First Trust Correlations

Etfs . Canada . 
Etf . First Trust Canadian
FST Etf  CAD 69.11  0.17  0.25%   
The current 90-days correlation between First Trust Canadian and iShares SP Mid Cap is 0.5 (i.e., Very weak 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 Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Modest diversification

The correlation between First Trust Canadian and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Canadian 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 Canadian to buy it.

Moving together with First Etf

  0.96XIU iShares SPTSX 60PairCorr
  0.96XIC iShares Core SPTSXPairCorr
  0.96ZCN BMO SPTSX CappedPairCorr
  0.96VCN Vanguard FTSE CanadaPairCorr
  0.96HXT Global X SPTSXPairCorr
  0.96HXCN Global X SPTSXPairCorr
  0.96QCN Mackenzie Canadian EquityPairCorr
  0.95WXM First Asset MorningstarPairCorr
  0.96TTP TD Canadian EquityPairCorr
  0.73HURA Global X UraniumPairCorr
  0.61HXE Global X SPTSXPairCorr
  0.94HFU BetaPro SPTSX CappedPairCorr
  0.82HGU BetaPro Canadian GoldPairCorr
  0.92HXU BetaPro SP TSXPairCorr
  0.85ZGD BMO Equal WeightPairCorr
  0.81SPXU BetaPro SP 500PairCorr
  0.88ARB Accelerate ArbitragePairCorr
  0.83DLR Global X DollarPairCorr
  0.75WSGB Wealthsimple NorthPairCorr
  0.93FCRR Fidelity Dividend forPairCorr
  0.86XSEA iShares ESG AwarePairCorr
  0.92DRCU Desjardins RI ActivePairCorr
  0.75TUEX TD Active EnhancedPairCorr
  0.96BNC Purpose Canadian FinPairCorr
  0.86AVGY Harvest Broadcom EnhancedPairCorr
  0.83LONG CI Global LongevityPairCorr
  0.82DXMO Dynamic Active MiningPairCorr
  0.93XVLU iShares MSCI USAPairCorr
  0.84CMEY CI Marret AlternativePairCorr
  0.96SYLD Purpose Strategic YieldPairCorr
  0.93CANL Global X EnhancedPairCorr
  0.94PRA Purpose Diversified RealPairCorr
  0.92TPU TD Equity IndexPairCorr
  0.85GIQG Guardian i3 GlobalPairCorr

Moving against First Etf

  0.62NSCE NBI Sustainable CanadianPairCorr

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

XSUS
+ 0.97
TQGM
XSUS
+ 0.94
VI
TQGM
+ 0.92
HAZ
VI
+ 0.92
TQGM
GLCC
+ 0.91
FCCQ
VI
+ 0.91
XEU
  

High negative correlations

NGPE
- 0.64
VI
NGPE
- 0.56
FCCQ
XSUS
- 0.51
NGPE
NGPE
- 0.45
GLCC
NGPE
- 0.44
TQGM
NGPE
- 0.43
XEU

First Trust Constituents 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
XMC  0.73  0.01 (0.02) 0.07  0.85 
(0.84)
 1.60 
(1.32)
 5.25 
FCCQ  0.62  0.15  0.11  0.42  0.79 
(0.61)
 1.45 
(1.45)
 4.09 
GLCC  1.69  0.31  0.10  0.45  2.73 
(1.67)
 3.66 
(4.39)
 14.00 
HAZ  0.49  0.03  0.00  0.13  0.50 
(0.52)
 1.01 
(0.98)
 2.90 
XEU  0.57  0.00 (0.04) 0.05  0.64 
(0.65)
 1.09 
(1.15)
 3.04 
TQGM  0.51  0.03  0.00  0.14  0.59 
(0.55)
 1.08 
(1.15)
 2.97 
VI  0.49  0.04  0.01  0.19  0.62 
(0.52)
 1.02 
(1.14)
 3.29 
NGPE  0.84 (0.16) 0.00 (0.38) 0.00 
 0.00 
 1.83 
(2.42)
 6.16 
TQSM  0.70 (0.03) 0.00 (0.04) 0.00 
 0.00 
 1.72 
(1.41)
 4.73 
XSUS  0.56  0.06  0.04  0.23  0.76 
(0.55)
 1.08 
(1.28)
 3.86 

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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