First Trust Correlations

Etfs . USA . 
Etf . First Trust SMID
FSCS Etf   38.39  0.36  0.95%   
The current 90-days correlation between First Trust SMID and Vanguard Mid Cap Index 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

Almost no diversification

The correlation between First Trust SMID and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SMID 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 SMID. 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

  0.96VO Vanguard Mid CapPairCorr
  0.99VXF Vanguard Extended MarketPairCorr
  0.98IJH iShares Core SPPairCorr
  0.98IWR iShares Russell MidPairCorr
  0.98MDY SPDR SP MIDCAPPairCorr
  0.91FV First Trust DorseyPairCorr
  0.98IVOO Vanguard SP MidPairCorr
  0.98JHMM John Hancock MultifactorPairCorr
  0.99BBMC JPMorgan BetaBuilders MidPairCorr
  0.96REGL ProShares SP MidCap Low VolatilityPairCorr
  0.95VTI Vanguard Total StockPairCorr
  0.94SPY SPDR SP 500 Aggressive PushPairCorr
  0.94IVV iShares Core SPPairCorr
  0.9VTV Vanguard Value IndexPairCorr
  0.93VUG Vanguard Growth IndexPairCorr
  0.99VB Vanguard Small CapPairCorr
  0.93DIVG Invesco Exchange TradedPairCorr
  0.9BTC Grayscale Bitcoin MiniPairCorr
  0.91DIVB iShares DividendPairCorr
  0.88MSTY YieldMax MSTR OptionPairCorr
  0.85DISO Tidal Trust IIPairCorr
  0.74TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.85AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.79HPQ HP IncPairCorr
  0.63XOM Exxon Mobil Corp Fiscal Year End 7th of February 2025 PairCorr
  0.73CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.95AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.92BAC Bank of America Aggressive PushPairCorr

Moving against First Etf

  0.73BND Vanguard Total BondPairCorr
  0.57VEA Vanguard FTSE DevelopedPairCorr
  0.84JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.81KO Coca Cola Aggressive PushPairCorr
  0.71BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.43PG Procter GamblePairCorr

Related Correlations Analysis

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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.

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