First Citizens Correlations

The current 90-days correlation between First Citizens and X FAB Silicon Foundries is 0.05 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Citizens moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if The First Citizens moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

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