First Trust Correlations

FAB Etf

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The current 90-days correlation between First Trust Multi and First Trust Small is 0.97 (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.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Multi and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Multi 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 Multi. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with First Etf

0.97	VOE	Vanguard Mid Cap	Pair Corr
0.86	SDY	SPDR SP Dividend	Pair Corr
0.93	DVY	iShares Select Dividend	Pair Corr
0.96	IWS	iShares Russell Mid	Pair Corr
0.83	FVD	First Trust Value	Pair Corr
0.75	SPYD	SPDR Portfolio SP	Pair Corr
0.89	COWZ	Pacer Cash Cows	Pair Corr
0.93	DON	WisdomTree MidCap	Pair Corr
0.94	RPV	Invesco SP 500	Pair Corr
0.73	QTJA	Innovator ETFs Trust	Pair Corr
0.64	QTOC	Innovator ETFs Trust	Pair Corr
0.8	XTOC	Innovator ETFs Trust	Pair Corr
0.81	QTAP	Innovator Growth 100	Pair Corr
0.76	XTJA	Innovator ETFs Trust	Pair Corr
0.83	XTAP	Innovator Equity Acc	Pair Corr
0.79	DFAX	Dimensional World	Pair Corr
0.69	HEZU	iShares Currency Hedged	Pair Corr
0.83	QULL	ETRACS 2x Leveraged	Pair Corr
0.8	FTBI	First Trust Exchange	Pair Corr
0.88	HYSD	Columbia ETF Trust	Pair Corr
0.85	SCZ	iShares MSCI EAFE	Pair Corr
0.78	PBJA	PGIM Rock ETF	Pair Corr
0.8	CPSU	Calamos SP 500	Pair Corr
0.75	ZJAN	Innovator Equity Defined	Pair Corr
0.75	QLC	FlexShares Quality Large	Pair Corr
0.66	PLTM	GraniteShares Platinum Buyout Trend	Pair Corr
0.65	VOO	Vanguard SP 500	Pair Corr
0.98	FLCV	Federated Hermes ETF	Pair Corr
0.66	FROG	Jfrog	Pair Corr

Related Correlations Analysis

	FYT	ECNS	FID	FTXN	EWO	PIE	DEW	EMXF	LEGR	ECOW
FYT		-0.23	0.63	0.44	0.82	0.5	0.85	0.24	0.59	0.38	FYT
ECNS	-0.23		-0.7	0.05	-0.59	0.19	-0.54	-0.45	-0.45	-0.59	ECNS
FID	0.63	-0.7		0.26	0.88	0.38	0.92	0.59	0.72	0.77	FID
FTXN	0.44	0.05	0.26		0.34	0.33	0.41	-0.09	-0.02	0.32	FTXN
EWO	0.82	-0.59	0.88	0.34		0.47	0.91	0.4	0.68	0.63	EWO
PIE	0.5	0.19	0.38	0.33	0.47		0.47	0.45	0.56	0.47	PIE
DEW	0.85	-0.54	0.92	0.41	0.91	0.47		0.46	0.7	0.66	DEW
EMXF	0.24	-0.45	0.59	-0.09	0.4	0.45	0.46		0.86	0.82	EMXF
LEGR	0.59	-0.45	0.72	-0.02	0.68	0.56	0.7	0.86		0.74	LEGR
ECOW	0.38	-0.59	0.77	0.32	0.63	0.47	0.66	0.82	0.74		ECOW
	FYT	ECNS	FID	FTXN	EWO	PIE	DEW	EMXF	LEGR	ECOW

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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

DEW	+ 0.92	FID
DEW	+ 0.91	EWO
EWO	+ 0.88	FID
LEGR	+ 0.86	EMXF
DEW	+ 0.85	FYT
EWO	+ 0.82	FYT

High negative correlations

FID	- 0.7	ECNS
ECOW	- 0.59	ECNS
EWO	- 0.59	ECNS
DEW	- 0.54	ECNS
LEGR	- 0.45	ECNS
EMXF	- 0.45	ECNS

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
FYT	0.83	(0.05)	(0.03)	0.03	1.06	(0.84)	1.83	(1.59)	4.75
ECNS	0.94	(0.21)	0.00	(0.14)	0.00	0.00	2.05	(2.12)	8.55
FID	0.37	0.07	0.04	0.24	0.27	(0.41)	0.83	(0.70)	1.80
FTXN	1.03	(0.10)	0.00	(0.11)	0.00	0.00	1.79	(1.93)	5.39
EWO	0.70	0.13	0.13	0.25	0.60	(0.78)	1.38	(1.26)	4.59
PIE	0.83	(0.04)	(0.03)	0.03	1.23	(0.88)	1.63	(1.81)	6.59
DEW	0.47	0.00	(0.04)	0.08	0.49	(0.50)	1.03	(0.93)	2.37
EMXF	0.63	0.02	0.00	0.10	0.88	(0.59)	1.38	(1.26)	4.04
LEGR	0.59	0.03	0.03	0.12	0.76	(0.59)	1.09	(1.41)	3.22
ECOW	0.58	0.02	0.00	0.11	0.84	(0.55)	1.12	(1.53)	4.40

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