First Trust Correlations

Etfs . USA . 
Etf . First Trust Mid
FNX Etf  USD 127.55  0.05  0.04%   
The current 90-days correlation between First Trust Mid and First Trust Large is 0.84 (i.e., Very 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 Mid 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 Mid 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 Mid. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with First Etf

  0.92VO Vanguard Mid CapPairCorr
  0.94VXF Vanguard Extended MarketPairCorr
  0.95IJH iShares Core SPPairCorr
  0.97IWR iShares Russell MidPairCorr
  0.95MDY SPDR SP MIDCAPPairCorr
  0.95FV First Trust DorseyPairCorr
  0.95IVOO Vanguard SP MidPairCorr
  0.93JHMM John Hancock MultifactorPairCorr
  0.91BBMC JPMorgan BetaBuilders MidPairCorr
  0.85XMMO Invesco SP MidCapPairCorr
  0.72TOT Advisor Managed PortPairCorr
  0.72DUKH Ocean Park HighPairCorr
  0.62PLTM GraniteShares PlatinumPairCorr
  0.64VOO Vanguard SP 500PairCorr
  0.62HEZU iShares Currency HedgedPairCorr
  0.7DVXB WEBs Defined VolatilityPairCorr
  0.63GBUG Sprott Active GoldPairCorr
  0.63FTBI First Trust ExchangePairCorr
  0.9SCZ iShares MSCI EAFEPairCorr
  0.8QULL ETRACS 2x LeveragedPairCorr

Moving against First Etf

  0.81VXX iPath Series BPairCorr
  0.42NFLX NetflixPairCorr

Related Correlations Analysis


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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FTA  0.60  0.01  0.00  0.09  0.66 
(0.63)
 1.16 
(1.07)
 3.31 
FTC  0.93 (0.07)(0.03) 0.02  1.32 
(0.94)
 1.79 
(2.35)
 5.20 
FEX  0.68 (0.03)(0.02) 0.05  0.96 
(0.64)
 1.25 
(1.37)
 3.61 
FYX  0.91 (0.02) 0.01  0.06  1.08 
(0.97)
 2.06 
(1.89)
 4.61 
VFMO  1.15 (0.07)(0.02) 0.03  1.61 
(1.08)
 1.86 
(2.76)
 6.99 
IGRO  0.48  0.03  0.01  0.13  0.50 
(0.50)
 0.93 
(0.87)
 2.43 
IVOV  0.71 (0.03)(0.02) 0.05  0.90 
(0.68)
 1.80 
(1.31)
 3.91 
GEM  0.69  0.01  0.00  0.09  0.92 
(0.71)
 1.45 
(1.23)
 4.77 
PWV  0.47  0.00 (0.05) 0.07  0.51 
(0.52)
 0.91 
(1.03)
 2.27 
FXH  0.73  0.03  0.02  0.10  0.82 
(0.79)
 1.88 
(1.53)
 4.18 

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