First Trust Correlations

ARVR Etf

USD 48.02 0.21 0.44%

The current 90-days correlation between First Trust Indxx and Elevation Series Trust is 0.28 (i.e., Modest 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

Weak diversification

The correlation between First Trust Indxx and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Indxx 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 Indxx. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in small area income & poverty estimates.

Moving together with First Etf

0.82	VGT	Vanguard Information	Pair Corr
0.85	XLK	Technology Select Sector	Pair Corr
0.83	IYW	iShares Technology ETF	Pair Corr
0.82	FTEC	Fidelity MSCI Information	Pair Corr
0.81	IGM	iShares Expanded Tech	Pair Corr
0.82	BULZ	MicroSectors Solactive	Pair Corr

Moving against First Etf

0.69	T	ATT Inc Aggressive Push	Pair Corr
0.58	TRV	The Travelers Companies	Pair Corr
0.54	VZ	Verizon Communications Aggressive Push	Pair Corr
0.47	KO	Coca Cola Earnings Call This Week	Pair Corr
0.41	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.37	MCD	McDonalds Earnings Call Today	Pair Corr

Related Correlations Analysis

	EKG	PEVC	SKYU	MKTN	SPAM	ZSC	TEKX	GRPZ	BEDZ	RNWZ
EKG		0.33	0.29	-0.13	0.22	0.22	0.24	0.05	0.32	-0.3	EKG
PEVC	0.33		-0.14	0.44	-0.22	0.68	0.66	0.74	0.73	0.51	PEVC
SKYU	0.29	-0.14		-0.23	0.87	-0.45	-0.23	-0.62	-0.19	-0.76	SKYU
MKTN	-0.13	0.44	-0.23		-0.52	0.24	-0.17	0.45	0.66	0.28	MKTN
SPAM	0.22	-0.22	0.87	-0.52		-0.4	0.02	-0.61	-0.45	-0.56	SPAM
ZSC	0.22	0.68	-0.45	0.24	-0.4		0.67	0.67	0.53	0.72	ZSC
TEKX	0.24	0.66	-0.23	-0.17	0.02	0.67		0.56	0.15	0.61	TEKX
GRPZ	0.05	0.74	-0.62	0.45	-0.61	0.67	0.56		0.63	0.71	GRPZ
BEDZ	0.32	0.73	-0.19	0.66	-0.45	0.53	0.15	0.63		0.26	BEDZ
RNWZ	-0.3	0.51	-0.76	0.28	-0.56	0.72	0.61	0.71	0.26		RNWZ
	EKG	PEVC	SKYU	MKTN	SPAM	ZSC	TEKX	GRPZ	BEDZ	RNWZ

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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

SPAM	+ 0.87	SKYU
GRPZ	+ 0.74	PEVC
BEDZ	+ 0.73	PEVC
RNWZ	+ 0.72	ZSC
RNWZ	+ 0.71	GRPZ
ZSC	+ 0.68	PEVC

High negative correlations

RNWZ	- 0.76	SKYU
GRPZ	- 0.62	SKYU
GRPZ	- 0.61	SPAM
RNWZ	- 0.56	SPAM
SPAM	- 0.52	MKTN
BEDZ	- 0.45	SPAM

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
EKG	0.84	(0.12)	0.00	(0.07)	0.00	0.00	2.35	(1.59)	6.30
PEVC	0.85	(0.06)	(0.04)	0.03	1.10	(0.89)	1.55	(1.88)	5.22
SKYU	2.58	(0.72)	0.00	(0.24)	0.00	0.00	4.53	(6.82)	14.43
MKTN	0.33	0.04	(0.09)	0.59	0.34	(0.36)	0.91	(0.79)	2.02
SPAM	1.14	(0.26)	0.00	(0.18)	0.00	0.00	1.65	(2.78)	5.56
ZSC	0.79	0.06	(0.01)	0.40	0.97	(0.82)	1.65	(1.60)	7.23
TEKX	1.94	(0.09)	(0.02)	0.02	2.47	(2.05)	4.01	(4.28)	11.14
GRPZ	0.90	0.18	0.12	0.94	0.73	(1.07)	2.54	(1.81)	4.84
BEDZ	1.02	0.06	0.06	0.14	0.98	(1.24)	2.62	(2.16)	5.98
RNWZ	0.64	0.13	0.10	0.36	0.57	(0.74)	1.67	(1.19)	5.60

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