First Trust Correlations

Etfs . USA . 
Etf . First Trust NASDAQ
CIBR Etf  USD 64.74  0.03  0.05%   
The current 90-days correlation between First Trust NASDAQ and Amplify ETF Trust is 0.98 (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

Modest diversification

The correlation between First Trust NASDAQ and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust NASDAQ 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 NASDAQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with First Etf

  0.93VGT Vanguard InformationPairCorr
  0.87XLK Technology Select SectorPairCorr
  0.92IYW iShares Technology ETFPairCorr
  0.93FTEC Fidelity MSCI InformationPairCorr
  0.77IGV iShares Expanded TechPairCorr
  0.88FDN First Trust DowPairCorr
  0.95IGM iShares Expanded TechPairCorr
  0.86ARKW ARK Next GenerationPairCorr
  0.7WTMF WisdomTree ManagedPairCorr
  0.9BST BlackRock Science TechPairCorr
  0.71BRLN Blackrock ETF TrustPairCorr
  0.78BTC Grayscale Bitcoin MiniPairCorr
  0.67XONE Bondbloxx Bloomberg OnePairCorr
  0.82TSLY Tidal Trust IIPairCorr
  0.85YMAG YieldMax MagnificentPairCorr
  0.68PBDC Putnam ETF TrustPairCorr
  0.72NFLY Tidal Trust IIPairCorr
  0.9AUGP PGIM Large CapPairCorr
  0.73SEIX Virtus ETF TrustPairCorr
  0.68IYG iShares FinancialPairCorr
  0.78BITX Volatility Shares Trust Buyout TrendPairCorr
  0.86FNGS MicroSectors FANG ETNPairCorr
  0.7JAAA Janus Detroit StreetPairCorr
  0.73FLDR Fidelity Low DurationPairCorr
  0.69MINT PIMCO Enhanced ShortPairCorr
  0.78GJAN First Trust ExchangePairCorr
  0.67TFLO iShares Treasury FloatingPairCorr
  0.68YEAR AB Ultra ShortPairCorr
  0.88WANT Direxion Daily CnsmrPairCorr
  0.81TSL GraniteShares 125x LongPairCorr

Moving against First Etf

  0.4IRET iREIT MarketVectorPairCorr
  0.33SOYB Teucrium SoybeanPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.

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