First Trust Correlations

Etfs . USA . 
Etf . First Trust Preferred
FPE Etf  USD 17.83  0.07  0.39%   
The current 90-days correlation between First Trust Preferred and Invesco Variable Rate is 0.69 (i.e., 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.

First Trust Correlation With Market

Weak diversification

The correlation between First Trust Preferred and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Preferred 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 Preferred. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with First Etf

  0.82PFF iShares PreferredPairCorr
  0.74PGX Invesco Preferred ETFPairCorr
  0.81PFFD Global X PreferredPairCorr
  0.75PGF Invesco FinancialPairCorr
  0.79PSK SPDR ICE PreferredPairCorr
  0.81PFXF VanEck Preferred SecPairCorr
  0.72FPEI First Trust InstitutionalPairCorr
  0.93PFFA Virtus InfraCap PreferredPairCorr
  0.86PMBS PIMCO Mortgage BackedPairCorr
  0.76PFFL ETRACS 2xMonthly PayPairCorr
  0.76YCL ProShares Ultra YenPairCorr
  0.68CEFD ETRACS Monthly PayPairCorr
  0.78FXY Invesco CurrencySharesPairCorr

Moving against First Etf

  0.8EWV ProShares UltraShort MSCIPairCorr
  0.5ICSH iShares Ultra ShortPairCorr
  0.44DSJA DSJAPairCorr
  0.44SEIX Virtus ETF TrustPairCorr
  0.43TSJA TSJAPairCorr

Related Correlations Analysis

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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   
PSK
+ 0.95
PFXF
HYLS
+ 0.84
VRP
FTSL
+ 0.68
HYLS
FTSL
+ 0.52
VRP
PFXF
+ 0.03
VRP
  
High negative correlations   
PSK
- 0.83
FTSL
FTSL
- 0.72
PFXF
PSK
- 0.24
HYLS
HYLS
- 0.11
PFXF
PSK
- 0.07
VRP

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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