First Trust Correlations

EMLP Etf

USD 38.00 0.23 0.60%

The current 90-days correlation between First Trust North and First Trust NASDAQ is 0.36 (i.e., Weak 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

Very weak diversification

The correlation between First Trust North and DJI is 0.41 (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 North 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 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 board of governors.

Moving together with First Etf

0.69	MLPX	Global X MLP	Pair Corr
0.77	TPYP	Tortoise Capital Series	Pair Corr
0.71	AMZA	InfraCap MLP ETF	Pair Corr
0.63	ATMP	Barclays ETN Select	Pair Corr
0.68	ENFR	Alerian Energy Infra	Pair Corr

Moving against First Etf

0.64	PTIR	GraniteShares 2x Long	Pair Corr
0.47	DIS	Walt Disney	Pair Corr
0.36	HD	Home Depot	Pair Corr
0.34	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	GRID	EAGL	AAXJ	FIXD	GNR	IMTM	EWC	LVHI	CGDG	ITB
GRID		0.6	0.66	0.22	0.17	0.39	0.17	-0.01	0.37	0.15	GRID
EAGL	0.6		0.47	0.47	0.69	0.79	0.73	0.5	0.74	0.05	EAGL
AAXJ	0.66	0.47		0.19	0.08	0.26	0.01	0.05	0.25	-0.17	AAXJ
FIXD	0.22	0.47	0.19		0.59	0.49	0.59	0.72	0.72	-0.18	FIXD
GNR	0.17	0.69	0.08	0.59		0.94	0.97	0.89	0.92	-0.18	GNR
IMTM	0.39	0.79	0.26	0.49	0.94		0.92	0.8	0.91	-0.16	IMTM
EWC	0.17	0.73	0.01	0.59	0.97	0.92		0.87	0.89	-0.15	EWC
LVHI	-0.01	0.5	0.05	0.72	0.89	0.8	0.87		0.85	-0.43	LVHI
CGDG	0.37	0.74	0.25	0.72	0.92	0.91	0.89	0.85		-0.07	CGDG
ITB	0.15	0.05	-0.17	-0.18	-0.18	-0.16	-0.15	-0.43	-0.07		ITB
	GRID	EAGL	AAXJ	FIXD	GNR	IMTM	EWC	LVHI	CGDG	ITB

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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

EWC	+ 0.97	GNR
IMTM	+ 0.94	GNR
CGDG	+ 0.92	GNR
EWC	+ 0.92	IMTM
CGDG	+ 0.91	IMTM
LVHI	+ 0.89	GNR

High negative correlations

ITB	- 0.43	LVHI
ITB	- 0.18	GNR
ITB	- 0.18	FIXD
ITB	- 0.17	AAXJ
ITB	- 0.16	IMTM
ITB	- 0.15	EWC

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
GRID	0.83	(0.02)	(0.02)	0.05	1.15	(0.76)	1.69	(2.02)	4.11
EAGL	0.64	0.05	0.00	0.26	0.83	(0.65)	1.40	(1.34)	3.49
AAXJ	0.78	0.08	0.02	0.41	0.92	(0.88)	1.70	(1.35)	4.97
FIXD	0.16	0.01	(0.31)	0.14	0.12	(0.19)	0.32	(0.32)	0.86
GNR	0.80	0.07	0.06	0.16	0.84	(0.89)	1.63	(1.72)	4.32
IMTM	0.61	0.04	0.03	0.12	0.65	(0.63)	1.26	(1.06)	2.46
EWC	0.72	0.06	0.05	0.14	0.83	(0.74)	1.35	(1.40)	3.72
LVHI	0.36	0.09	0.09	0.27	0.20	(0.44)	0.93	(0.61)	2.52
CGDG	0.53	0.00	(0.03)	0.07	0.56	(0.59)	0.95	(0.99)	2.48
ITB	1.04	(0.24)	0.00	(0.11)	0.00	0.00	3.15	(2.61)	7.12

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