShares MSCI EuropePairCorr
  0.94BMAX Brompton Enhanced MultiPairCorr
  0.84PFAE Picton Mahoney FortifiedPairCorr
  0.87NHYB NBI High YieldPairCorr
  0.78XSB iShares Canadian ShortPairCorr
  0.83ZMID BMO SP MidPairCorr
  0.97EIT-UN Canoe EIT IncomePairCorr
  0.77TCLV TD Q CanadianPairCorr
  0.97GCTB Guardian Ultra ShortPairCorr
  0.91DGRC CI Canada QualityPairCorr
  0.79CTMB CI Target 2029PairCorr
  0.83HXU BetaPro SP TSXPairCorr

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

CIC
+ 0.99
RBNK
AMAX
+ 0.95
FXM
XSEA
+ 0.94
FXM
DXC
+ 0.93
RBNK
DXC
+ 0.92
FXM
CIC
+ 0.92
DXC
  

High negative correlations

QBTL
- 0.87
CIC
QBTL
- 0.86
RBNK
QBTL
- 0.85
DXC
CEW
- 0.78
QBTL
QBTL
- 0.77
AMAX
QBTL
- 0.7
XSEA

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
FXM  0.57  0.17  0.12  0.52  0.73 
(0.64)
 1.38 
(1.19)
 4.52 
EMAX  0.91  0.14  0.08  4.12  0.90 
(1.01)
 2.34 
(1.29)
 5.01 
RBNK  0.61  0.13  0.12  0.38  0.53 
(0.71)
 1.44 
(1.28)
 3.48 
DXC  0.48  0.05  0.01  0.22  0.56 
(0.50)
 1.03 
(1.11)
 2.94 
XST  0.78  0.19  0.16 (17.17) 0.58 
(0.90)
 2.64 
(1.40)
 4.65 
AMAX  1.87  0.32  0.10  0.32  2.86 
(1.97)
 4.49 
(3.95)
 16.30 
XSEA  0.54  0.07  0.05  0.21  0.53 
(0.60)
 1.50 
(1.05)
 3.06 
CIC  0.52  0.11  0.11  0.36  0.42 
(0.59)
 1.23 
(0.98)
 3.28 
QBTL  0.88 (0.01) 0.00  0.07  0.00 
 0.00 
 2.32 
(1.71)
 6.53 
CEW  0.54  0.06  0.03  0.22  0.69 
(0.61)
 1.34 
(1.07)
 4.71 

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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