First Trust Correlations

FHC Etf

CAD 26.13 0.45 1.69%

The current 90-days correlation between First Trust Dow and First Asset Morningstar is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Dow moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Excellent diversification

The correlation between First Trust Dow and DJI is -0.55 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dow and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to First Trust 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 Trust 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 Trust - 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 Trust Dow to buy it.

Moving together with First Etf

0.89	XIT	iShares SPTSX Capped	Pair Corr
0.89	TEC	TD Global Technology	Pair Corr
0.78	CYBR	Evolve Cyber Security	Pair Corr
0.76	HBLK	Blockchain Technologies	Pair Corr
0.79	CBCX	CI Galaxy Blockchain	Pair Corr

Moving against First Etf

0.86	COW	iShares Global Agric	Pair Corr
0.83	ZWU	BMO Covered Call	Pair Corr
0.76	XST	iShares SPTSX Capped	Pair Corr
0.75	CWW	iShares Global Water	Pair Corr
0.7	FHE	First Trust Indxx	Pair Corr
0.62	ZUT	BMO Equal Weight	Pair Corr
0.62	ZUB	BMO Equal Weight	Pair Corr
0.62	CALL	Evolve Banks Enhanced	Pair Corr
0.6	ZBK	BMO Equal Weight	Pair Corr
0.39	HBGD	Global X Big	Pair Corr
0.86	HPF	Harvest Energy Leaders	Pair Corr
0.85	XEG	iShares SPTSX Capped	Pair Corr
0.85	NXF	First Asset Energy	Pair Corr
0.81	GDV	Global Dividend Growth	Pair Corr
0.8	UDIV	Manulife Smart Dividend	Pair Corr
0.79	CTMB	CI Target 2029	Pair Corr
0.77	MINT-B	Manulife Multifactor	Pair Corr
0.73	WSHR	Wealthsimple Shariah	Pair Corr
0.67	RAAA	Corton Enhanced Income	Pair Corr
0.67	BMAX	Brompton Enhanced Multi	Pair Corr
0.62	ZMID	BMO SP Mid	Pair Corr
0.61	CALL-B	Evolve Banks Enhanced	Pair Corr
0.57	ZWK	BMO Covered Call	Pair Corr
0.56	XEN	iShares Jantzi Social	Pair Corr
0.55	VAB	Vanguard Canadian	Pair Corr
0.53	CVD	iShares Convertible Bond	Pair Corr
0.44	CPD	iShares SPTSX Canadian	Pair Corr
0.88	XDUH	iShares Core MSCI	Pair Corr
0.84	EIT-UN	Canoe EIT Income	Pair Corr
0.83	XSB	iShares Canadian Short	Pair Corr
0.82	ZUD	BMO Dividend Hedged	Pair Corr
0.81	ZEO	BMO Equal Weight	Pair Corr
0.77	GCTB	Guardian Ultra Short	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.35	-0.4	0.4	0.13	-0.47	-0.07	0.34	0.42	0.38	META
MSFT	-0.35		0.82	-0.57	-0.71	0.74	0.85	0.07	-0.87	-0.92	MSFT
UBER	-0.4	0.82		-0.51	-0.57	0.81	0.6	-0.07	-0.8	-0.77	UBER
F	0.4	-0.57	-0.51		0.17	-0.46	-0.31	0.28	0.72	0.63	F
T	0.13	-0.71	-0.57	0.17		-0.47	-0.78	-0.15	0.5	0.63	T
A	-0.47	0.74	0.81	-0.46	-0.47		0.54	-0.01	-0.66	-0.8	A
CRM	-0.07	0.85	0.6	-0.31	-0.78	0.54		0.44	-0.64	-0.83	CRM
JPM	0.34	0.07	-0.07	0.28	-0.15	-0.01	0.44		0.2	-0.1	JPM
MRK	0.42	-0.87	-0.8	0.72	0.5	-0.66	-0.64	0.2		0.86	MRK
XOM	0.38	-0.92	-0.77	0.63	0.63	-0.8	-0.83	-0.1	0.86		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.86	MRK
CRM	+ 0.85	MSFT
UBER	+ 0.82	MSFT
A	+ 0.81	UBER
A	+ 0.74	MSFT
MRK	+ 0.72	F

High negative correlations

XOM	- 0.92	MSFT
MRK	- 0.87	MSFT
XOM	- 0.83	CRM
XOM	- 0.8	A
MRK	- 0.8	UBER
CRM	- 0.78	T

First Trust Competition Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust 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 Trust'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
META	1.47	0.07	0.04	0.14	1.43	(1.78)	3.43	(2.60)	13.69
MSFT	1.33	(0.37)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.55	(0.39)	0.00	(0.71)	0.00	0.00	2.46	(3.82)	11.09
F	1.21	0.03	0.02	0.07	1.25	(1.45)	3.34	(2.30)	7.16
T	1.01	0.14	0.10	(18.48)	0.95	(1.16)	3.87	(1.76)	5.31
A	1.27	(0.31)	0.00	(0.20)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.72	(0.42)	0.00	(0.40)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.10)	0.00	(0.03)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.77	0.98	(1.58)	2.93	(1.98)	8.74
XOM	1.27	0.39	0.25	1.59	1.08	(1.47)	2.90	(2.12)	6.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in First Trust 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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