First Trust Correlations
| FEXD Etf | 6,951 9.00 0.13% |
The current 90-days correlation between First Trust Large and WisdomTree Gold 3x is -0.03 (i.e., Good 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 poor diversification
The correlation between First Trust Large and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Large and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to First Trust could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace First Trust when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back First Trust - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling First Trust Large to buy it.
Moving together with First Etf
| 0.86 | ISUN | Invesco Solar Energy | PairCorr |
| 0.8 | BNKS | iShares SP Banks | PairCorr |
| 0.87 | QCLU | First Trust Nasdaq | PairCorr |
| 0.63 | 500U | Amundi Index Solutions | PairCorr |
| 0.9 | HPRA | HSBC FTSE EPRA | PairCorr |
| 0.71 | AIGC | WisdomTree Broad Com | PairCorr |
| 0.88 | SDG9 | Xtrackers MSCI Global | PairCorr |
| 0.87 | HSEM | HSBC Emerging Market | PairCorr |
| 0.83 | SGQX | Lyxor SG Global | PairCorr |
| 0.82 | ASHR | Xtrackers Harvest CSI300 | PairCorr |
| 0.74 | FSEM | Fidelity Sustainable USD | PairCorr |
| 0.64 | GDX3 | Leverage Shares 3x | PairCorr |
| 0.93 | ACWI | SSgA SPDR ETFs | PairCorr |
| 0.88 | EMPR | Franklin Libertyshares | PairCorr |
| 0.79 | VAGU | Vanguard Global Aggregate | PairCorr |
| 0.94 | VHYG | Vanguard FTSE All | PairCorr |
| 0.82 | UESD | iShares Ultrashort Bond | PairCorr |
| 0.91 | LEMV | Ossiam Europe ESG | PairCorr |
| 0.9 | OIGB | Vaneck Ucits Etfs | PairCorr |
| 0.9 | IWVL | iShares Edge MSCI | PairCorr |
| 0.95 | N4US | Invesco JPX Nikkei | PairCorr |
| 0.82 | SJNK | SSgA SPDR ETFs | PairCorr |
| 0.9 | FVD | First Trust Value | PairCorr |
| 0.82 | XMLA | Xtrackers MSCI EM | PairCorr |
| 0.94 | WNDU | SPDR MSCI World | PairCorr |
| 0.77 | RIOL | Lyxor UCITS Brazil | PairCorr |
| 0.61 | LGB3 | WisdomTree Long GBP | PairCorr |
| 0.78 | 2MU | Leverage Shares 2x | PairCorr |
| 0.9 | UIND | First Trust Equity | PairCorr |
| 0.94 | FTWG | Invesco FTSE All | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 3LRR | 4.17 | 0.93 | 0.16 | (2.77) | 4.61 | 9.78 | 18.14 | |||
| NVD2 | 3.15 | 0.14 | 0.01 | (0.13) | 4.28 | 6.87 | 17.50 | |||
| 3LBA | 4.84 | 0.77 | 0.13 | 1.02 | 5.42 | 10.48 | 25.83 | |||
| 3BAL | 2.97 | 0.66 | 0.16 | 1.16 | 3.44 | 5.62 | 16.42 | |||
| NVD3 | 4.64 | 0.20 | 0.01 | (0.14) | 6.38 | 9.66 | 27.53 | |||
| 3NVD | 4.61 | 0.18 | 0.01 | (0.10) | 6.72 | 9.80 | 27.48 | |||
| 3LNV | 4.69 | 0.19 | 0.01 | (0.12) | 6.28 | 9.79 | 25.12 | |||
| 3LVP | 4.49 | 0.15 | 0.00 | (0.06) | 6.67 | 9.69 | 26.52 | |||
| 3LLL | 3.15 | 0.64 | 0.13 | 2.21 | 4.13 | 8.18 | 27.17 | |||
| 3GOL | 3.70 | 0.90 | 0.13 | 1.84 | 5.73 | 7.84 | 31.70 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in First Trust without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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