First Trust Correlations

FPWR Etf

33.17 0.00 0.00%

The current 90-days correlation between First Trust EIP and iShares MSCI Belgium is 0.23 (i.e., Modest 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

Significant diversification

The correlation between First Trust EIP and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust EIP 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 EIP. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in private.

Moving together with First Etf

0.75	FXU	First Trust Utilities	Pair Corr
0.79	JXI	iShares Global Utilities	Pair Corr

Moving against First Etf

0.47	SAWS	AAM Sawgrass Small	Pair Corr
0.34	AVUV	Avantis Small Cap	Pair Corr

Related Correlations Analysis

	EWK	COPJ	STXI	PSCD	STXM	FORH	ITDH	DIEM	CAFG	AVNV
EWK		0.78	0.75	-0.13	0.43	-0.04	0.63	0.61	0.0	0.74	EWK
COPJ	0.78		0.83	-0.06	0.63	-0.08	0.72	0.57	0.09	0.86	COPJ
STXI	0.75	0.83		0.14	0.79	-0.04	0.92	0.73	0.48	0.95	STXI
PSCD	-0.13	-0.06	0.14		0.6	0.68	0.16	-0.28	0.78	0.04	PSCD
STXM	0.43	0.63	0.79	0.6		0.3	0.82	0.41	0.79	0.72	STXM
FORH	-0.04	-0.08	-0.04	0.68	0.3		-0.04	-0.28	0.41	-0.24	FORH
ITDH	0.63	0.72	0.92	0.16	0.82	-0.04		0.83	0.58	0.87	ITDH
DIEM	0.61	0.57	0.73	-0.28	0.41	-0.28	0.83		0.22	0.71	DIEM
CAFG	0.0	0.09	0.48	0.78	0.79	0.41	0.58	0.22		0.36	CAFG
AVNV	0.74	0.86	0.95	0.04	0.72	-0.24	0.87	0.71	0.36		AVNV
	EWK	COPJ	STXI	PSCD	STXM	FORH	ITDH	DIEM	CAFG	AVNV

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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

AVNV	+ 0.95	STXI
ITDH	+ 0.92	STXI
AVNV	+ 0.87	ITDH
AVNV	+ 0.86	COPJ
STXI	+ 0.83	COPJ
DIEM	+ 0.83	ITDH

High negative correlations

DIEM	- 0.28	FORH
DIEM	- 0.28	PSCD
AVNV	- 0.24	FORH
PSCD	- 0.13	EWK
FORH	- 0.08	COPJ
PSCD	- 0.06	COPJ

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
EWK	0.54	0.07	0.05	0.20	0.45	(0.61)	1.05	(0.96)	3.75
COPJ	2.02	0.51	0.26	0.34	1.88	(2.49)	5.33	(3.31)	12.16
STXI	0.60	0.03	0.02	0.11	0.73	(0.60)	1.17	(1.21)	3.37
PSCD	1.09	(0.16)	0.00	(0.04)	0.00	0.00	2.39	(2.53)	8.03
STXM	0.80	(0.05)	(0.03)	0.03	1.09	(0.74)	1.51	(1.66)	4.41
FORH	1.02	(0.04)	(0.04)	0.02	1.40	(0.99)	2.11	(2.29)	6.63
ITDH	0.56	(0.01)	(0.02)	0.06	0.78	(0.50)	1.09	(1.24)	3.03
DIEM	0.60	0.00	(0.01)	0.08	0.89	(0.59)	1.19	(1.23)	4.37
CAFG	0.77	(0.10)	0.00	(0.01)	0.00	0.00	1.51	(1.62)	4.26
AVNV	0.56	0.04	0.03	0.12	0.66	(0.58)	1.09	(1.19)	2.99

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