First Trust Correlations

FPWR Etf

35.47 0.01 0.03%

The current 90-days correlation between First Trust EIP and Fidelity New Millennium is -0.15 (i.e., Good 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

Weak diversification

The correlation between First Trust EIP and DJI is 0.38 (i.e., Weak 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 manufacturing.

Moving together with First Etf

0.89	FXU	First Trust Utilities	Pair Corr
0.89	JXI	iShares Global Utilities	Pair Corr
0.68	RDIV	Invesco SP Ultra	Pair Corr
0.82	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.62	DD	Dupont De Nemours	Pair Corr
0.65	VZ	Verizon Communications Aggressive Push	Pair Corr
0.68	HD	Home Depot	Pair Corr
0.87	KO	Coca Cola Earnings Call This Week	Pair Corr
0.83	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.62	T	ATT Inc Aggressive Push	Pair Corr

Moving against First Etf

0.53	FNGO	MicroSectors FANG Index	Pair Corr
0.51	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.34	BULZ	MicroSectors Solactive	Pair Corr
0.7	MSFT	Microsoft Sell-off Trend	Pair Corr

Related Correlations Analysis

	RGI	RTM	JKJ	POWA	FMIL
RGI		0.04	0.95	0.92	0.9	RGI
RTM	0.04		0.01	-0.06	0.08	RTM
JKJ	0.95	0.01		0.96	0.94	JKJ
POWA	0.92	-0.06	0.96		0.9	POWA
FMIL	0.9	0.08	0.94	0.9		FMIL
	RGI	RTM	JKJ	POWA	FMIL

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

POWA	+ 0.96	JKJ
JKJ	+ 0.95	RGI
FMIL	+ 0.94	JKJ
POWA	+ 0.92	RGI
FMIL	+ 0.9	RGI
FMIL	+ 0.9	POWA

High negative correlations

POWA

- 0.06

RTM

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
RGI	0.74	0.20	0.13	(32.07)	0.61	(0.86)	2.04	(1.26)	4.12
RTM	1,809	909.34	43.03	9.65	0.00	(1,479)	2.60	(1.65)	60,603
JKJ	0.83	0.15	0.08	1.76	0.76	(0.93)	1.89	(1.51)	4.08
POWA	0.57	0.07	(0.02)	(2.44)	0.61	(0.61)	1.61	(0.98)	3.80
FMIL	0.60	0.07	(0.01)	2.31	0.80	(0.58)	1.03	(1.31)	3.51

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