First Trust Correlations

Etfs . USA . 
Etf . First Trust Mid
FNY Etf  USD 87.32  1.33  1.55%   
The current 90-days correlation between First Trust Mid and First Trust Small is 0.96 (i.e., Almost no 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 0.86 (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.
  
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 board of governors.

Moving together with First Etf

  0.99VOT Vanguard Mid CapPairCorr
  0.98IWP iShares Russell MidPairCorr
  0.93ARKK ARK Innovation ETFPairCorr
  0.98IJK iShares SP MidPairCorr
  0.99JKH iShares Morningstar MidPairCorr
  0.98KOMP SPDR Kensho NewPairCorr
  0.98MDYG SPDR SP 400PairCorr
  0.99IMCG iShares Morningstar MidPairCorr
  0.98FPX First Trust EquityPairCorr
  0.98IVOG Vanguard SP MidPairCorr
  0.88PULS PGIM Ultra ShortPairCorr
  0.85MPAY Akros Monthly PayoutPairCorr
  0.97BUFF Innovator LadderedPairCorr
  0.92XLF Financial Select Sector Aggressive PushPairCorr
  0.65IDGT iShares Trust Symbol ChangePairCorr
  0.97PUTW WisdomTree CBOE SPPairCorr
  0.95DIVB iShares DividendPairCorr
  0.9XLK Technology Select SectorPairCorr
  0.88USFR WisdomTree Floating RatePairCorr
  0.63IDU iShares Utilities ETFPairCorr
  0.94DIVG Invesco Exchange TradedPairCorr
  0.92BUG Global X CybersecurityPairCorr
  0.87BTC Grayscale Bitcoin MiniPairCorr
  0.84DISO Tidal Trust IIPairCorr
  0.97SPY SPDR SP 500 Aggressive PushPairCorr
  0.88MSTY YieldMax MSTR OptionPairCorr

Moving against First Etf

  0.91BITI ProShares TrustPairCorr
  0.58GREI Goldman Sachs FuturePairCorr

Related Correlations Analysis

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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.

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