First Asset Correlations

Etfs . Canada . 
Etf . First Asset Morningstar
WXM Etf  CAD 49.13  1.34  2.66%   
The current 90-days correlation between First Asset Morningstar and Global X Robotics is 0.5 (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

Poor diversification

The correlation between First Asset Morningstar and DJI is 0.73 (i.e., 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

  0.95XIU iShares SPTSX 60PairCorr
  0.97XIC iShares Core SPTSXPairCorr
  0.97ZCN BMO SPTSX CappedPairCorr
  0.96VCN Vanguard FTSE CanadaPairCorr
  0.94HXT Global X SPTSXPairCorr
  0.97HXCN Global X SPTSXPairCorr
  0.97QCN Mackenzie Canadian EquityPairCorr
  0.97TTP TD Canadian EquityPairCorr
  0.87HGU BetaPro Canadian GoldPairCorr
  0.86HEU BetaPro SP TSXPairCorr
  0.96ZGD BMO Equal WeightPairCorr
  0.96ZJG BMO Junior GoldPairCorr
  0.84HBU BetaPro Gold BullionPairCorr
  0.9HXE Global X SPTSXPairCorr
  0.95HGGG Harvest Global GoldPairCorr
  0.9XEG iShares SPTSX CappedPairCorr
  0.71HURA Global X UraniumPairCorr
  0.67HFU BetaPro SPTSX CappedPairCorr
  0.67BLCK First Trust IndxxPairCorr
  0.87HXU BetaPro SP TSXPairCorr
  0.97PINC Purpose Multi AssetPairCorr
  0.86CLF iShares 1 5PairCorr
  0.76BANK Evolve Canadian BanksPairCorr
  0.97PDIV Purpose Enhanced DividendPairCorr
  0.93XSEM iShares ESG AwarePairCorr
  0.9XINC iShares Core IncomePairCorr
  0.95MCSM Manulife MultifactorPairCorr
  0.94QDX Mackenzie InternationalPairCorr
  0.9XDIV iShares Core MSCIPairCorr
  0.95RID RBC Quant EAFEPairCorr
  0.94FMAE Fidelity Multi AltPairCorr
  0.96XESG iShares ESG AwarePairCorr
  0.86PXS Invesco RAFI IndexPairCorr
  0.81OILU SavvyLong Geared CrudePairCorr
  0.81PINV Purpose Global InnovatorsPairCorr
  0.9XSMH iShares SP SmallPairCorr

Moving against First Etf

  0.64NSCE 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
HUTE
+ 0.91
TULV
TILV
+ 0.9
TULV
HGR
+ 0.9
HUTE
HGR
+ 0.89
TULV
  

High negative correlations

FCQH
- 0.16
TULV
FCQH
- 0.13
HGR
FCQH
- 0.08
HUTE
FCQH
- 0.03
TILV
HHLE
- 0.02
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  0.46  0.04  0.00 (2.48) 0.46 
(0.55)
 0.85 
(0.95)
 3.55 
TILV  0.41  0.09  0.08  0.65  0.51 
(0.45)
 0.88 
(1.05)
 2.96 
XSMH  0.73  0.06  0.07  0.11  0.73 
(0.84)
 1.49 
(1.39)
 4.88 
TRVI  1.04  0.10  0.05 (3.72) 1.21 
(1.12)
 1.87 
(2.27)
 5.82 
HUTE  0.56  0.18  0.20 (178.00) 0.40 
(0.65)
 1.31 
(1.10)
 2.61 
XSMC  0.80  0.03  0.03  0.07  0.88 
(0.87)
 1.69 
(1.50)
 4.95 
HHLE  0.75 (0.04) 0.00 (0.45) 0.00 
 0.00 
 1.64 
(1.41)
 4.23 
HGR  0.78  0.08  0.02 (0.17) 0.99 
(0.81)
 1.75 
(2.18)
 5.36 
FCQH  0.46 (0.05) 0.00 (0.05) 0.00 
 0.00 
 0.89 
(1.15)
 3.23 
RBOT  0.94  0.05  0.04  0.10  1.19 
(0.93)
 2.02 
(2.30)
 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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