First Trust Correlations

FPX Etf

USD 132.05 2.47 1.91%

The current 90-days correlation between First Trust Equity and Invesco SP Spin Off is 0.75 (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. 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 Equity and DJI is 0.32 (i.e., Weak 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.

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 american community survey.

Moving together with First Etf

0.97	VOT	Vanguard Mid Cap	Pair Corr
0.98	IWP	iShares Russell Mid	Pair Corr
0.86	ARKK	ARK Innovation ETF	Pair Corr
0.74	IJK	iShares SP Mid	Pair Corr
0.87	JKH	iShares Morningstar Mid	Pair Corr
0.9	KOMP	SPDR Kensho New	Pair Corr
0.74	MDYG	SPDR SP 400	Pair Corr
0.94	IMCG	iShares Morningstar Mid	Pair Corr
0.74	IVOG	Vanguard SP Mid	Pair Corr
0.94	VTI	Vanguard Total Stock	Pair Corr
0.92	SPY	SPDR SP 500	Pair Corr
0.92	IVV	iShares Core SP	Pair Corr
0.83	VB	Vanguard Small Cap	Pair Corr
0.76	IJH	iShares Core SP	Pair Corr
0.76	IWF	iShares Russell 1000	Pair Corr
0.79	RFDA	RiverFront Dynamic	Pair Corr
0.73	CEFS	Saba Closed End	Pair Corr
0.86	BAC	Bank of America Sell-off Trend	Pair Corr
0.83	JPM	JPMorgan Chase	Pair Corr
0.69	HD	Home Depot	Pair Corr
0.75	WMT	Walmart Aggressive Push	Pair Corr
0.74	IBM	International Business Upward Rally	Pair Corr

Moving against First Etf

0.56	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.47	KO	Coca Cola Earnings Call This Week	Pair Corr
0.41	JNJ	Johnson Johnson	Pair Corr
0.4	MRK	Merck Company Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CSD	IPO	FBT	PKW	FVD
CSD		0.71	0.66	0.67	0.32	CSD
IPO	0.71		0.53	0.67	0.58	IPO
FBT	0.66	0.53		0.31	0.18	FBT
PKW	0.67	0.67	0.31		0.83	PKW
FVD	0.32	0.58	0.18	0.83		FVD
	CSD	IPO	FBT	PKW	FVD

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CSD	1.03	0.10	0.04	0.32	1.29	(1.15)	2.44	(1.72)	8.61
IPO	1.24	0.05	0.00	0.19	1.69	(1.34)	2.32	(2.20)	8.44
FBT	0.90	0.09	0.02	0.35	1.52	(0.80)	1.69	(1.72)	6.85
PKW	0.67	0.02	(0.03)	0.14	0.78	(0.72)	1.28	(1.00)	6.44
FVD	0.55	(0.05)	0.00	(0.04)	0.00	0.00	1.20	(0.87)	4.01

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