First Asset Correlations

ZXM Etf

CAD 59.82 0.05 0.08%

The current 90-days correlation between First Asset Morningstar and Invesco RAFI Index is 0.33 (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 0.86 (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

0.94	XEF	iShares Core MSCI	Pair Corr
0.94	ZEA	BMO MSCI EAFE	Pair Corr
0.96	VIU	Vanguard FTSE Developed	Pair Corr
0.95	XIN	iShares MSCI EAFE	Pair Corr
0.96	XFH	iShares Core MSCI	Pair Corr
0.96	ZDM	BMO MSCI EAFE	Pair Corr
0.74	WSRD	Wealthsimple Developed	Pair Corr
0.96	VDU	Vanguard FTSE Developed	Pair Corr
0.98	VEF	Vanguard FTSE Developed	Pair Corr
0.92	XIU	iShares SPTSX 60	Pair Corr
0.67	XSP	iShares Core SP	Pair Corr
0.95	XIC	iShares Core SPTSX	Pair Corr
0.95	ZCN	BMO SPTSX Capped	Pair Corr
0.82	ZEB	BMO SPTSX Equal	Pair Corr

Moving against First Etf

0.56

TCLB

TD Canadian Long

Pair Corr

Related Correlations Analysis

	EQCL	UDA	HDGE	PMM	XSI	TGGR	FHG	ZIN	PXS
EQCL		0.64	-0.07	0.67	0.41	0.91	0.92	0.83	0.92	EQCL
UDA	0.64		-0.28	0.67	0.57	0.72	0.62	0.55	0.63	UDA
HDGE	-0.07	-0.28		-0.05	-0.09	-0.26	-0.25	-0.28	-0.04	HDGE
PMM	0.67	0.67	-0.05		0.45	0.7	0.54	0.37	0.6	PMM
XSI	0.41	0.57	-0.09	0.45		0.52	0.33	0.28	0.36	XSI
TGGR	0.91	0.72	-0.26	0.7	0.52		0.85	0.77	0.81	TGGR
FHG	0.92	0.62	-0.25	0.54	0.33	0.85		0.94	0.94	FHG
ZIN	0.83	0.55	-0.28	0.37	0.28	0.77	0.94		0.84	ZIN
PXS	0.92	0.63	-0.04	0.6	0.36	0.81	0.94	0.84		PXS
	EQCL	UDA	HDGE	PMM	XSI	TGGR	FHG	ZIN	PXS

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

ZIN	+ 0.94	FHG
PXS	+ 0.94	FHG
FHG	+ 0.92	EQCL
PXS	+ 0.92	EQCL
TGGR	+ 0.91	EQCL
FHG	+ 0.85	TGGR

High negative correlations

ZIN	- 0.28	HDGE
HDGE	- 0.28	UDA
TGGR	- 0.26	HDGE
FHG	- 0.25	HDGE
XSI	- 0.09	HDGE
HDGE	- 0.07	EQCL

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
EQCL	0.52	0.01	(0.03)	0.07	0.64	(0.53)	1.18	(1.08)	3.00
UDA	0.87	(0.04)	(0.05)	(0.01)	1.08	(0.93)	1.89	(1.91)	5.81
HDGE	0.59	0.03	(0.03)	(0.43)	0.74	(0.66)	1.49	(1.00)	2.76
PMM	0.50	(0.03)	0.00	(0.05)	0.00	0.00	0.90	(1.11)	3.02
XSI	0.16	(0.02)	0.00	(0.15)	0.00	0.00	0.24	(0.41)	1.35
TGGR	0.62	(0.03)	(0.07)	0.00	0.79	(0.63)	1.36	(1.14)	3.90
FHG	0.86	0.01	0.00	0.06	0.85	(1.04)	2.15	(1.47)	7.11
ZIN	0.71	0.08	0.04	0.27	0.95	(0.71)	1.39	(1.63)	3.95
PXS	0.49	0.00	(0.03)	0.06	0.55	(0.50)	0.87	(0.97)	3.58

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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