First Trust Correlations

FSR Etf

CAD 36.09 0.01 0.03%

The current 90-days correlation between First Trust Morningstar and First Trust Indxx is 0.06 (i.e., Significant 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 Morningstar moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Significant diversification

The correlation between First Trust Morningstar and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Morningstar 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 Morningstar to buy it.

Moving together with First Etf

0.73	CUD	iShares Dividend Growers	Pair Corr
0.89	XHD	iShares High Dividend	Pair Corr
0.61	CYBR-B	Evolve Cyber Security	Pair Corr
0.9	EBNK	Evolve European Banks	Pair Corr
0.84	MNT	Royal Canadian Mint	Pair Corr

Moving against First Etf

0.74	BTCQ	3iQ Bitcoin ETF	Pair Corr
0.74	EBIT	Bitcoin ETF CAD	Pair Corr
0.73	FBTC	Fidelity Advantage	Pair Corr
0.73	BTCC	Purpose Bitcoin ETF	Pair Corr
0.62	ZWT	BMO Covered Call	Pair Corr
0.54	RUDH	RBC Quant Dividend	Pair Corr
0.5	RUD	RBC Quant Dividend	Pair Corr

Related Correlations Analysis

	NXTG	FSL	FHH-F	BLCK	FHD	SDVY	QCLN	NOVB-F	TXF
NXTG		0.33	-0.31	0.78	0.6	0.0	-0.44	0.31	0.08	NXTG
FSL	0.33		-0.3	0.33	0.42	0.23	-0.13	0.31	0.18	FSL
FHH-F	-0.31	-0.3		-0.4	-0.19	0.14	0.37	0.03	0.13	FHH-F
BLCK	0.78	0.33	-0.4		0.52	-0.34	-0.8	-0.1	-0.31	BLCK
FHD	0.6	0.42	-0.19	0.52		0.39	-0.1	0.55	0.53	FHD
SDVY	0.0	0.23	0.14	-0.34	0.39		0.71	0.82	0.85	SDVY
QCLN	-0.44	-0.13	0.37	-0.8	-0.1	0.71		0.49	0.72	QCLN
NOVB-F	0.31	0.31	0.03	-0.1	0.55	0.82	0.49		0.78	NOVB-F
TXF	0.08	0.18	0.13	-0.31	0.53	0.85	0.72	0.78		TXF
	NXTG	FSL	FHH-F	BLCK	FHD	SDVY	QCLN	NOVB-F	TXF

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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

TXF	+ 0.85	SDVY
NOVB-F	+ 0.82	SDVY
BLCK	+ 0.78	NXTG
TXF	+ 0.78	NOVB-F
TXF	+ 0.72	QCLN
QCLN	+ 0.71	SDVY

High negative correlations

QCLN	- 0.8	BLCK
QCLN	- 0.44	NXTG
BLCK	- 0.4	FHH-F
SDVY	- 0.34	BLCK
TXF	- 0.31	BLCK
FHH-F	- 0.31	NXTG

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NXTG	0.64	0.01	0.05	0.08	0.90	(0.68)	1.33	(1.56)	4.49
FSL	0.18	(0.01)	0.07	(0.20)	0.33	(0.23)	0.48	(0.42)	2.25
FHH-F	0.15	(0.08)	0.00	9.86	0.00	0.00	0.00	0.00	4.87
BLCK	0.60	0.07	0.14	1.00	0.62	(0.68)	1.44	(1.26)	3.48
FHD	1.07	(0.03)	0.00	(0.56)	0.00	0.00	1.93	(2.42)	6.85
SDVY	0.82	(0.18)	0.00	(5.75)	0.00	0.00	1.42	(2.16)	7.29
QCLN	1.31	(0.25)	0.00	(0.77)	0.00	0.00	2.59	(2.77)	9.47
NOVB-F	0.37	(0.10)	0.00	6.09	0.00	0.00	0.86	(1.19)	3.70
TXF	1.32	(0.10)	0.00	(0.13)	0.00	0.00	2.03	(3.35)	6.77

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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