First Trust Correlations

AIRR Etf

USD 101.62 0.04 0.04%

The current 90-days correlation between First Trust RBA and T Rowe Price is 0.78 (i.e., Poor diversification). The correlation of First Trust is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust RBA and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust RBA and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

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

Moving together with First Etf

0.9	XLI	Industrial Select Sector	Pair Corr
0.95	VIS	Vanguard Industrials	Pair Corr
0.66	JETS	US Global Jets	Pair Corr
0.86	FXR	First Trust Industri	Pair Corr
0.61	PPA	Invesco Aerospace Defense	Pair Corr
0.88	IYJ	iShares Industrials ETF	Pair Corr
0.74	IYT	iShares Transportation	Pair Corr
0.94	FIDU	Fidelity MSCI Industrials	Pair Corr
0.9	VTI	Vanguard Total Stock	Pair Corr
0.86	SPY	SPDR SP 500	Pair Corr
0.86	IVV	iShares Core SP	Pair Corr
0.9	TOT	Advisor Managed Port	Pair Corr
0.73	VTV	Vanguard Value Index	Pair Corr
0.77	VUG	Vanguard Growth Index	Pair Corr
0.78	VO	Vanguard Mid Cap	Pair Corr
0.69	HYSD	Columbia ETF Trust	Pair Corr
0.75	VONG	Vanguard Russell 1000	Pair Corr
0.89	ITDJ	iShares Trust	Pair Corr
0.92	GTR	WisdomTree Target Range	Pair Corr
0.77	QLC	FlexShares Quality Large	Pair Corr
0.78	SCZ	iShares MSCI EAFE	Pair Corr
0.81	FFLG	Fidelity Covington Trust Low Volatility	Pair Corr
0.64	ZJAN	Innovator Equity Defined	Pair Corr
0.62	JADE	JP Morgan Exchange	Pair Corr
0.89	GUSA	Goldman Sachs MarketBeta	Pair Corr

Related Correlations Analysis

	TCAF	KBWB	BBUS	EWT	FDL	FELC	BBIN	VOOV	ESGE	IBB
TCAF		0.06	0.78	0.74	0.1	0.7	0.55	0.58	0.86	0.4	TCAF
KBWB	0.06		0.62	0.07	0.88	0.7	0.77	0.8	0.14	0.56	KBWB
BBUS	0.78	0.62		0.69	0.53	0.99	0.84	0.89	0.77	0.58	BBUS
EWT	0.74	0.07	0.69		-0.07	0.63	0.48	0.42	0.84	0.02	EWT
FDL	0.1	0.88	0.53	-0.07		0.61	0.75	0.81	0.1	0.65	FDL
FELC	0.7	0.7	0.99	0.63	0.61		0.86	0.92	0.72	0.59	FELC
BBIN	0.55	0.77	0.84	0.48	0.75	0.86		0.94	0.6	0.64	BBIN
VOOV	0.58	0.8	0.89	0.42	0.81	0.92	0.94		0.58	0.75	VOOV
ESGE	0.86	0.14	0.77	0.84	0.1	0.72	0.6	0.58		0.36	ESGE
IBB	0.4	0.56	0.58	0.02	0.65	0.59	0.64	0.75	0.36		IBB
	TCAF	KBWB	BBUS	EWT	FDL	FELC	BBIN	VOOV	ESGE	IBB

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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

FELC	+ 0.99	BBUS
VOOV	+ 0.94	BBIN
VOOV	+ 0.92	FELC
VOOV	+ 0.89	BBUS
FDL	+ 0.88	KBWB
ESGE	+ 0.86	TCAF

High negative correlations

FDL

- 0.07

EWT

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
TCAF	0.59	(0.02)	(0.03)	0.05	0.78	(0.58)	1.01	(1.31)	3.17
KBWB	0.83	0.06	0.06	0.12	1.16	(0.87)	2.07	(2.17)	5.56
BBUS	0.58	(0.01)	(0.02)	0.06	0.86	(0.53)	1.24	(1.15)	3.29
EWT	1.03	(0.06)	(0.03)	0.02	1.55	(0.93)	1.76	(2.19)	7.85
FDL	0.58	0.01	(0.02)	0.09	0.58	(0.63)	1.20	(0.97)	2.77
FELC	0.59	(0.01)	(0.01)	0.06	0.88	(0.55)	1.25	(1.21)	3.41
BBIN	0.59	0.02	0.01	0.10	0.71	(0.59)	1.12	(1.12)	2.87
VOOV	0.52	0.01	(0.01)	0.08	0.59	(0.53)	0.99	(0.95)	2.93
ESGE	0.70	(0.01)	(0.02)	0.05	0.94	(0.71)	1.32	(1.32)	4.79
IBB	0.87	0.23	0.24	0.31	0.62	(1.01)	2.00	(1.38)	5.02

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