First National Correlations

FN-PB Preferred Stock

CAD 24.00 0.00 0.00%

The correlation of First National is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First National Correlation With Market

Good diversification

The correlation between First National Financial and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First National Financial and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to First National 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 National 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 National - 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 National Financial to buy it.

Moving together with First Preferred Stock

0.84	FFH-PK	Fairfax Financial	Pair Corr
0.85	FFH-PI	Fairfax Financial	Pair Corr
0.84	ENB-PFC	Enbridge Pref 11	Pair Corr
0.8	SFI	Solution Financial	Pair Corr
0.78	PD	Precision Drilling	Pair Corr
0.82	WPK	Winpak	Pair Corr
0.92	IGM	IGM Financial	Pair Corr
0.65	CGG	China Gold International	Pair Corr
0.63	EOG	Eco Atlantic Oil	Pair Corr
0.73	LDB-P	LDB Capital Corp	Pair Corr
0.8	GRID	Tantalus Systems Holding	Pair Corr
0.87	TD	Toronto Dominion Bank	Pair Corr
0.64	HAI	Haivision Systems	Pair Corr
0.82	FFN	North American Financial	Pair Corr
0.94	SAP	Saputo Inc	Pair Corr
0.66	KEC	Kiwetinohk Energy Corp	Pair Corr
0.64	ELD	Eldorado Gold Corp	Pair Corr
0.62	CN	Condor Resources	Pair Corr
0.94	PRM	Big Pharma Split	Pair Corr
0.89	NPTH	NeuPath Health	Pair Corr
0.61	CGNT	Copper Giant Resources	Pair Corr
0.89	AVR	Avaron Mining Corp	Pair Corr
0.7	FTU-PB	US Financial 15	Pair Corr
0.69	WTE	Westshore Terminals	Pair Corr

Moving against First Preferred Stock

0.37	AEMC	Alaska Energy Metals	Pair Corr
0.45	PEX	Pacific Ridge Exploration	Pair Corr
0.35	FOOD	Goodfood Market Corp	Pair Corr

Related Correlations Analysis

	DGL-P	CGI	SNI-PR-A	RIGE	UPT-P	CAF	CNJ-P
DGL-P		0.0	1.0	0.0	1.0	0.0	1.0	DGL-P
CGI	0.0		0.0	0.31	0.0	0.2	0.0	CGI
SNI-PR-A	1.0	0.0		0.0	1.0	0.0	1.0	SNI-PR-A
RIGE	0.0	0.31	0.0		0.0	-0.17	0.0	RIGE
UPT-P	1.0	0.0	1.0	0.0		0.0	1.0	UPT-P
CAF	0.0	0.2	0.0	-0.17	0.0		0.0	CAF
CNJ-P	1.0	0.0	1.0	0.0	1.0	0.0		CNJ-P
	DGL-P	CGI	SNI-PR-A	RIGE	UPT-P	CAF	CNJ-P

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

SNI-PR-A	+ 1.0	DGL-P
UPT-P	+ 1.0	DGL-P
CNJ-P	+ 1.0	DGL-P
UPT-P	+ 1.0	SNI-PR-A
CNJ-P	+ 1.0	SNI-PR-A
CNJ-P	+ 1.0	UPT-P

High negative correlations

CAF	- 0.17	RIGE
CNJ-P	- 0.0	CAF
CAF	- 0.0	UPT-P
CNJ-P	- 0.0	RIGE
UPT-P	- 0.0	RIGE
CAF	- 0.0	SNI-PR-A

Risk-Adjusted Indicators

There is a big difference between First Preferred Stock performing well and First National Company 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 National'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
DGL-P	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CGI	0.76	0.09	0.02	1.52	1.00	(0.84)	2.12	(1.25)	10.04
SNI-PR-A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RIGE	0.38	0.11	0.00	0.30	0.00	0.00	0.00	0.00	13.68
UPT-P	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CAF	1.51	(0.06)	0.00	2.98	0.00	0.00	6.25	(5.88)	12.55
CNJ-P	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

First National Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with First National preferred stock to make a market-neutral strategy. Peer analysis of First National could also be used in its relative valuation, which is a method of valuing First National by comparing valuation metrics with similar companies.

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