First Trust Correlations
| FPXU Etf | USD 61.83 0.31 0.50% |
The current 90-days correlation between First Trust Equity and Amundi Nasdaq 100 II is 0.6 (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
Very weak diversification
The correlation between First Trust Equity and DJI is 0.55 (i.e., Very 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.
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The ability to find closely correlated positions to First Trust could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace First Trust when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back First Trust - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling First Trust Equity to buy it.
Moving together with First Etf
| 0.75 | ANXU | Amundi Index Solutions | PairCorr |
| 0.87 | EKLD | BNP Paribas Easy | PairCorr |
| 0.62 | CW8U | Amundi MSCI World | PairCorr |
Moving against First Etf
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in First Trust without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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