First Trust Correlations

FCAL Etf

USD 49.99 0.01 0.02%

The current 90-days correlation between First Trust California and Barrons 400 ETF is -0.12 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust California moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust California and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust California 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 California. 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

0.99	CMF	iShares California Muni	Pair Corr
0.92	PWZ	Invesco California AMT	Pair Corr
0.85	LENS	Sarmaya Thematic ETF	Pair Corr
0.85	MAPP	Harbor ETF Trust	Pair Corr
0.74	WNTR	YieldMax MSTR Short	Pair Corr
0.65	DRGN	Themes China Generative	Pair Corr
0.62	JUNE	JUNE Symbol Change	Pair Corr
0.95	SNPD	DBX ETF Trust	Pair Corr
0.87	EVUS	iShares ESG Aware	Pair Corr
0.95	BOAT	SonicShares Global	Pair Corr
0.89	TFPN	Blueprint Chesapeake	Pair Corr
0.86	RSP	Invesco SP 500	Pair Corr
0.85	EPOL	iShares MSCI Poland	Pair Corr
0.87	PPA	Invesco Aerospace Defense	Pair Corr
0.84	FLCB	Franklin Templeton ETF	Pair Corr
0.93	IYE	iShares Energy ETF	Pair Corr
0.9	BSV	Vanguard Short Term	Pair Corr
0.85	SPMD	SPDR Russell Small Sell-off Trend	Pair Corr
0.81	BCD	abrdn Bloomberg All	Pair Corr
0.81	ESML	iShares ESG Aware	Pair Corr
0.89	JEPI	JPMorgan Equity Premium Sell-off Trend	Pair Corr
0.95	SCDL	ETRACS 2x Leveraged	Pair Corr
0.86	VIGI	Vanguard International	Pair Corr
0.92	FENI	Fidelity Covington Trust	Pair Corr
0.92	SPSB	SPDR Barclays Short Sell-off Trend	Pair Corr
0.91	SCHE	Schwab Emerging Markets	Pair Corr
0.92	TUSB	Thrivent ETF Trust	Pair Corr
0.76	GAPR	First Trust Exchange	Pair Corr
0.77	SDG	iShares MSCI Global	Pair Corr

Moving against First Etf

0.71	CRCO	Tidal Trust II	Pair Corr
0.7	SWIN	Alps Symbol Change	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.32	-0.37	0.39	0.13	-0.44	-0.06	0.36	0.39	0.36	META
MSFT	-0.32		0.82	-0.58	-0.74	0.74	0.86	0.07	-0.87	-0.92	MSFT
UBER	-0.37	0.82		-0.53	-0.61	0.81	0.63	-0.09	-0.8	-0.79	UBER
F	0.39	-0.58	-0.53		0.19	-0.48	-0.33	0.27	0.74	0.64	F
T	0.13	-0.74	-0.61	0.19		-0.51	-0.8	-0.16	0.54	0.65	T
A	-0.44	0.74	0.81	-0.48	-0.51		0.56	-0.02	-0.67	-0.8	A
CRM	-0.06	0.86	0.63	-0.33	-0.8	0.56		0.43	-0.66	-0.84	CRM
JPM	0.36	0.07	-0.09	0.27	-0.16	-0.02	0.43		0.21	-0.1	JPM
MRK	0.39	-0.87	-0.8	0.74	0.54	-0.67	-0.66	0.21		0.87	MRK
XOM	0.36	-0.92	-0.79	0.64	0.65	-0.8	-0.84	-0.1	0.87		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.87	MRK
CRM	+ 0.86	MSFT
UBER	+ 0.82	MSFT
A	+ 0.81	UBER
A	+ 0.74	MSFT
MRK	+ 0.74	F

High negative correlations

XOM	- 0.92	MSFT
MRK	- 0.87	MSFT
XOM	- 0.84	CRM
XOM	- 0.8	A
CRM	- 0.8	T
MRK	- 0.8	UBER

First Trust Competition 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
META	1.48	0.06	0.03	0.13	1.43	(1.79)	3.43	(2.60)	13.69
MSFT	1.31	(0.36)	0.00	(1.07)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.54	(0.36)	0.00	(0.71)	0.00	0.00	2.46	(3.82)	11.09
F	1.20	0.03	0.02	0.09	1.21	(1.45)	3.34	(2.30)	7.16
T	1.01	0.14	0.08	28.20	0.94	(1.19)	3.87	(1.76)	7.44
A	1.23	(0.29)	0.00	(0.18)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.70	(0.43)	0.00	(0.39)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.21	(0.08)	(0.03)	0.00	1.66	(1.30)	2.34	(2.63)	7.38
MRK	1.28	0.39	0.28	0.63	0.97	(1.54)	2.93	(1.98)	8.74
XOM	1.27	0.37	0.23	1.41	1.06	(1.46)	2.90	(2.12)	6.83

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