First Trust Correlations

FSCS Etf

37.37 0.21 0.57%

The current 90-days correlation between First Trust SMID and Vanguard Dividend Appreciation is 0.71 (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

Almost no diversification

The correlation between First Trust SMID and DJI is 0.95 (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.

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 services.

Moving together with First Etf

0.94	VO	Vanguard Mid Cap	Pair Corr
0.89	VXF	Vanguard Extended Market	Pair Corr
0.98	IJH	iShares Core SP	Pair Corr
0.97	IWR	iShares Russell Mid	Pair Corr
0.98	MDY	SPDR SP MIDCAP	Pair Corr
0.89	FV	First Trust Dorsey	Pair Corr
0.98	IVOO	Vanguard SP Mid	Pair Corr
0.97	JHMM	John Hancock Multifactor	Pair Corr
0.97	BBMC	JPMorgan BetaBuilders Mid	Pair Corr
0.92	XMMO	Invesco SP MidCap	Pair Corr
0.96	WSML	iShares MSCI World	Pair Corr
0.91	PULS	PGIM Ultra Short	Pair Corr
0.94	CPSR	Calamos SP 500	Pair Corr
0.88	UDI	USCF ETF Trust	Pair Corr
0.93	GAPR	First Trust Exchange	Pair Corr
0.74	GPT	Intelligent Alpha Atlas Symbol Change	Pair Corr
0.65	DBA	Invesco DB Agriculture	Pair Corr
0.87	LVHI	Franklin International	Pair Corr
0.89	CCNR	CoreCommodity Natural	Pair Corr
0.97	ESML	iShares ESG Aware	Pair Corr
0.93	FIDU	Fidelity MSCI Industrials	Pair Corr
0.72	DOGG	First Trust Exchange	Pair Corr
0.87	CHPS	Xtrackers Semiconductor	Pair Corr
0.96	NULV	Nuveen ESG Large	Pair Corr
0.91	JANW	AIM ETF Products	Pair Corr
0.92	UMAY	Innovator ETFs Trust	Pair Corr
0.85	PCEM	Litman Gregory Funds	Pair Corr
0.9	FPXE	First Trust IPOX	Pair Corr
0.95	PFFA	Virtus InfraCap Preferred	Pair Corr
0.93	IQSZ	Invesco Actively Managed	Pair Corr

Moving against First Etf

0.79	JEM	707 Cayman Holdings	Pair Corr
0.54	SWIN	Alps Symbol Change	Pair Corr
0.71	MPAY	Exchange Traded Concepts	Pair Corr

Related Correlations Analysis

	VIMAX	VMCPX	VMCIX	VTV	VB	VSCIX	VEA	VTMGX	VTMNX	VDADX
VIMAX		1.0	1.0	0.9	0.98	0.98	0.9	0.9	0.9	0.94	VIMAX
VMCPX	1.0		1.0	0.9	0.98	0.98	0.9	0.9	0.9	0.94	VMCPX
VMCIX	1.0	1.0		0.9	0.98	0.98	0.9	0.9	0.9	0.94	VMCIX
VTV	0.9	0.9	0.9		0.93	0.93	0.98	0.98	0.98	0.94	VTV
VB	0.98	0.98	0.98	0.93		1.0	0.93	0.93	0.93	0.94	VB
VSCIX	0.98	0.98	0.98	0.93	1.0		0.93	0.93	0.93	0.95	VSCIX
VEA	0.9	0.9	0.9	0.98	0.93	0.93		1.0	1.0	0.91	VEA
VTMGX	0.9	0.9	0.9	0.98	0.93	0.93	1.0		1.0	0.91	VTMGX
VTMNX	0.9	0.9	0.9	0.98	0.93	0.93	1.0	1.0		0.91	VTMNX
VDADX	0.94	0.94	0.94	0.94	0.94	0.95	0.91	0.91	0.91		VDADX
	VIMAX	VMCPX	VMCIX	VTV	VB	VSCIX	VEA	VTMGX	VTMNX	VDADX

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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
VIMAX	0.62	0.00	(0.01)	0.06	0.77	(0.61)	1.38	(1.50)	3.92
VMCPX	0.62	0.00	(0.01)	0.06	0.77	(0.61)	1.38	(1.49)	3.92
VMCIX	0.62	0.00	(0.01)	0.06	0.77	(0.61)	1.37	(1.48)	3.92
VTV	0.56	0.10	0.15	0.19	0.38	(0.69)	1.39	(1.07)	3.02
VB	0.77	0.06	0.06	0.11	0.81	(0.85)	1.86	(1.77)	4.99
VSCIX	0.78	0.06	0.06	0.11	0.78	(0.81)	1.87	(1.75)	4.91
VEA	0.60	0.15	0.15	0.26	0.60	(0.64)	1.48	(1.30)	3.03
VTMGX	0.64	0.15	0.15	0.27	0.56	(0.69)	1.62	(1.30)	3.85
VTMNX	0.64	0.15	0.15	0.27	0.56	(0.69)	1.65	(1.30)	3.84
VDADX	0.55	0.02	0.01	0.09	0.59	(0.58)	1.04	(1.09)	3.42

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