FT AlphaDEX Correlations
| FHG Etf | CAD 55.69 0.11 0.20% |
The current 90-days correlation between FT AlphaDEX Industrials and First Trust AlphaDEX is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as FT AlphaDEX moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if FT AlphaDEX Industrials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
FT AlphaDEX Correlation With Market
Very weak diversification
The correlation between FT AlphaDEX Industrials and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FT AlphaDEX Industrials and DJI in the same portfolio, assuming nothing else is changed.
FHG |
The ability to find closely correlated positions to FT AlphaDEX could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace FT AlphaDEX 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 FT AlphaDEX - 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 FT AlphaDEX Industrials to buy it.
Moving together with FHG Etf
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Related Correlations Analysis
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