First Trust Correlations

FNX Etf

USD 127.82 1.84 1.46%

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

Modest diversification

The correlation between First Trust Mid and DJI is 0.2 (i.e., Modest 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

0.84	VO	Vanguard Mid Cap	Pair Corr
0.83	VXF	Vanguard Extended Market	Pair Corr
0.82	IJH	iShares Core SP	Pair Corr
0.86	IWR	iShares Russell Mid	Pair Corr
0.83	MDY	SPDR SP MIDCAP	Pair Corr
0.94	FV	First Trust Dorsey	Pair Corr
0.83	IVOO	Vanguard SP Mid	Pair Corr
0.82	JHMM	John Hancock Multifactor	Pair Corr
0.81	BBMC	JPMorgan BetaBuilders Mid	Pair Corr
0.77	XMMO	Invesco SP MidCap	Pair Corr
0.7	TOT	Advisor Managed Port	Pair Corr
0.64	DUKH	Ocean Park High	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.64	BA	Boeing	Pair Corr

Moving against First Etf

0.31

ATT Inc

Pair Corr

Related Correlations Analysis

	FTA	FTC	FEX	FYX	VFMO	IGRO	IVOV	GEM	PWV	FXH
FTA		0.28	0.82	0.84	0.24	0.93	0.93	0.4	0.92	0.72	FTA
FTC	0.28		0.73	0.56	0.95	0.3	0.5	0.59	0.06	0.12	FTC
FEX	0.82	0.73		0.94	0.68	0.78	0.88	0.61	0.64	0.64	FEX
FYX	0.84	0.56	0.94		0.58	0.77	0.89	0.47	0.67	0.7	FYX
VFMO	0.24	0.95	0.68	0.58		0.26	0.5	0.42	-0.03	0.12	VFMO
IGRO	0.93	0.3	0.78	0.77	0.26		0.87	0.54	0.88	0.62	IGRO
IVOV	0.93	0.5	0.88	0.89	0.5	0.87		0.37	0.75	0.62	IVOV
GEM	0.4	0.59	0.61	0.47	0.42	0.54	0.37		0.43	0.26	GEM
PWV	0.92	0.06	0.64	0.67	-0.03	0.88	0.75	0.43		0.68	PWV
FXH	0.72	0.12	0.64	0.7	0.12	0.62	0.62	0.26	0.68		FXH
	FTA	FTC	FEX	FYX	VFMO	IGRO	IVOV	GEM	PWV	FXH

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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

VFMO	+ 0.95	FTC
FYX	+ 0.94	FEX
IGRO	+ 0.93	FTA
IVOV	+ 0.93	FTA
PWV	+ 0.92	FTA
IVOV	+ 0.89	FYX

High negative correlations

PWV

- 0.03

VFMO

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
FTA	0.59	0.05	(0.01)	0.31	0.66	(0.63)	1.16	(1.07)	3.31
FTC	0.97	(0.06)	(0.03)	0.03	1.33	(0.98)	1.79	(2.35)	5.20
FEX	0.70	(0.02)	(0.02)	0.05	0.93	(0.69)	1.25	(1.37)	3.43
FYX	0.93	(0.01)	0.02	0.07	1.06	(1.03)	2.06	(1.89)	4.61
VFMO	1.20	(0.07)	(0.02)	0.03	1.59	(1.18)	1.86	(2.76)	6.99
IGRO	0.47	0.06	0.00	0.53	0.49	(0.50)	0.93	(0.87)	2.43
IVOV	0.72	0.02	(0.03)	0.15	0.93	(0.69)	1.80	(1.31)	3.84
GEM	0.72	0.04	0.03	0.12	0.86	(0.77)	1.64	(1.23)	4.77
PWV	0.47	0.03	(0.06)	0.37	0.53	(0.51)	0.91	(1.03)	2.27
FXH	0.69	(0.01)	(0.02)	0.07	0.78	(0.74)	1.88	(1.30)	4.18

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