First Trust Correlations

Etfs . USA . 
Etf . First Trust Dow
EDOW Etf  USD 37.77  0.07  0.18%   
The current 90-days correlation between First Trust Dow and Invesco SP 100 is 0.91 (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

Almost no diversification

The correlation between First Trust Dow and DJI is 0.95 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dow 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 Dow. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with First Etf

  0.98VTV Vanguard Value Index Sell-off TrendPairCorr
  0.97VYM Vanguard High DividendPairCorr
  0.98IWD iShares Russell 1000PairCorr
  0.97DGRO iShares Core Dividend Sell-off TrendPairCorr
  0.98IVE iShares SP 500PairCorr
  0.95DVY iShares Select DividendPairCorr
  0.98SPYV SPDR Portfolio SPPairCorr
  0.96FVD First Trust ValuePairCorr
  0.98IUSV iShares Core SPPairCorr
  0.85NOBL ProShares SP 500PairCorr
  0.72NVDL GraniteShares 15x LongPairCorr
  0.71NVDX T Rex 2XPairCorr
  0.72NVDU Direxion Daily NVDAPairCorr
  0.86CRPT First Trust SkyBridgePairCorr
  0.81BITX Volatility Shares Trust Upward RallyPairCorr
  0.78CONL GraniteShares ETF Trust Upward RallyPairCorr
  0.85DAPP VanEck Digital TransPairCorr
  0.82DPST Direxion Daily RegionalPairCorr
  0.84WGMI Valkyrie Bitcoin Miners Upward RallyPairCorr
  0.86HD Home Depot Sell-off TrendPairCorr
  0.86CVX Chevron Corp Sell-off TrendPairCorr
  0.96AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.86WMT Walmart Aggressive PushPairCorr
  0.84CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.64XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.9CSCO Cisco Systems Aggressive PushPairCorr
  0.84DIS Walt Disney Aggressive PushPairCorr
  0.79HPQ HP IncPairCorr
  0.78TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

Moving against First Etf

  0.7MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.65BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.63PFE Pfizer Inc Aggressive PushPairCorr

Related Correlations Analysis

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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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