First Trust Correlations

FIW Etf

USD 112.66 2.23 1.94%

The current 90-days correlation between First Trust Water and Invesco SP SmallCap is 0.76 (i.e., Poor 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 Water and DJI is 0.8 (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 Water 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 Water. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with First Etf

0.81	XLB	Materials Select Sector Aggressive Push	Pair Corr
0.82	VAW	Vanguard Materials Index	Pair Corr
0.82	XME	SPDR SP Metals	Pair Corr
0.98	PHO	Invesco Water Resources	Pair Corr
0.78	MOO	VanEck Agribusiness ETF	Pair Corr
0.82	FXZ	First Trust Materials	Pair Corr
0.78	URNM	Sprott Uranium Miners	Pair Corr
0.82	IYM	iShares Basic Materials	Pair Corr
0.82	DFEN	Direxion Daily Aerospace	Pair Corr
0.73	DGP	DB Gold Double	Pair Corr
0.72	UGL	ProShares Ultra Gold	Pair Corr
0.77	NUGT	Direxion Daily Gold	Pair Corr
0.68	DIG	ProShares Ultra Oil	Pair Corr
0.77	OASC	OneAscent Small Cap	Pair Corr
0.73	AHYB	American Century ETF	Pair Corr
0.78	BINC	BlackRock ETF Trust	Pair Corr
0.71	GAPR	First Trust Exchange	Pair Corr
0.76	RDIV	Invesco SP Ultra	Pair Corr
0.82	VBK	Vanguard Small Cap	Pair Corr
0.82	INTC	Intel	Pair Corr
0.72	CAT	Caterpillar	Pair Corr
0.62	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.79	HD	Home Depot Sell-off Trend	Pair Corr
0.74	CVX	Chevron Corp	Pair Corr
0.67	MRK	Merck Company Sell-off Trend	Pair Corr
0.65	WMT	Walmart Common Stock Earnings Call This Week	Pair Corr
0.75	DD	Dupont De Nemours	Pair Corr

Moving against First Etf

0.73	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.6	EV	NEOS Investment Mana	Pair Corr
0.65	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	QQEW	TILT	PFFA	ICF	NULV	IWL	IYG	TMFC	FXR	XSMO
QQEW		0.12	0.01	-0.62	-0.17	0.5	0.51	0.9	-0.21	-0.23	QQEW
TILT	0.12		0.93	0.49	0.95	0.87	0.68	0.31	0.93	0.9	TILT
PFFA	0.01	0.93		0.49	0.94	0.71	0.59	0.1	0.94	0.89	PFFA
ICF	-0.62	0.49	0.49		0.65	0.17	-0.09	-0.4	0.67	0.72	ICF
NULV	-0.17	0.95	0.94	0.65		0.69	0.51	0.01	0.99	0.95	NULV
IWL	0.5	0.87	0.71	0.17	0.69		0.74	0.72	0.64	0.61	IWL
IYG	0.51	0.68	0.59	-0.09	0.51	0.74		0.6	0.5	0.41	IYG
TMFC	0.9	0.31	0.1	-0.4	0.01	0.72	0.6		-0.05	-0.05	TMFC
FXR	-0.21	0.93	0.94	0.67	0.99	0.64	0.5	-0.05		0.96	FXR
XSMO	-0.23	0.9	0.89	0.72	0.95	0.61	0.41	-0.05	0.96		XSMO
	QQEW	TILT	PFFA	ICF	NULV	IWL	IYG	TMFC	FXR	XSMO

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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

FXR	+ 0.99	NULV
XSMO	+ 0.96	FXR
NULV	+ 0.95	TILT
XSMO	+ 0.95	NULV
NULV	+ 0.94	PFFA
FXR	+ 0.94	PFFA

High negative correlations

ICF	- 0.62	QQEW
TMFC	- 0.4	ICF
XSMO	- 0.23	QQEW
FXR	- 0.21	QQEW
NULV	- 0.17	QQEW
IYG	- 0.09	ICF

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
QQEW	0.83	(0.17)	0.00	(0.11)	0.00	0.00	1.58	(2.10)	5.07
TILT	0.59	0.00	(0.01)	0.07	0.71	(0.61)	1.45	(1.58)	3.42
PFFA	0.25	0.02	(0.10)	0.16	0.13	(0.32)	0.62	(0.43)	1.61
ICF	0.61	0.06	0.03	0.23	0.72	(0.63)	1.51	(1.28)	3.21
NULV	0.53	0.05	0.05	0.14	0.49	(0.57)	1.44	(1.12)	3.36
IWL	0.57	(0.05)	(0.08)	0.01	0.81	(0.57)	1.01	(1.55)	3.77
IYG	0.83	(0.10)	0.00	(0.02)	0.00	0.00	1.54	(1.80)	4.81
TMFC	0.64	(0.11)	0.00	(0.07)	0.00	0.00	1.03	(1.50)	4.06
FXR	0.90	0.14	0.16	0.19	0.69	(1.02)	2.29	(1.61)	5.33
XSMO	0.85	0.06	0.06	0.13	0.91	(0.89)	2.02	(1.77)	4.19

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