First Trust Correlations

FFA Etf

USD 21.92 0.10 0.45%

The current 90-days correlation between First Trust Enhanced and Flaherty and Crumrine is 0.51 (i.e., Very weak 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 Enhanced and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Enhanced 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 Enhanced. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with First Etf

0.68	FB	ProShares Trust ProShares	Pair Corr
0.86	TOT	Advisor Managed Port	Pair Corr
0.61	GSX	Tradr 2X Long	Pair Corr
0.65	QYLD	Global X NASDAQ	Pair Corr
0.77	BALT	Innovator Defined Wealth	Pair Corr
0.77	SCHF	Schwab International	Pair Corr
0.69	IDEC	Innovator ETFs Trust	Pair Corr
0.81	DECT	AIM ETF Products	Pair Corr
0.64	LDRI	iShares Trust	Pair Corr
0.63	MAPP	Harbor ETF Trust	Pair Corr
0.72	GAPR	First Trust Exchange	Pair Corr
0.66	ICOP	iShares Copper	Pair Corr
0.8	SVIX	1x Short VIX Low Volatility	Pair Corr

Moving against First Etf

0.78	VXX	iPath Series B	Pair Corr
0.43	IONZ	Defiance Daily Target	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.67	0.45	-0.54	0.38	-0.39	0.24	-0.23	-0.42	-0.58	META
MSFT	0.67		0.85	-0.54	0.42	-0.07	-0.02	-0.42	-0.81	-0.64	MSFT
UBER	0.45	0.85		-0.58	0.52	0.09	-0.25	-0.47	-0.85	-0.67	UBER
F	-0.54	-0.54	-0.58		-0.64	0.28	0.34	0.54	0.63	0.77	F
T	0.38	0.42	0.52	-0.64		0.03	-0.63	-0.47	-0.38	-0.58	T
A	-0.39	-0.07	0.09	0.28	0.03		-0.42	-0.34	0.02	0.04	A
CRM	0.24	-0.02	-0.25	0.34	-0.63	-0.42		0.49	0.2	0.3	CRM
JPM	-0.23	-0.42	-0.47	0.54	-0.47	-0.34	0.49		0.57	0.56	JPM
MRK	-0.42	-0.81	-0.85	0.63	-0.38	0.02	0.2	0.57		0.76	MRK
XOM	-0.58	-0.64	-0.67	0.77	-0.58	0.04	0.3	0.56	0.76		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	+ 0.85	MSFT
XOM	+ 0.77	F
XOM	+ 0.76	MRK
MSFT	+ 0.67	META
MRK	+ 0.63	F
MRK	+ 0.57	JPM

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.81	MSFT
XOM	- 0.67	UBER
T	- 0.64	F
XOM	- 0.64	MSFT
CRM	- 0.63	T

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	1.39	(0.22)	0.00	(0.19)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.92	(0.17)	0.00	(0.25)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.45	(0.30)	0.00	(0.23)	0.00	0.00	2.60	(3.82)	10.51
F	1.48	0.12	0.08	0.14	1.67	(1.63)	3.38	(2.63)	16.30
T	0.96	(0.21)	0.00	(0.86)	0.00	0.00	1.61	(2.18)	5.75
A	1.17	0.05	0.04	0.10	1.25	(1.28)	2.12	(2.21)	11.03
CRM	1.51	0.06	0.03	0.13	1.97	(1.51)	3.66	(2.92)	9.91
JPM	1.08	(0.02)	0.00	0.04	1.41	(1.11)	2.00	(1.91)	7.02
MRK	1.32	0.33	0.25	0.46	1.03	(1.70)	3.84	(1.98)	11.45
XOM	0.91	0.12	0.08	0.52	0.82	(1.01)	1.96	(1.41)	4.99

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