First Trust Correlations

FHQ Etf

CAD 103.56 0.42 0.41%

The current 90-days correlation between First Trust AlphaDEX and BMO Covered Call is -0.19 (i.e., Good 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 AlphaDEX 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 AlphaDEX and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust AlphaDEX 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 AlphaDEX to buy it.

Moving together with First Etf

0.66	ZWU	BMO Covered Call	Pair Corr
0.98	XIT	iShares SPTSX Capped	Pair Corr
0.89	ZUT	BMO Equal Weight	Pair Corr
0.75	HMMJ	Global X Marijuana	Pair Corr
0.98	TXF	First Asset Tech	Pair Corr
0.98	TEC	TD Global Technology	Pair Corr
0.96	CWW	iShares Global Water	Pair Corr
0.94	COW	iShares Global Agric	Pair Corr
0.94	CYBR	Evolve Cyber Security	Pair Corr
0.89	FBTC	Fidelity Advantage	Pair Corr
0.88	BTCQ	3iQ Bitcoin ETF	Pair Corr
0.89	EBIT	Bitcoin ETF CAD	Pair Corr
0.89	BTCC	Purpose Bitcoin ETF	Pair Corr
0.87	ETC	Evolve Cryptocurrencies	Pair Corr
0.9	BTCY	Purpose Bitcoin Yield	Pair Corr
0.94	BITC	Ninepoint Bitcoin ETF	Pair Corr

Related Correlations Analysis

	ZWU	XIT	ZUT	HMMJ	TXF	TEC	CWW	COW	XST	CYBR
ZWU		0.7	0.81	0.61	0.72	0.7	0.74	0.61	0.7	0.63	ZWU
XIT	0.7		0.88	0.76	0.96	0.98	0.96	0.92	0.52	0.91	XIT
ZUT	0.81	0.88		0.65	0.95	0.92	0.87	0.86	0.67	0.87	ZUT
HMMJ	0.61	0.76	0.65		0.7	0.74	0.78	0.69	0.4	0.64	HMMJ
TXF	0.72	0.96	0.95	0.7		0.99	0.94	0.93	0.54	0.94	TXF
TEC	0.7	0.98	0.92	0.74	0.99		0.95	0.93	0.51	0.92	TEC
CWW	0.74	0.96	0.87	0.78	0.94	0.95		0.92	0.6	0.93	CWW
COW	0.61	0.92	0.86	0.69	0.93	0.93	0.92		0.48	0.88	COW
XST	0.7	0.52	0.67	0.4	0.54	0.51	0.6	0.48		0.55	XST
CYBR	0.63	0.91	0.87	0.64	0.94	0.92	0.93	0.88	0.55		CYBR
	ZWU	XIT	ZUT	HMMJ	TXF	TEC	CWW	COW	XST	CYBR

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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
ZWU	0.42	0.07	(0.15)	(0.62)	0.45	(0.50)	0.83	(0.83)	2.97
XIT	1.09	0.31	0.17	1.63	0.82	(1.32)	2.54	(1.76)	8.00
ZUT	0.41	0.17	0.03	(2.03)	0.00	(0.49)	1.07	(0.52)	3.42
HMMJ	1.44	0.21	0.07	0.75	1.39	(1.85)	3.98	(2.84)	9.07
TXF	0.86	0.30	0.20	1.15	0.52	(1.06)	2.37	(1.24)	5.06
TEC	0.96	0.30	0.16	1.26	0.81	(1.12)	2.52	(1.64)	6.83
CWW	0.59	0.13	(0.01)	1.68	0.47	(0.65)	1.38	(1.16)	3.30
COW	0.74	0.11	(0.04)	6.77	0.63	(0.97)	1.66	(1.32)	4.54
XST	0.75	0.10	(0.07)	(0.77)	0.80	(0.85)	1.54	(1.30)	4.09
CYBR	1.00	0.17	0.04	0.89	1.24	(1.04)	2.09	(2.03)	7.59

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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