First Trust Correlations

FSCS Etf

37.25 0.58 1.58%

The current 90-days correlation between First Trust SMID and Exchange Traded Concepts is 0.79 (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

Average diversification

The correlation between First Trust SMID and DJI is 0.19 (i.e., Average 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.

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 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 unemployment.

Moving together with First Etf

0.84	VO	Vanguard Mid Cap	Pair Corr
0.81	VXF	Vanguard Extended Market	Pair Corr
0.85	IJH	iShares Core SP	Pair Corr
0.92	IWR	iShares Russell Mid	Pair Corr
0.85	MDY	SPDR SP MIDCAP	Pair Corr
0.85	FV	First Trust Dorsey	Pair Corr
0.85	IVOO	Vanguard SP Mid	Pair Corr
0.85	JHMM	John Hancock Multifactor	Pair Corr
0.84	BBMC	JPMorgan BetaBuilders Mid	Pair Corr
0.81	XMMO	Invesco SP MidCap	Pair Corr
0.8	AGQ	ProShares Ultra Silver	Pair Corr
0.64	SGVT	Schwab Strategic Trust	Pair Corr
0.7	VGSH	Vanguard Short Term	Pair Corr
0.76	GAPR	First Trust Exchange	Pair Corr
0.77	CEFZ	RiverNorth Active Income	Pair Corr
0.87	DDX	Defined Duration Symbol Change	Pair Corr
0.62	NETL	Fundamental Income Net	Pair Corr
0.65	VOO	Vanguard SP 500	Pair Corr
0.61	VV	Vanguard Large Cap	Pair Corr
0.78	VT	Vanguard Total World	Pair Corr
0.83	DXUV	Dimensional ETF Trust	Pair Corr
0.65	SPUT	Innovator ETFs Trust	Pair Corr
0.84	RYLG	Global X Russell	Pair Corr
0.78	VYM	Vanguard High Dividend	Pair Corr
0.82	PAPI	Morgan Stanley ETF	Pair Corr
0.8	SETM	Sprott Energy Transition	Pair Corr

Moving against First Etf

0.59	FNGO	MicroSectors FANG Index	Pair Corr
0.59	FNGG	Direxion Daily Select	Pair Corr
0.35	NVDL	GraniteShares 15x Long	Pair Corr

Related Correlations Analysis

	BVAL	ROE	CZA	BFOR	XES	HEEM	LFGY	QALT	FJP	EDEN
BVAL		0.97	0.98	0.98	0.82	0.91	-0.37	0.93	0.89	0.94	BVAL
ROE	0.97		0.93	0.96	0.83	0.91	-0.25	0.92	0.86	0.9	ROE
CZA	0.98	0.93		0.98	0.77	0.84	-0.47	0.88	0.9	0.91	CZA
BFOR	0.98	0.96	0.98		0.76	0.87	-0.35	0.88	0.87	0.94	BFOR
XES	0.82	0.83	0.77	0.76		0.85	-0.39	0.84	0.85	0.71	XES
HEEM	0.91	0.91	0.84	0.87	0.85		-0.26	0.96	0.88	0.91	HEEM
LFGY	-0.37	-0.25	-0.47	-0.35	-0.39	-0.26		-0.35	-0.52	-0.32	LFGY
QALT	0.93	0.92	0.88	0.88	0.84	0.96	-0.35		0.89	0.89	QALT
FJP	0.89	0.86	0.9	0.87	0.85	0.88	-0.52	0.89		0.85	FJP
EDEN	0.94	0.9	0.91	0.94	0.71	0.91	-0.32	0.89	0.85		EDEN
	BVAL	ROE	CZA	BFOR	XES	HEEM	LFGY	QALT	FJP	EDEN

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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

CZA	+ 0.98	BVAL
BFOR	+ 0.98	BVAL
BFOR	+ 0.98	CZA
ROE	+ 0.97	BVAL
BFOR	+ 0.96	ROE
QALT	+ 0.96	HEEM

High negative correlations

FJP	- 0.52	LFGY
LFGY	- 0.47	CZA
LFGY	- 0.39	XES
LFGY	- 0.37	BVAL
QALT	- 0.35	LFGY
LFGY	- 0.35	BFOR

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
BVAL	0.52	0.04	(0.05)	0.38	0.56	(0.56)	1.07	(1.06)	2.23
ROE	0.71	0.06	(0.02)	0.56	0.88	(0.75)	1.34	(1.66)	3.56
CZA	0.59	0.05	(0.03)	0.32	0.62	(0.64)	1.34	(1.09)	3.33
BFOR	0.70	0.06	(0.01)	0.36	0.75	(0.75)	1.54	(1.42)	3.19
XES	1.42	0.31	0.15	0.49	1.52	(1.51)	3.34	(3.31)	10.85
HEEM	0.64	0.14	0.10	0.67	0.41	(0.85)	1.37	(1.05)	3.77
LFGY	1.86	(0.32)	0.00	(0.59)	0.00	0.00	3.20	(5.03)	10.32
QALT	0.28	0.04	(0.14)	0.45	0.18	(0.33)	0.63	(0.45)	1.54
FJP	0.66	0.08	0.05	0.20	0.77	(0.69)	1.85	(1.37)	4.38
EDEN	0.88	0.13	0.04	2.72	0.82	(1.02)	2.22	(1.59)	4.65

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