First Asset Correlations

Etfs . Canada . 
Etf . First Asset Morningstar
WXM Etf  CAD 48.05  1.33  2.85%   
The current 90-days correlation between First Asset Morningstar and Vanguard FTSE Developed is 0.47 (i.e., Very 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

  0.94XIU iShares SPTSX 60PairCorr
  0.97XIC iShares Core SPTSXPairCorr
  0.97ZCN BMO SPTSX CappedPairCorr
  0.97VCN Vanguard FTSE CanadaPairCorr
  0.94HXT Global X SPTSXPairCorr
  0.97HXCN Global X SPTSXPairCorr
  0.97QCN Mackenzie Canadian EquityPairCorr
  0.97TTP TD Canadian EquityPairCorr
  0.72XSP iShares Core SPPairCorr
  0.9ZEB BMO SPTSX EqualPairCorr
  0.97NMNG Ninepoint Mining EvoPairCorr
  0.76HPF Harvest Energy LeadersPairCorr
  0.8CPD iShares SPTSX CanadianPairCorr
  0.82TCLV TD Q CanadianPairCorr
  0.94ZDM BMO MSCI EAFEPairCorr
  0.87NHYB NBI High YieldPairCorr
  0.88CALL Evolve Banks EnhancedPairCorr
  0.93XEU iShares MSCI EuropePairCorr
  0.71XEG iShares SPTSX CappedPairCorr
  0.73CTMB CI Target 2029PairCorr
  0.94DXBG Dynamic Global FixedPairCorr
  0.92HXU BetaPro SP TSXPairCorr
  0.83BANK Evolve Canadian BanksPairCorr
  0.93GDV Global Dividend GrowthPairCorr
  0.96XEN iShares Jantzi SocialPairCorr
  0.91UDIV Manulife Smart DividendPairCorr
  0.95ATSX Accelerate Canadian LongPairCorr
  0.72NXF First Asset EnergyPairCorr

Moving against First Etf

  0.73NSCE NBI Sustainable CanadianPairCorr
  0.44TCLB TD Canadian LongPairCorr

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

VIDY
+ 0.98
VDU
BANK
+ 0.96
HCAL
QMAX
+ 0.96
XIT
VDU
+ 0.9
DGRC
XSU
+ 0.88
DGRC
VIDY
+ 0.88
DGRC
  

High negative correlations

VIDY
- 0.83
QMAX
VIDY
- 0.83
XIT
VDU
- 0.75
XIT
VDU
- 0.74
QMAX
QMAX
- 0.66
DGRC
XIT
- 0.63
DGRC

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
DGRC  0.68  0.14  0.09  0.47  0.86 
(0.71)
 1.32 
(1.23)
 4.85 
HCAL  0.72  0.16  0.15  0.40  0.60 
(0.84)
 1.70 
(1.31)
 4.32 
TXF  1.07 (0.08) 0.00 (0.03) 0.00 
 0.00 
 1.70 
(2.77)
 7.06 
BANK  0.53  0.11  0.10  0.36  0.42 
(0.59)
 1.48 
(1.05)
 3.01 
XSU  0.94  0.07  0.04  0.16  1.08 
(0.97)
 2.09 
(1.90)
 5.59 
XIT  1.55 (0.48) 0.00 (0.51) 0.00 
 0.00 
 2.28 
(4.41)
 10.50 
QMAX  0.96 (0.34) 0.00 (0.39) 0.00 
 0.00 
 1.89 
(2.67)
 7.60 
VDU  0.56  0.11  0.10  0.29  0.56 
(0.59)
 1.27 
(1.13)
 2.81 
VCNS  0.28 (0.02)(0.13)(0.02) 0.46 
(0.25)
 0.51 
(0.75)
 2.07 
VIDY  0.55  0.15  0.15  0.43  0.46 
(0.58)
 1.44 
(1.18)
 3.12 

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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