First Trust Correlations

FDL Etf

USD 44.75 0.41 0.92%

The current 90-days correlation between First Trust Morningstar and Invesco KBW Bank is 0.59 (i.e., Very weak 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 Morningstar 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 Morningstar and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Morningstar 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 Morningstar. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in small area income & poverty estimates.

Moving together with First Etf

0.94	VTV	Vanguard Value Index	Pair Corr
0.91	VYM	Vanguard High Dividend	Pair Corr
0.92	IWD	iShares Russell 1000	Pair Corr
0.94	DGRO	iShares Core Dividend	Pair Corr
0.86	IVE	iShares SP 500	Pair Corr
0.86	SPYV	SPDR Portfolio SP	Pair Corr
0.87	IUSV	iShares Core SP	Pair Corr
0.95	NOBL	ProShares SP 500	Pair Corr
0.89	FNDX	Schwab Fundamental Large	Pair Corr
0.86	VLUE	iShares MSCI USA	Pair Corr
0.68	GDXU	MicroSectors Gold Miners	Pair Corr
0.63	MUU	Direxion Daily MU Upward Rally	Pair Corr
0.75	JNUG	Direxion Daily Junior	Pair Corr
0.62	MULL	GraniteShares 2x Long Upward Rally	Pair Corr
0.77	NUGT	Direxion Daily Gold	Pair Corr
0.85	AGQ	ProShares Ultra Silver	Pair Corr
0.79	GDMN	WisdomTree Efficient Gold	Pair Corr
0.71	DD	Dupont De Nemours	Pair Corr
0.85	AA	Alcoa Corp	Pair Corr
0.68	JPM	JPMorgan Chase	Pair Corr
0.73	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.65	AXP	American Express	Pair Corr
0.68	CSCO	Cisco Systems	Pair Corr
0.82	JNJ	Johnson Johnson	Pair Corr
0.79	WMT	Walmart Common Stock Aggressive Push	Pair Corr

Moving against First Etf

0.61	HPQ	HP Inc	Pair Corr
0.56	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	KBWB	ESGE	EWT	DFSV	IDV	AIRR	BBIN	FELC	BBAX	TCAF
KBWB		0.34	0.23	0.92	0.92	0.7	0.88	0.78	0.48	0.14	KBWB
ESGE	0.34		0.85	0.27	0.45	0.56	0.62	0.72	0.68	0.76	ESGE
EWT	0.23	0.85		0.26	0.23	0.67	0.52	0.64	0.75	0.72	EWT
DFSV	0.92	0.27	0.26		0.8	0.77	0.85	0.77	0.52	0.2	DFSV
IDV	0.92	0.45	0.23	0.8		0.55	0.87	0.78	0.35	0.23	IDV
AIRR	0.7	0.56	0.67	0.77	0.55		0.75	0.85	0.74	0.57	AIRR
BBIN	0.88	0.62	0.52	0.85	0.87	0.75		0.86	0.73	0.43	BBIN
FELC	0.78	0.72	0.64	0.77	0.78	0.85	0.86		0.68	0.69	FELC
BBAX	0.48	0.68	0.75	0.52	0.35	0.74	0.73	0.68		0.58	BBAX
TCAF	0.14	0.76	0.72	0.2	0.23	0.57	0.43	0.69	0.58		TCAF
	KBWB	ESGE	EWT	DFSV	IDV	AIRR	BBIN	FELC	BBAX	TCAF

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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
KBWB	0.86	0.07	0.07	0.11	1.16	(0.92)	2.07	(2.17)	5.56
ESGE	0.73	0.04	0.03	0.11	0.91	(0.76)	1.70	(1.32)	4.79
EWT	1.03	0.03	0.02	0.08	1.50	(0.95)	1.85	(2.19)	7.85
DFSV	0.80	0.00	0.01	0.05	1.07	(0.86)	2.04	(1.31)	4.80
IDV	0.48	0.12	0.15	0.26	0.33	(0.51)	1.12	(0.83)	2.06
AIRR	1.23	(0.02)	0.01	0.05	1.61	(1.28)	2.72	(2.78)	7.43
BBIN	0.58	0.04	0.04	0.11	0.67	(0.58)	1.20	(1.12)	2.87
FELC	0.59	(0.02)	(0.02)	0.04	0.89	(0.56)	1.25	(1.21)	3.21
BBAX	0.58	(0.02)	(0.03)	0.03	0.81	(0.54)	1.13	(1.26)	3.00
TCAF	0.57	(0.03)	(0.05)	0.02	0.75	(0.55)	1.01	(1.31)	3.17

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