First Trust Correlations

FTHY Stock

USD 13.90 0.04 0.29%

The current 90-days correlation between First Trust High and Gabelli Utility Closed is 0.39 (i.e., Weak 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

Very poor diversification

The correlation between First Trust High and DJI is 0.85 (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 High and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust High. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with First Stock

0.73	HHI	Henderson High Income	Pair Corr
0.75	BK	Bank of New York	Pair Corr
0.73	FT	Franklin Universal Closed	Pair Corr
0.61	PX	P10 Inc Symbol Change	Pair Corr
0.81	WT	WisdomTree	Pair Corr
0.78	JLEN	JLEN Environmental Assets	Pair Corr
0.83	MNG	MG Plc	Pair Corr
0.74	MIGO	Migo Opportunities Trust	Pair Corr
0.76	VCTR	Victory Capital Holdings	Pair Corr
0.79	MNTN	Schiehallion Fund	Pair Corr

Moving against First Stock

0.71	MFG	Magellan Financial	Pair Corr
0.65	55O1	Apollo Investment Corp	Pair Corr
0.45	DMYY	dMY Squared Technology	Pair Corr
0.41	NP	Neptune Insurance	Pair Corr
0.4	EFF	Deutsche Effecten und	Pair Corr
0.68	ATY	Athelney Trust plc	Pair Corr
0.63	M9X	WhiteHorse Finance Earnings Call This Week	Pair Corr
0.56	TIP	Teaminvest Private	Pair Corr
0.42	OEQ	Orion Equities	Pair Corr
0.4	KUR-H	Kure Technologies Earnings Call This Week	Pair Corr
0.39	DYCQ	DT Cloud Acquisition	Pair Corr

Related Correlations Analysis

	CRMMX	GUT	PRPZX	SSQSX	SIVIX	RMT	RSIGX	HNMDX	GUBGX	HRMDX
CRMMX		0.82	0.75	0.48	0.93	0.93	0.93	0.92	0.93	0.91	CRMMX
GUT	0.82		0.59	0.36	0.82	0.83	0.8	0.77	0.79	0.76	GUT
PRPZX	0.75	0.59		0.47	0.7	0.83	0.84	0.89	0.84	0.91	PRPZX
SSQSX	0.48	0.36	0.47		0.59	0.5	0.42	0.51	0.39	0.55	SSQSX
SIVIX	0.93	0.82	0.7	0.59		0.94	0.93	0.93	0.91	0.92	SIVIX
RMT	0.93	0.83	0.83	0.5	0.94		0.97	0.96	0.98	0.96	RMT
RSIGX	0.93	0.8	0.84	0.42	0.93	0.97		0.97	0.98	0.96	RSIGX
HNMDX	0.92	0.77	0.89	0.51	0.93	0.96	0.97		0.96	1.0	HNMDX
GUBGX	0.93	0.79	0.84	0.39	0.91	0.98	0.98	0.96		0.95	GUBGX
HRMDX	0.91	0.76	0.91	0.55	0.92	0.96	0.96	1.0	0.95		HRMDX
	CRMMX	GUT	PRPZX	SSQSX	SIVIX	RMT	RSIGX	HNMDX	GUBGX	HRMDX

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Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Trust Company 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
CRMMX	0.85	0.25	0.31	0.29	0.41	(1.10)	2.11	(1.42)	9.97
GUT	0.54	0.10	0.05	0.87	0.42	(0.66)	1.16	(0.85)	4.14
PRPZX	0.63	0.27	0.21	(2.12)	0.39	(0.80)	1.50	(1.10)	3.49
SSQSX	0.77	(0.03)	(0.02)	0.05	0.98	(0.86)	2.13	(1.51)	6.29
SIVIX	0.73	0.04	0.06	0.12	0.67	(0.82)	2.10	(1.33)	4.92
RMT	0.85	0.43	0.35	(14.08)	0.31	(1.01)	2.47	(1.37)	5.01
RSIGX	0.57	0.17	0.17	0.33	0.37	(0.64)	1.30	(1.30)	4.13
HNMDX	0.62	0.18	0.24	0.36	0.12	(0.86)	1.56	(0.90)	3.01
GUBGX	0.60	0.26	0.21	(1.85)	0.38	(0.70)	1.30	(1.33)	4.07
HRMDX	0.62	0.17	0.22	0.33	0.15	(0.84)	1.50	(0.91)	3.08

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