First Trust Correlations

EKG Etf  USD 18.08  0.03  0.17%   
The current 90-days correlation between First Trust Nasdaq and First Trust Nasdaq is 0.65 (i.e., 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

Very weak diversification

The correlation between First Trust Nasdaq and DJI is 0.54 (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 Nasdaq 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 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 industry.

Moving together with First Etf

  0.82IHI iShares Medical DevicesPairCorr
  0.61ARKG ARK Genomic RevolutionPairCorr
  0.73FNGU MicroSectors FANG Index Buyout TrendPairCorr
  0.79WEBL Direxion Daily DowPairCorr
  0.77BITX Volatility Shares Trust Buyout TrendPairCorr
  0.72T ATT Inc Sell-off TrendPairCorr
  0.66JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.69BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.76DIS Walt Disney Sell-off TrendPairCorr

Moving against First Etf

  0.48IXJ iShares Global HealthcarePairCorr
  0.42XLV Health Care SelectPairCorr
  0.41IYH iShares Healthcare ETFPairCorr
  0.35VHT Vanguard Health CarePairCorr
  0.35FHLC Fidelity MSCI HealthPairCorr
  0.35MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr

Related Correlations Analysis

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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   
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ARVRXDNA
AGNGXDNA
  
High negative correlations   
ARVRAGNG
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ARVRFTXH
IBBQXDNA
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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.