First Trust Correlations

FSMB Etf

USD 20.22 0.01 0.05%

The current 90-days correlation between First Trust Short and SPDR Bloomberg International is 0.04 (i.e., Significant 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

Poor diversification

The correlation between First Trust Short and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Short 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 Short. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with First Etf

0.97	SUB	iShares Short Term	Pair Corr
0.99	SHM	SPDR Nuveen Bloomberg	Pair Corr
0.96	JMST	JPMorgan Ultra Short	Pair Corr
0.99	MEAR	iShares Short Maturity	Pair Corr
0.94	SMB	VanEck Short Muni	Pair Corr
0.96	FUMB	First Trust Ultra	Pair Corr
0.99	TAFI	Ab Tax Aware	Pair Corr
0.96	KORU	Direxion Daily South	Pair Corr
0.89	MUU	Direxion Daily MU	Pair Corr
0.89	MULL	GraniteShares 2x Long	Pair Corr
0.71	GDXU	MicroSectors Gold Miners	Pair Corr
0.94	FNGD	MicroSectors FANG Index	Pair Corr
0.79	JNUG	Direxion Daily Junior	Pair Corr
0.82	NUGT	Direxion Daily Gold	Pair Corr
0.9	BWET	ETF Managers Group	Pair Corr
0.87	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.81	RSST	Return Stacked Stocks	Pair Corr
0.9	IAU	iShares Gold Trust Aggressive Push	Pair Corr
0.96	ILOW	AB Active ETFs	Pair Corr
0.96	ISTB	iShares Core 1	Pair Corr
0.98	STXV	EA Series Trust	Pair Corr
0.98	DXJ	WisdomTree Japan Hedged	Pair Corr
0.92	KNGZ	First Trust Exchange	Pair Corr
0.92	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.95	AVMC	American Century ETF	Pair Corr
0.98	FIDU	Fidelity MSCI Industrials	Pair Corr
0.78	BIB	ProShares Ultra Nasdaq	Pair Corr
0.88	LALT	Invesco Multi Strategy	Pair Corr
0.99	TAXT	Northern Trust Tax	Pair Corr
0.94	UEVM	VictoryShares Emerging	Pair Corr
0.69	DAUG	FT Cboe Vest	Pair Corr
0.65	LGCF	Themes Cash Flow	Pair Corr
0.98	DFIV	Dimensional International Sell-off Trend	Pair Corr
0.89	USO	United States Oil	Pair Corr
0.96	FEM	First Trust Emerging	Pair Corr

Related Correlations Analysis

	TAXF	MUST	DFCA	SCEC	ELM	JNUG	SIXH	SDS	USDX	IBND
TAXF		0.97	0.98	0.94	0.93	0.75	0.96	-0.21	0.55	0.75	TAXF
MUST	0.97		0.97	0.89	0.94	0.74	0.96	-0.26	0.49	0.76	MUST
DFCA	0.98	0.97		0.88	0.96	0.81	0.96	-0.28	0.48	0.8	DFCA
SCEC	0.94	0.89	0.88		0.82	0.65	0.87	-0.11	0.57	0.62	SCEC
ELM	0.93	0.94	0.96	0.82		0.88	0.92	-0.48	0.38	0.87	ELM
JNUG	0.75	0.74	0.81	0.65	0.88		0.73	-0.47	0.27	0.81	JNUG
SIXH	0.96	0.96	0.96	0.87	0.92	0.73		-0.19	0.44	0.83	SIXH
SDS	-0.21	-0.26	-0.28	-0.11	-0.48	-0.47	-0.19		0.15	-0.39	SDS
USDX	0.55	0.49	0.48	0.57	0.38	0.27	0.44	0.15		0.16	USDX
IBND	0.75	0.76	0.8	0.62	0.87	0.81	0.83	-0.39	0.16		IBND
	TAXF	MUST	DFCA	SCEC	ELM	JNUG	SIXH	SDS	USDX	IBND

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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

DFCA	+ 0.98	TAXF
MUST	+ 0.97	TAXF
DFCA	+ 0.97	MUST
SIXH	+ 0.96	TAXF
SIXH	+ 0.96	MUST
ELM	+ 0.96	DFCA

High negative correlations

SDS	- 0.48	ELM
SDS	- 0.47	JNUG
IBND	- 0.39	SDS
SDS	- 0.28	DFCA
SDS	- 0.26	MUST
SDS	- 0.21	TAXF

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
TAXF	0.10	0.03	(0.39)	0.79	0.00	(0.12)	0.24	(0.12)	0.69
MUST	0.19	0.03	(0.13)	0.37	0.15	(0.22)	0.48	(0.38)	1.30
DFCA	0.05	0.02	(0.65)	4.62	0.00	(0.06)	0.16	(0.06)	0.40
SCEC	0.12	0.02	(0.35)	2.27	0.00	(0.15)	0.28	(0.20)	0.67
ELM	0.36	0.08	0.08	0.25	0.00	(0.44)	0.85	(0.63)	2.02
JNUG	5.10	1.51	0.19	0.70	6.67	(5.47)	12.20	(12.60)	39.90
SIXH	0.34	0.16	0.35	1.08	0.00	(0.48)	0.97	(0.36)	1.71
SDS	1.04	0.01	0.00	0.07	0.00	0.00	2.24	(1.86)	7.89
USDX	0.09	0.01	(0.36)	(0.22)	0.07	(0.10)	0.16	(0.20)	1.22
IBND	0.27	0.05	(0.09)	7.00	0.15	(0.33)	0.71	(0.49)	1.95

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