First Trust Correlations

DALI Etf

USD 26.70 0.24 0.91%

The current 90-days correlation between First Trust Dorsey and Freedom Day Dividend is 0.84 (i.e., Very 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.

First Trust Correlation With Market

Weak diversification

The correlation between First Trust Dorsey and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dorsey and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust Dorsey. 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 economic analysis.

Moving together with First Etf

0.64	YYY	Amplify High Income	Pair Corr
0.97	FVC	First Trust Dorsey	Pair Corr
0.69	GMOM	Cambria Global Momentum	Pair Corr
0.71	AGOX	Adaptive Alpha Oppor	Pair Corr
0.63	TACK	Fairlead Tactical Sector	Pair Corr
0.92	SPIN	Spine Injury Solutions	Pair Corr
0.81	ITDD	iShares Trust	Pair Corr
0.61	TSLY	Tidal Trust II	Pair Corr
0.91	IGV	iShares Expanded Tech	Pair Corr
0.69	BTC	Grayscale Bitcoin Mini	Pair Corr
0.82	MMLG	First Trust Exchange	Pair Corr
0.7	PTNQ	Pacer Trendpilot 100	Pair Corr
0.88	Z	Zillow Group Class	Pair Corr
0.69	UMI	USCF Midstream Energy	Pair Corr
0.77	VGT	Vanguard Information	Pair Corr
0.76	XKFS	SPDR Kensho Future	Pair Corr
0.67	SPYG	SPDR Portfolio SP	Pair Corr

Moving against First Etf

0.49	SPPP	Sprott Physical Platinum	Pair Corr
0.38	PSLV	Sprott Physical Silver	Pair Corr

Related Correlations Analysis

	MBOX	MCHI	DIVS	DIVZ	DJIA	FM	FV	VT	MEMX
MBOX		0.04	0.53	0.92	0.3	0.26	0.71	0.77	0.27	MBOX
MCHI	0.04		0.7	0.18	-0.59	-0.42	-0.16	0.17	0.71	MCHI
DIVS	0.53	0.7		0.6	-0.42	-0.27	0.16	0.51	0.89	DIVS
DIVZ	0.92	0.18	0.6		0.05	0.2	0.48	0.63	0.38	DIVZ
DJIA	0.3	-0.59	-0.42	0.05		0.41	0.74	0.49	-0.57	DJIA
FM	0.26	-0.42	-0.27	0.2	0.41		0.34	0.14	-0.43	FM
FV	0.71	-0.16	0.16	0.48	0.74	0.34		0.9	-0.07	FV
VT	0.77	0.17	0.51	0.63	0.49	0.14	0.9		0.31	VT
MEMX	0.27	0.71	0.89	0.38	-0.57	-0.43	-0.07	0.31		MEMX
	MBOX	MCHI	DIVS	DIVZ	DJIA	FM	FV	VT	MEMX

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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

DIVZ	+ 0.92	MBOX
VT	+ 0.9	FV
MEMX	+ 0.89	DIVS
VT	+ 0.77	MBOX
FV	+ 0.74	DJIA
FV	+ 0.71	MBOX

High negative correlations

DJIA	- 0.59	MCHI
MEMX	- 0.57	DJIA
MEMX	- 0.43	FM
DJIA	- 0.42	DIVS
FM	- 0.42	MCHI
FM	- 0.27	DIVS

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
MBOX	0.64	(0.03)	0.00	(0.05)	0.00	0.00	1.08	(1.31)	5.51
MCHI	1.41	(0.13)	0.00	(0.54)	0.00	0.00	2.45	(3.26)	12.27
DIVS	0.48	(0.07)	0.00	(0.26)	0.00	0.00	0.83	(1.22)	3.42
DIVZ	0.53	(0.02)	0.00	(0.05)	0.00	0.00	1.04	(0.79)	3.87
DJIA	0.36	0.05	0.07	0.26	0.33	(0.43)	0.98	(0.51)	4.28
FM	0.14	0.00	(0.10)	(0.05)	0.18	(0.15)	0.29	(0.33)	1.18
FV	0.86	0.02	0.01	0.07	1.16	(0.82)	1.59	(1.80)	6.81
VT	0.53	(0.02)	0.00	(0.04)	0.00	0.00	1.06	(1.03)	4.26
MEMX	0.56	(0.07)	0.00	(0.25)	0.00	0.00	0.96	(1.04)	3.49

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