First Asset Correlations

WXM Etf

CAD 49.42 0.42 0.86%

The current 90-days correlation between First Asset Morningstar and Global X NASDAQ 100 is 0.48 (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

Almost no diversification

The correlation between First Asset Morningstar and DJI is 0.9 (i.e., Almost no 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	XIU	iShares SPTSX 60	Pair Corr
0.96	XIC	iShares Core SPTSX	Pair Corr
0.97	ZCN	BMO SPTSX Capped	Pair Corr
0.96	VCN	Vanguard FTSE Canada	Pair Corr
0.94	HXT	Global X SPTSX	Pair Corr
0.96	HXCN	Global X SPTSX	Pair Corr
0.97	QCN	Mackenzie Canadian Equity	Pair Corr
0.96	TTP	TD Canadian Equity	Pair Corr
0.65	XSP	iShares Core SP	Pair Corr
0.9	ZEB	BMO SPTSX Equal	Pair Corr
0.95	NMNG	Ninepoint Mining Evo	Pair Corr
0.84	HPF	Harvest Energy Leaders	Pair Corr
0.82	CPD	iShares SPTSX Canadian	Pair Corr
0.84	TCLV	TD Q Canadian	Pair Corr
0.97	ZDM	BMO MSCI EAFE	Pair Corr
0.8	NHYB	NBI High Yield	Pair Corr
0.85	CALL	Evolve Banks Enhanced	Pair Corr
0.96	XEU	iShares MSCI Europe	Pair Corr
0.78	XEG	iShares SPTSX Capped	Pair Corr
0.81	CTMB	CI Target 2029	Pair Corr
0.94	DXBG	Dynamic Global Fixed	Pair Corr
0.63	ZEO	BMO Equal Weight	Pair Corr
0.83	HXU	BetaPro SP TSX	Pair Corr
0.63	ZWU	BMO Covered Call	Pair Corr
0.8	BANK	Evolve Canadian Banks	Pair Corr
0.95	GDV	Global Dividend Growth	Pair Corr
0.66	HAZ	Global X Active	Pair Corr
0.95	XEN	iShares Jantzi Social	Pair Corr
0.94	UDIV	Manulife Smart Dividend	Pair Corr
0.96	ATSX	Accelerate Canadian Long	Pair Corr
0.81	NXF	First Asset Energy	Pair Corr

Moving against First Etf

0.74

NSCE

NBI Sustainable Canadian

Pair Corr

Related Correlations Analysis

	VI	XEU	ENCC	VDU	XSU	VIDY	XSUS	XMC	QQCC
VI		0.98	0.69	1.0	0.87	0.98	-0.04	0.92	-0.05	VI
XEU	0.98		0.59	0.98	0.9	0.95	0.07	0.92	0.06	XEU
ENCC	0.69	0.59		0.71	0.44	0.77	-0.42	0.54	-0.42	ENCC
VDU	1.0	0.98	0.71		0.86	0.98	-0.03	0.92	-0.04	VDU
XSU	0.87	0.9	0.44	0.86		0.8	0.26	0.93	0.27	XSU
VIDY	0.98	0.95	0.77	0.98	0.8		-0.15	0.88	-0.18	VIDY
XSUS	-0.04	0.07	-0.42	-0.03	0.26	-0.15		0.23	0.96	XSUS
XMC	0.92	0.92	0.54	0.92	0.93	0.88	0.23		0.18	XMC
QQCC	-0.05	0.06	-0.42	-0.04	0.27	-0.18	0.96	0.18		QQCC
	VI	XEU	ENCC	VDU	XSU	VIDY	XSUS	XMC	QQCC

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

VDU	+ 1.0	VI
XEU	+ 0.98	VI
VIDY	+ 0.98	VI
VDU	+ 0.98	XEU
VIDY	+ 0.98	VDU
QQCC	+ 0.96	XSUS

High negative correlations

QQCC	- 0.42	ENCC
XSUS	- 0.42	ENCC
QQCC	- 0.18	VIDY
XSUS	- 0.15	VIDY
QQCC	- 0.05	VI
QQCC	- 0.04	VDU

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
VI	0.47	0.17	0.18	0.45	0.19	(0.49)	1.28	(0.95)	2.78
XEU	0.53	0.11	0.09	0.33	0.50	(0.58)	1.16	(1.17)	3.06
ENCC	0.77	0.16	0.08	(2.33)	0.91	(0.85)	1.54	(1.57)	4.56
VDU	0.53	0.15	0.16	0.37	0.41	(0.59)	1.27	(1.13)	2.81
XSU	0.86	0.13	0.11	0.25	0.79	(0.93)	2.09	(1.77)	5.59
VIDY	0.52	0.18	0.17	0.49	0.37	(0.57)	1.44	(1.18)	3.12
XSUS	0.56	(0.04)	(0.09)	0.00	0.74	(0.57)	1.09	(1.32)	3.45
XMC	0.75	0.12	0.13	0.24	0.53	(0.93)	1.72	(1.30)	4.23
QQCC	0.66	(0.05)	(0.08)	0.00	0.86	(0.69)	1.24	(1.40)	4.35

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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