First Trust Correlations

AFSM Etf

USD 31.22 0.11 0.35%

The current 90-days correlation between First Trust Active and First Trust Active is 0.79 (i.e., Poor 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 Active moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Weak diversification

The correlation between First Trust Active and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Active and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in First Trust Active. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with First Etf

0.91	VB	Vanguard Small Cap	Pair Corr
0.98	IJR	iShares Core SP	Pair Corr
0.98	IWM	iShares Russell 2000 Aggressive Push	Pair Corr
0.98	VRTIX	Vanguard Russell 2000	Pair Corr
0.98	VTWO	Vanguard Russell 2000	Pair Corr
0.97	FNDA	Schwab Fundamental Small	Pair Corr
0.98	SPSM	SPDR Portfolio SP	Pair Corr
0.97	DFAS	Dimensional Small Cap	Pair Corr
0.98	VIOO	Vanguard SP Small	Pair Corr
0.96	PRFZ	Invesco FTSE RAFI	Pair Corr
0.67	VTI	Vanguard Total Stock	Pair Corr
0.72	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.91	VTV	Vanguard Value Index	Pair Corr
0.91	VO	Vanguard Mid Cap	Pair Corr
0.88	RFDA	RiverFront Dynamic	Pair Corr
0.79	AA	Alcoa Corp Potential Growth	Pair Corr
0.72	HD	Home Depot	Pair Corr
0.63	PG	Procter Gamble	Pair Corr
0.66	CVX	Chevron Corp Earnings Call This Week	Pair Corr
0.7	TRV	The Travelers Companies	Pair Corr

Moving against First Etf

0.54

Boeing Earnings Call This Week

Pair Corr

Related Correlations Analysis

	AFLG	AFMC	HSMV	OVS	AESR
AFLG		0.77	0.67	0.8	0.87	AFLG
AFMC	0.77		0.95	0.97	0.67	AFMC
HSMV	0.67	0.95		0.94	0.52	HSMV
OVS	0.8	0.97	0.94		0.73	OVS
AESR	0.87	0.67	0.52	0.73		AESR
	AFLG	AFMC	HSMV	OVS	AESR

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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
AFLG	0.58	0.06	0.05	0.19	0.71	(0.61)	1.31	(1.08)	4.86
AFMC	0.75	0.06	0.04	0.16	0.88	(0.79)	1.60	(1.19)	7.54
HSMV	0.66	(0.02)	(0.04)	0.00	0.86	(0.74)	1.25	(1.22)	5.98
OVS	1.03	0.06	0.03	0.14	1.19	(1.15)	1.98	(1.76)	10.98
AESR	0.72	0.08	0.05	0.23	0.90	(0.78)	1.41	(1.65)	5.50

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