First Trust Correlations

FMF Etf

USD 48.46 0.02 0.04%

The current 90-days correlation between First Trust Managed and Astoria Quality Kings is 0.56 (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

Very weak diversification

The correlation between First Trust Managed and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Managed 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 Managed. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with First Etf

0.77	DBMF	iMGP DBi Managed	Pair Corr
0.86	KMLM	KFA Mount Lucas	Pair Corr
0.87	CTA	Simplify Managed Futures	Pair Corr
0.84	WTMF	WisdomTree Managed	Pair Corr
0.82	GLDX	USCF Gold Strategy	Pair Corr
0.67	AAIAX	AMERICAN BEACON INTE	Pair Corr
0.87	FDV	First Trust Capital	Pair Corr
0.75	TRSY	Xtrackers 0 1	Pair Corr
0.88	MOOD	Relative Sentiment	Pair Corr
0.83	GDX	VanEck Gold Miners Aggressive Push	Pair Corr
0.72	DHSB	Strategy Shares	Pair Corr
0.65	IBMQ	iShares Trust	Pair Corr
0.77	EEMX	SPDR MSCI Emerging	Pair Corr
0.82	SGOL	abrdn Physical Gold	Pair Corr
0.86	SIVR	abrdn Physical Silver	Pair Corr
0.91	TFPN	Blueprint Chesapeake	Pair Corr
0.69	JANH	Innovator Equity Premium	Pair Corr
0.81	HYUP	Xtrackers High Beta	Pair Corr
0.92	EPEM	Harbor ETF Trust	Pair Corr
0.62	IWD	iShares Russell 1000	Pair Corr
0.87	MMSD	New York Life	Pair Corr
0.85	TSMU	GraniteShares 2x Long	Pair Corr
0.63	XOMO	Yieldmax XOM Option	Pair Corr
0.66	LITL	Simplify Exchange Traded	Pair Corr
0.79	KCE	SPDR SP Capital	Pair Corr
0.66	ZVOL	ZVOL	Pair Corr
0.77	TAXS	Northern Trust Short	Pair Corr

Moving against First Etf

0.74

GAICX

GATEWAY INTERNATIONAL

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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