First Trust Correlations

DDEC Etf

USD 40.77 0.10 0.24%

The current 90-days correlation between First Trust Exchange and First Trust Exchange Traded is 0.93 (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.

First Trust Correlation With Market

Very weak diversification

The correlation between First Trust Exchange Traded and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Exchange Traded 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 Exchange Traded. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with First Etf

0.9	BUFR	First Trust Cboe	Pair Corr
0.9	BUFD	FT Cboe Vest	Pair Corr
0.86	PSEP	Innovator SP 500	Pair Corr
0.96	PJAN	Innovator SP 500	Pair Corr
0.86	PJUL	Innovator SP 500	Pair Corr
0.87	PAUG	Innovator Equity Power	Pair Corr
0.82	DNOV	FT Cboe Vest	Pair Corr
0.92	PMAY	Innovator SP 500	Pair Corr
0.9	PJUN	Innovator SP 500	Pair Corr
0.83	DSJA	DSJA	Pair Corr
0.83	RSPY	Tuttle Capital Management	Pair Corr
0.81	MEME	Roundhill Investments	Pair Corr
0.86	CSCO	Cisco Systems	Pair Corr
0.78	MMM	3M Company	Pair Corr
0.62	IBM	International Business Tech Boost	Pair Corr
0.83	JPM	JPMorgan Chase	Pair Corr
0.71	BA	Boeing	Pair Corr
0.76	WMT	Walmart Aggressive Push	Pair Corr

Moving against First Etf

0.64	HPQ	HP Inc	Pair Corr
0.57	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.54	MRK	Merck Company Earnings Call This Week	Pair Corr
0.5	KO	Coca Cola Earnings Call This Week	Pair Corr
0.49	AA	Alcoa Corp	Pair Corr
0.32	MCD	McDonalds Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FDEC	DNOV	DJUN	DFEB	DAUG
FDEC		0.83	0.86	0.91	0.88	FDEC
DNOV	0.83		0.92	0.84	0.92	DNOV
DJUN	0.86	0.92		0.92	1.0	DJUN
DFEB	0.91	0.84	0.92		0.94	DFEB
DAUG	0.88	0.92	1.0	0.94		DAUG
	FDEC	DNOV	DJUN	DFEB	DAUG

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FDEC	0.22	0.03	(0.11)	0.23	0.23	(0.23)	0.73	(0.62)	2.13
DNOV	0.24	0.02	(0.13)	0.22	0.32	(0.25)	0.51	(0.65)	1.71
DJUN	0.32	0.02	(0.10)	0.18	0.40	(0.33)	0.68	(0.75)	2.84
DFEB	0.17	0.03	(0.16)	0.39	0.07	(0.17)	0.47	(0.38)	1.81
DAUG	0.26	0.02	(0.12)	0.21	0.34	(0.26)	0.55	(0.69)	2.40

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC