First Trust Correlations

FSMB Etf

USD 20.18 0.02 0.1%

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

The correlation between First Trust Short and DJI is 0.82 (i.e., Very 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 industry.

Moving together with First Etf

0.97	SUB	iShares Short Term	Pair Corr
0.99	SHM	SPDR Nuveen Bloomberg	Pair Corr
0.97	JMST	JPMorgan Ultra Short	Pair Corr
0.98	MEAR	iShares Short Maturity	Pair Corr
0.9	SMB	VanEck Short Muni	Pair Corr
0.97	FUMB	First Trust Ultra	Pair Corr
0.98	TAFI	Ab Tax Aware	Pair Corr
0.92	OIH	VanEck Oil Services	Pair Corr
0.78	WTMF	WisdomTree Managed	Pair Corr
0.83	EWC	iShares MSCI Canada	Pair Corr
0.69	TOT	Advisor Managed Port	Pair Corr
0.9	IAUM	iShares Gold Trust	Pair Corr
0.74	SEIX	Virtus ETF Trust	Pair Corr
0.87	GAPR	First Trust Exchange	Pair Corr
0.75	VBK	Vanguard Small Cap	Pair Corr
0.94	BINC	BlackRock ETF Trust	Pair Corr
0.85	MART	Allianzim Large Cap	Pair Corr
0.82	OASC	OneAscent Small Cap	Pair Corr
0.68	BND	Vanguard Total Bond	Pair Corr
0.9	SPMD	SPDR Russell Small	Pair Corr
0.89	AHYB	American Century ETF	Pair Corr
0.89	RDIV	Invesco SP Ultra	Pair Corr

Moving against First Etf

0.7	ARKW	ARK Next Generation	Pair Corr
0.32	HUM	Humana Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	TAXF	MUST	DFCA	SCEC	ELM	JNUG	SIXH	SDS	USDX	IBND
TAXF		0.95	0.97	0.82	0.91	0.76	0.91	-0.56	0.73	0.74	TAXF
MUST	0.95		0.95	0.77	0.9	0.76	0.9	-0.59	0.72	0.73	MUST
DFCA	0.97	0.95		0.8	0.92	0.84	0.93	-0.54	0.76	0.79	DFCA
SCEC	0.82	0.77	0.8		0.77	0.71	0.73	-0.61	0.72	0.63	SCEC
ELM	0.91	0.9	0.92	0.77		0.89	0.87	-0.79	0.73	0.86	ELM
JNUG	0.76	0.76	0.84	0.71	0.89		0.78	-0.65	0.73	0.87	JNUG
SIXH	0.91	0.9	0.93	0.73	0.87	0.78		-0.54	0.74	0.86	SIXH
SDS	-0.56	-0.59	-0.54	-0.61	-0.79	-0.65	-0.54		-0.57	-0.63	SDS
USDX	0.73	0.72	0.76	0.72	0.73	0.73	0.74	-0.57		0.63	USDX
IBND	0.74	0.73	0.79	0.63	0.86	0.87	0.86	-0.63	0.63		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	+ 0.97	TAXF
MUST	+ 0.95	TAXF
DFCA	+ 0.95	MUST
SIXH	+ 0.93	DFCA
ELM	+ 0.92	DFCA
ELM	+ 0.91	TAXF

High negative correlations

SDS	- 0.79	ELM
SDS	- 0.65	JNUG
IBND	- 0.63	SDS
SDS	- 0.61	SCEC
SDS	- 0.59	MUST
USDX	- 0.57	SDS

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	0.01	(0.45)	0.34	0.00	(0.12)	0.24	(0.18)	0.70
MUST	0.21	0.02	(0.19)	0.25	0.20	(0.22)	0.48	(0.44)	1.30
DFCA	0.06	0.02	(0.59)	4.82	0.00	(0.07)	0.16	(0.14)	0.42
SCEC	0.13	0.00	(0.36)	0.19	0.09	(0.15)	0.28	(0.28)	0.84
ELM	0.40	0.02	(0.04)	0.11	0.39	(0.45)	0.94	(0.92)	2.09
JNUG	4.66	0.92	0.14	0.39	6.45	(4.90)	11.53	(9.53)	39.90
SIXH	0.36	0.15	0.27	0.59	0.00	(0.47)	0.97	(0.49)	2.05
SDS	1.14	0.11	0.00	0.01	0.00	0.00	2.56	(2.26)	6.31
USDX	0.09	0.01	(0.34)	1.03	0.07	(0.09)	0.12	(0.20)	1.22
IBND	0.27	0.04	(0.11)	1.18	0.18	(0.32)	0.69	(0.49)	1.95

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