First Trust Correlations

Etfs . USA . 
Etf . First Trust North
EMLP Etf  USD 37.58  0.10  0.27%   
The current 90-days correlation between First Trust North and Global X MLP is 0.92 (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

Weak diversification

The correlation between First Trust North and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust North 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 North. 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

  0.95MLPA Global X MLPPairCorr
  0.96MLPX Global X MLPPairCorr
  0.98TPYP Tortoise North AmericanPairCorr
  0.96AMZA InfraCap MLP ETFPairCorr
  0.94MLPB UBS AG LondonPairCorr
  0.96ATMP Barclays ETN Select Low VolatilityPairCorr
  0.97ENFR Alerian Energy InfraPairCorr
  0.95AMUB UBS AG LondonPairCorr
  0.65HUM Humana Inc Earnings Call This WeekPairCorr
  0.68SWP SWP Growth IncomePairCorr
  0.61HFGO Hartford Large CapPairCorr
  0.77IEDI iShares Evolved DiscPairCorr
  0.69XLY Consumer DiscretionaryPairCorr
  0.81BETE ProShares TrustPairCorr
  0.94BAC Bank of America Sell-off TrendPairCorr
  0.67CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.85DIS Walt DisneyPairCorr
  0.8CSCO Cisco Systems Aggressive PushPairCorr
  0.85AXP American Express Earnings Call This WeekPairCorr

Moving against First Etf

  0.58FNGD MicroSectors FANG IndexPairCorr
  0.51JNJ Johnson Johnson Earnings Call TomorrowPairCorr
  0.5MRK 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   
ENFR
+ 1.0
MLPX
MLPA
+ 0.95
MLPX
ENFR
+ 0.95
MLPA
FXN
+ 0.76
MLPX
ENFR
+ 0.76
FXN
FXN
+ 0.66
MLPA
  
High negative correlations   
FPE
- 0.23
MLPX
ENFR
- 0.21
FPE
FPE
- 0.16
MLPA
FPE
- 0.0
FXN

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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