First Trust Correlations

FCAL Etf

USD 49.42 0.02 0.04%

The current 90-days correlation between First Trust California and Barrons 400 ETF is 0.18 (i.e., Average 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 0.72 (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

0.65	CMF	iShares California Muni	Pair Corr
0.65	PWZ	Invesco California AMT	Pair Corr
0.77	MAPP	Harbor ETF Trust	Pair Corr
0.7	WNTR	YieldMax MSTR Short	Pair Corr
0.86	SNPD	DBX ETF Trust	Pair Corr
0.84	VEA	Vanguard FTSE Developed Aggressive Push	Pair Corr
0.78	VYM	Vanguard High Dividend	Pair Corr
0.71	XTJL	Innovator Equity Acc	Pair Corr
0.62	EVLN	Morgan Stanley ETF	Pair Corr
0.82	BBBS	BondBloxx ETF Trust	Pair Corr
0.78	CFA	VictoryShares 500	Pair Corr
0.78	THYF	T Rowe Price	Pair Corr
0.81	XTJA	Innovator ETFs Trust	Pair Corr
0.83	TFPN	Blueprint Chesapeake	Pair Corr
0.85	GDXU	MicroSectors Gold Miners	Pair Corr
0.74	ENOR	iShares MSCI Norway Low Volatility	Pair Corr
0.78	VHT	Vanguard Health Care	Pair Corr
0.79	DMAR	First Trust Exchange	Pair Corr
0.83	XOMO	Yieldmax XOM Option	Pair Corr
0.61	TAXS	Northern Trust Short	Pair Corr

Moving against First Etf

0.61

SWIN

Alps Symbol Change

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.54	0.3	-0.12	-0.03	-0.16	0.54	0.02	-0.28	-0.24	META
MSFT	0.54		0.78	-0.54	0.48	0.28	0.33	-0.19	-0.85	-0.7	MSFT
UBER	0.3	0.78		-0.45	0.42	0.48	0.03	-0.32	-0.8	-0.51	UBER
F	-0.12	-0.54	-0.45		-0.6	-0.19	0.09	0.52	0.67	0.59	F
T	-0.03	0.48	0.42	-0.6		0.62	-0.15	-0.28	-0.47	-0.66	T
A	-0.16	0.28	0.48	-0.19	0.62		-0.24	-0.16	-0.3	-0.46	A
CRM	0.54	0.33	0.03	0.09	-0.15	-0.24		0.61	-0.11	-0.38	CRM
JPM	0.02	-0.19	-0.32	0.52	-0.28	-0.16	0.61		0.41	0.02	JPM
MRK	-0.28	-0.85	-0.8	0.67	-0.47	-0.3	-0.11	0.41		0.71	MRK
XOM	-0.24	-0.7	-0.51	0.59	-0.66	-0.46	-0.38	0.02	0.71		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

UBER	+ 0.78	MSFT
XOM	+ 0.71	MRK
MRK	+ 0.67	F
A	+ 0.62	T
JPM	+ 0.61	CRM
XOM	+ 0.59	F

High negative correlations

MRK	- 0.85	MSFT
MRK	- 0.8	UBER
XOM	- 0.7	MSFT
XOM	- 0.66	T
T	- 0.6	F
F	- 0.54	MSFT

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	1.44	(0.12)	0.00	(1.43)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.05	(0.13)	0.00	0.63	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.23)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.47	0.11	0.09	0.15	1.32	(1.82)	3.65	(2.35)	16.30
T	0.88	(0.17)	0.00	(0.41)	0.00	0.00	1.53	(1.85)	4.30
A	1.19	(0.19)	0.00	(0.08)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.43	(0.23)	0.00	(0.16)	0.00	0.00	2.94	(3.10)	12.37
JPM	1.11	(0.06)	(0.02)	0.03	1.66	(1.09)	2.00	(3.11)	7.38
MRK	1.24	0.28	0.19	0.47	1.13	(1.50)	3.59	(1.98)	8.09
XOM	1.07	0.27	0.17	4.15	0.96	(1.25)	2.38	(1.51)	5.82

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