First Trust Correlations

DGLO Etf

22.34 0.68 2.95%

The current 90-days correlation between First Trust RBA and Democracy International is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust RBA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust RBA and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust RBA and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust RBA. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with First Etf

0.79	VTI	Vanguard Total Stock	Pair Corr
0.76	SPY	SPDR SP 500	Pair Corr
0.76	IVV	iShares Core SP	Pair Corr
0.88	VIG	Vanguard Dividend	Pair Corr
0.7	VV	Vanguard Large Cap	Pair Corr
0.95	RSP	Invesco SP 500 Aggressive Push	Pair Corr
0.76	IWB	iShares Russell 1000	Pair Corr
0.67	ESGU	iShares ESG Aware	Pair Corr
0.91	DFAC	Dimensional Core Equity	Pair Corr
0.83	SPLG	SSgA Symbol Change	Pair Corr
0.91	OIH	VanEck Oil Services	Pair Corr
0.85	WTMF	WisdomTree Managed	Pair Corr
0.86	EWC	iShares MSCI Canada	Pair Corr
0.79	TOT	Advisor Managed Port	Pair Corr
0.86	RDIV	Invesco SP Ultra	Pair Corr
0.88	AHYB	American Century ETF	Pair Corr
0.83	JNJ	Johnson Johnson	Pair Corr
0.9	DD	Dupont De Nemours Earnings Call Tomorrow	Pair Corr
0.78	MRK	Merck Company Aggressive Push	Pair Corr
0.86	INTC	Intel Aggressive Push	Pair Corr
0.86	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.73	HD	Home Depot	Pair Corr

Moving against First Etf

0.5	ARKW	ARK Next Generation	Pair Corr
0.8	HPQ	HP Inc	Pair Corr
0.73	MSFT	Microsoft	Pair Corr
0.38	MMM	3M Company	Pair Corr

Related Correlations Analysis

	DIVB	GK	MJ	XT	MEME	MEMY	METV	DMAT	DMCY
DIVB		0.34	0.15	0.84	0.28	0.34	-0.53	0.86	0.93	DIVB
GK	0.34		0.08	0.72	0.79	0.33	0.52	0.43	0.44	GK
MJ	0.15	0.08		0.16	0.0	-0.05	0.13	0.06	0.07	MJ
XT	0.84	0.72	0.16		0.66	0.52	-0.08	0.88	0.91	XT
MEME	0.28	0.79	0.0	0.66		0.48	0.4	0.47	0.47	MEME
MEMY	0.34	0.33	-0.05	0.52	0.48		-0.08	0.65	0.54	MEMY
METV	-0.53	0.52	0.13	-0.08	0.4	-0.08		-0.4	-0.43	METV
DMAT	0.86	0.43	0.06	0.88	0.47	0.65	-0.4		0.97	DMAT
DMCY	0.93	0.44	0.07	0.91	0.47	0.54	-0.43	0.97		DMCY
	DIVB	GK	MJ	XT	MEME	MEMY	METV	DMAT	DMCY

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

DMCY	+ 0.97	DMAT
DMCY	+ 0.93	DIVB
DMCY	+ 0.91	XT
DMAT	+ 0.88	XT
DMAT	+ 0.86	DIVB
XT	+ 0.84	DIVB

High negative correlations

METV	- 0.53	DIVB
DMCY	- 0.43	METV
DMAT	- 0.4	METV
METV	- 0.08	MEMY
METV	- 0.08	XT
MEMY	- 0.05	MJ

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
DIVB	0.58	0.08	0.09	0.18	0.48	(0.64)	1.42	(1.14)	3.38
GK	0.85	(0.14)	0.00	(0.07)	0.00	0.00	1.59	(2.18)	5.52
MJ	4.00	(0.07)	0.00	(0.06)	0.00	0.00	6.81	(7.24)	58.97
XT	0.78	(0.04)	(0.05)	0.03	1.02	(0.77)	1.55	(1.73)	4.21
MEME	3.90	(0.36)	0.00	(0.06)	0.00	0.00	8.79	(9.26)	21.24
MEMY	4.06	(1.15)	0.00	(1.87)	0.00	0.00	10.78	(10.09)	13.77
METV	1.16	(0.37)	0.00	(0.25)	0.00	0.00	2.29	(3.09)	7.13
DMAT	1.82	0.39	0.13	0.41	2.80	(1.94)	4.02	(4.03)	15.48
DMCY	0.55	0.09	0.08	0.21	0.54	(0.59)	1.13	(1.17)	2.84

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