First Asset Correlations

Etfs . Canada . 
Etf . First Asset Energy
NXF Etf  CAD 6.41  0.02  0.31%   
The current 90-days correlation between First Asset Energy and Global X Global is -0.08 (i.e., Good 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 Energy 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 Energy and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Asset Energy 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 Energy to buy it.

Moving together with First Etf

  0.99XEG iShares SPTSX CappedPairCorr
  0.95ZEO BMO Equal WeightPairCorr
  0.98HXE Global X SPTSXPairCorr
  0.96HPF Harvest Energy LeadersPairCorr
  0.88HOG Global X PipelinesPairCorr
  0.7HGU BetaPro Canadian GoldPairCorr
  0.96HEU BetaPro SP TSXPairCorr
  0.76ZGD BMO Equal WeightPairCorr
  0.77ZJG BMO Junior GoldPairCorr
  0.79HBU BetaPro Gold BullionPairCorr
  0.77HGGG Harvest Global GoldPairCorr
  0.66HURA Global X UraniumPairCorr
  0.7XESG iShares ESG AwarePairCorr
  0.85GBUL Ninepoint Gold BullionPairCorr
  0.75PINV Purpose Global InnovatorsPairCorr
  0.89RPDH RBC Quant EuropeanPairCorr
  0.76CORE PIMCO Canadian CorePairCorr
  0.76PXS Invesco RAFI IndexPairCorr
  0.91PINC Purpose Multi AssetPairCorr
  0.82TGFI TD Active GlobalPairCorr
  0.87PSB Invesco 1 5PairCorr
  0.87QDX Mackenzie InternationalPairCorr
  0.84PDIV Purpose Enhanced DividendPairCorr
  0.87XSEM iShares ESG AwarePairCorr
  0.94XDG iShares Core MSCIPairCorr
  0.7ZSML BMO SP SmallPairCorr
  0.77COPP Global X CopperPairCorr
  0.84XMM iShares MSCI MinPairCorr
  0.89VCB Vanguard CanadianPairCorr
  0.9EIT-UN Canoe EIT IncomePairCorr
  0.96HXH Global X CanadianPairCorr
  0.93OILU SavvyLong Geared CrudePairCorr
  0.79PFIN PICTON IncomePairCorr
  0.81XDIV iShares Core MSCIPairCorr
  0.76XBAL iShares Core BalancedPairCorr

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

HAL
+ 0.96
PINC
PRA
+ 0.96
PINC
PRA
+ 0.96
HAL
BDIV
+ 0.91
PINC
PRA
+ 0.88
RMAX
BDIV
+ 0.88
HAL
  

High negative correlations

HXE
- 0.35
FLI
ETHI
- 0.28
HXE
PRA
- 0.02
FLI
ETHI
- 0.0
RMAX

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
FHI  0.55  0.06 (0.01) 0.29  0.50 
(0.67)
 1.56 
(0.91)
 3.70 
FLI  0.69 (0.01)(0.06) 0.08  0.88 
(0.77)
 1.33 
(1.47)
 4.88 
PINC  0.26  0.09  0.04  0.96  0.00 
(0.32)
 0.69 
(0.41)
 1.49 
RMAX  0.50  0.05 (0.03) 0.34  0.58 
(0.52)
 1.17 
(0.79)
 3.39 
HAL  0.45  0.17  0.11  0.62  0.52 
(0.52)
 1.33 
(0.82)
 4.15 
HXE  1.05  0.24  0.15  1.74  0.77 
(1.20)
 2.86 
(1.67)
 5.30 
PRA  0.77  0.22  0.15  0.74  0.76 
(0.83)
 1.54 
(1.20)
 5.08 
BDIV  0.49  0.04  0.01  0.17  0.55 
(0.56)
 1.18 
(1.25)
 3.23 
HXF  0.52  0.08  0.04  0.28  0.50 
(0.60)
 1.24 
(0.93)
 3.47 
ETHI  0.66 (0.04)(0.07) 0.03  0.84 
(0.66)
 1.31 
(1.50)
 4.55 

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