First Trust Correlations

FNY Etf

USD 97.11 1.31 1.33%

The current 90-days correlation between First Trust Mid and American Century ETF 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 0.89 (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 inflation.

Moving together with First Etf

0.93	IJK	iShares SP Mid	Pair Corr
0.86	JKH	iShares Morningstar Mid	Pair Corr
0.86	KOMP	SPDR Kensho New	Pair Corr
0.93	MDYG	SPDR SP 400	Pair Corr
0.96	IMCG	iShares Morningstar Mid	Pair Corr
0.93	ARKQ	ARK Autonomous Technology Potential Growth	Pair Corr
0.79	JPST	JPMorgan Ultra Short	Pair Corr
0.8	FB	ProShares Trust ProShares	Pair Corr
0.84	TOT	Advisor Managed Port	Pair Corr
0.75	GSX	Tradr 2X Long	Pair Corr
0.85	FNK	First Trust Mid	Pair Corr
0.87	CFA	VictoryShares 500	Pair Corr
0.89	URA	Global X Uranium	Pair Corr
0.84	GMAY	First Trust Exchange	Pair Corr
0.89	DIA	SPDR Dow Jones	Pair Corr
0.9	FNDA	Schwab Fundamental Small	Pair Corr
0.84	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.79	SYLD	Cambria Shareholder Yield	Pair Corr
0.97	VXF	Vanguard Extended Market	Pair Corr
0.78	DWM	WisdomTree International	Pair Corr
0.62	USO	United States Oil	Pair Corr
0.8	GLD	SPDR Gold Shares Aggressive Push	Pair Corr
0.84	HEFA	iShares Currency Hedged	Pair Corr
0.88	SLYV	SPDR SP 600	Pair Corr
0.84	VSS	Vanguard FTSE All	Pair Corr
0.82	AVUV	Avantis Small Cap	Pair Corr
0.83	UEVM	VictoryShares Emerging	Pair Corr
0.71	FMHI	First Trust Municipal	Pair Corr

Moving against First Etf

0.69	VXX	iPath Series B Low Volatility	Pair Corr
0.41	IND	Xtrackers Nifty 500	Pair Corr
0.4	ARKW	ARK Next Generation	Pair Corr

Related Correlations Analysis

	FEM	FAD	FYC	NBOS	FEP	BRNY	HAPI	FDV	BALI	AVSU
FEM		0.77	0.78	0.92	0.97	0.43	0.6	0.92	0.87	0.88	FEM
FAD	0.77		0.98	0.82	0.8	0.79	0.82	0.57	0.86	0.91	FAD
FYC	0.78	0.98		0.83	0.82	0.78	0.79	0.6	0.85	0.91	FYC
NBOS	0.92	0.82	0.83		0.97	0.64	0.79	0.82	0.95	0.94	NBOS
FEP	0.97	0.8	0.82	0.97		0.56	0.68	0.89	0.91	0.94	FEP
BRNY	0.43	0.79	0.78	0.64	0.56		0.9	0.18	0.73	0.75	BRNY
HAPI	0.6	0.82	0.79	0.79	0.68	0.9		0.38	0.86	0.83	HAPI
FDV	0.92	0.57	0.6	0.82	0.89	0.18	0.38		0.74	0.77	FDV
BALI	0.87	0.86	0.85	0.95	0.91	0.73	0.86	0.74		0.96	BALI
AVSU	0.88	0.91	0.91	0.94	0.94	0.75	0.83	0.77	0.96		AVSU
	FEM	FAD	FYC	NBOS	FEP	BRNY	HAPI	FDV	BALI	AVSU

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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
FEM	0.75	0.23	0.19	0.48	0.71	(0.85)	1.54	(1.26)	5.07
FAD	0.86	0.05	0.06	0.13	0.84	(0.93)	1.61	(1.72)	5.54
FYC	0.97	0.08	0.09	0.14	0.91	(1.09)	2.04	(1.63)	5.47
NBOS	0.34	0.05	0.01	0.19	0.27	(0.40)	0.68	(0.62)	2.47
FEP	0.62	0.21	0.23	0.39	0.39	(0.72)	1.66	(1.19)	3.84
BRNY	0.67	0.00	(0.02)	0.08	0.82	(0.71)	1.24	(1.55)	3.65
HAPI	0.54	0.01	(0.01)	0.09	0.63	(0.58)	1.24	(1.24)	3.37
FDV	0.48	0.15	0.22	0.46	0.00	(0.60)	1.15	(0.73)	2.06
BALI	0.43	0.04	0.00	0.15	0.42	(0.49)	0.87	(0.81)	2.78
AVSU	0.59	0.04	0.04	0.12	0.62	(0.61)	1.39	(1.07)	3.68

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