First Trust Correlations

CARZ Etf

USD 81.15 0.98 1.22%

The current 90-days correlation between First Trust S and Fidelity Covington Trust is 0.92 (i.e., Almost no 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

Good diversification

The correlation between First Trust S Network and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust S Network 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 S Network. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with First Etf

0.68	VGT	Vanguard Information	Pair Corr
0.62	XLK	Technology Select Sector	Pair Corr
0.61	IYW	iShares Technology ETF	Pair Corr
0.96	SMH	VanEck Semiconductor ETF	Pair Corr
0.95	SOXX	iShares Semiconductor ETF	Pair Corr
0.8	IGM	iShares Expanded Tech	Pair Corr
0.93	ITDD	iShares Trust	Pair Corr
0.86	CPST	Calamos ETF Trust	Pair Corr
0.77	ITWO	Proshares Russell 2000	Pair Corr
0.69	AXP	American Express	Pair Corr
0.73	AA	Alcoa Corp	Pair Corr
0.78	BAC	Bank of America	Pair Corr
0.64	CAT	Caterpillar	Pair Corr

Moving against First Etf

0.62	T	ATT Inc	Pair Corr
0.54	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	FDRV	MARB	PSTR	EAOA	FRNW	FDAT	TXS	IMAR	DVLU	PPTY
FDRV		-0.58	0.05	0.27	0.69	0.76	0.68	-0.03	-0.08	0.16	FDRV
MARB	-0.58		0.54	0.45	-0.33	-0.38	-0.31	0.51	0.61	-0.25	MARB
PSTR	0.05	0.54		0.91	-0.21	0.48	0.49	0.71	0.97	0.15	PSTR
EAOA	0.27	0.45	0.91		0.02	0.53	0.55	0.64	0.83	0.15	EAOA
FRNW	0.69	-0.33	-0.21	0.02		0.33	0.16	-0.13	-0.3	-0.05	FRNW
FDAT	0.76	-0.38	0.48	0.53	0.33		0.82	0.21	0.4	0.31	FDAT
TXS	0.68	-0.31	0.49	0.55	0.16	0.82		0.1	0.39	0.49	TXS
IMAR	-0.03	0.51	0.71	0.64	-0.13	0.21	0.1		0.69	-0.14	IMAR
DVLU	-0.08	0.61	0.97	0.83	-0.3	0.4	0.39	0.69		0.1	DVLU
PPTY	0.16	-0.25	0.15	0.15	-0.05	0.31	0.49	-0.14	0.1		PPTY
	FDRV	MARB	PSTR	EAOA	FRNW	FDAT	TXS	IMAR	DVLU	PPTY

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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

DVLU	+ 0.97	PSTR
EAOA	+ 0.91	PSTR
DVLU	+ 0.83	EAOA
TXS	+ 0.82	FDAT
FDAT	+ 0.76	FDRV
IMAR	+ 0.71	PSTR

High negative correlations

MARB	- 0.58	FDRV
FDAT	- 0.38	MARB
FRNW	- 0.33	MARB
TXS	- 0.31	MARB
DVLU	- 0.3	FRNW
PPTY	- 0.25	MARB

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
FDRV	1.21	(0.08)	0.00	(0.21)	0.00	0.00	2.25	(2.99)	8.00
MARB	0.19	0.03	(0.13)	(23.34)	0.16	(0.27)	0.49	(0.29)	3.01
PSTR	0.38	0.03	(0.08)	0.50	0.41	(0.39)	0.75	(0.71)	1.86
EAOA	0.47	0.03	(0.05)	1.33	0.67	(0.45)	0.92	(1.02)	2.59
FRNW	1.41	0.10	0.00	(0.25)	1.68	(1.57)	2.17	(2.73)	8.93
FDAT	0.64	0.01	(0.08)	(0.11)	0.82	(0.64)	1.07	(1.19)	3.89
TXS	0.66	0.00	(0.08)	(0.03)	0.88	(0.64)	1.16	(1.15)	3.76
IMAR	0.26	0.03	(0.08)	0.44	0.28	(0.28)	0.54	(0.54)	1.45
DVLU	0.88	0.13	0.05	(18.51)	1.04	(0.93)	2.11	(2.09)	4.71
PPTY	0.58	(0.01)	0.00	0.13	0.00	0.00	1.03	(0.94)	3.58

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