First Trust Correlations

FPX Etf

USD 165.09 1.50 0.92%

The current 90-days correlation between First Trust Equity and AB Disruptors ETF is 0.91 (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

Poor diversification

The correlation between First Trust Equity and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Equity 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 Equity. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with First Etf

0.64	VOT	Vanguard Mid Cap	Pair Corr
0.7	IWP	iShares Russell Mid	Pair Corr
0.78	IJK	iShares SP Mid	Pair Corr
0.7	KOMP	SPDR Kensho New	Pair Corr
0.79	MDYG	SPDR SP 400	Pair Corr
0.71	IMCG	iShares Morningstar Mid	Pair Corr
0.8	ARKQ	ARK Autonomous Technology	Pair Corr
0.72	TOT	Advisor Managed Port	Pair Corr
0.64	BA	Boeing	Pair Corr

Related Correlations Analysis

	FWD	USXF	QQQE	PWV	JPIB	NUSC	IMCB	FTC	PJAN	PDP
FWD		0.76	0.71	0.07	0.37	0.51	0.58	0.71	0.32	0.72	FWD
USXF	0.76		0.89	0.1	0.21	0.4	0.52	0.93	0.26	0.87	USXF
QQQE	0.71	0.89		0.23	0.33	0.62	0.7	0.91	0.41	0.83	QQQE
PWV	0.07	0.1	0.23		0.68	0.67	0.51	0.04	0.9	-0.17	PWV
JPIB	0.37	0.21	0.33	0.68		0.59	0.4	0.15	0.77	0.03	JPIB
NUSC	0.51	0.4	0.62	0.67	0.59		0.9	0.45	0.79	0.37	NUSC
IMCB	0.58	0.52	0.7	0.51	0.4	0.9		0.62	0.59	0.54	IMCB
FTC	0.71	0.93	0.91	0.04	0.15	0.45	0.62		0.18	0.95	FTC
PJAN	0.32	0.26	0.41	0.9	0.77	0.79	0.59	0.18		0.0	PJAN
PDP	0.72	0.87	0.83	-0.17	0.03	0.37	0.54	0.95	0.0		PDP
	FWD	USXF	QQQE	PWV	JPIB	NUSC	IMCB	FTC	PJAN	PDP

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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

PDP	+ 0.95	FTC
FTC	+ 0.93	USXF
FTC	+ 0.91	QQQE
PJAN	+ 0.9	PWV
IMCB	+ 0.9	NUSC
QQQE	+ 0.89	USXF

High negative correlations

PDP	- 0.17	PWV
PDP	- 0.0	PJAN

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
FWD	1.23	0.00	0.02	0.06	1.80	(1.16)	2.29	(3.35)	7.16
USXF	0.78	0.01	(0.03)	0.11	1.26	(0.67)	1.56	(2.09)	4.44
QQQE	0.69	0.00	(0.05)	0.06	0.99	(0.69)	1.19	(1.59)	4.14
PWV	0.47	0.00	(0.03)	0.06	0.53	(0.51)	0.91	(1.03)	2.27
JPIB	0.11	0.00	(0.33)	0.10	0.00	(0.12)	0.23	(0.19)	0.58
NUSC	0.83	(0.02)	(0.01)	0.04	1.04	(0.84)	1.83	(1.67)	4.14
IMCB	0.64	(0.05)	(0.05)	0.01	0.86	(0.62)	1.22	(1.50)	2.97
FTC	0.93	(0.02)	0.00	(0.08)	0.00	0.00	1.79	(2.35)	5.20
PJAN	0.18	0.01	(0.09)	0.11	0.16	(0.19)	0.42	(0.37)	1.47
PDP	1.20	(0.02)	(0.04)	(0.04)	1.76	(1.13)	2.50	(3.13)	7.36

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