First Trust Correlations

FTLS Etf

USD 71.50 0.32 0.45%

The current 90-days correlation between First Trust LongShort and Fidelity MSCI Utilities is 0.27 (i.e., Modest 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 weak diversification

The correlation between First Trust LongShort and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust LongShort 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 LongShort. 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

0.87	CLSE	Trust For Professional	Pair Corr
0.8	CLIX	ProShares Long Onlin	Pair Corr
0.62	JEPI	JPMorgan Equity Premium	Pair Corr
0.75	BAC	Bank of America Earnings Call This Week	Pair Corr
0.76	CAT	Caterpillar	Pair Corr
0.7	IBM	International Business	Pair Corr

Moving against First Etf

0.42	LBAY	Tidal ETF Trust	Pair Corr
0.41	T	ATT Inc	Pair Corr
0.37	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	FUTY	JMEE	APUE	ESML	TSPA	QDF	DCOR	EWG	TNA	BDYN
FUTY		-0.69	-0.66	-0.59	-0.54	-0.69	-0.68	-0.44	-0.32	-0.61	FUTY
JMEE	-0.69		0.91	0.98	0.83	0.94	0.95	0.83	0.84	0.89	JMEE
APUE	-0.66	0.91		0.89	0.98	0.98	0.99	0.73	0.75	0.98	APUE
ESML	-0.59	0.98	0.89		0.83	0.91	0.93	0.87	0.92	0.89	ESML
TSPA	-0.54	0.83	0.98	0.83		0.94	0.95	0.69	0.72	0.97	TSPA
QDF	-0.69	0.94	0.98	0.91	0.94		0.98	0.74	0.76	0.95	QDF
DCOR	-0.68	0.95	0.99	0.93	0.95	0.98		0.78	0.78	0.97	DCOR
EWG	-0.44	0.83	0.73	0.87	0.69	0.74	0.78		0.84	0.81	EWG
TNA	-0.32	0.84	0.75	0.92	0.72	0.76	0.78	0.84		0.76	TNA
BDYN	-0.61	0.89	0.98	0.89	0.97	0.95	0.97	0.81	0.76		BDYN
	FUTY	JMEE	APUE	ESML	TSPA	QDF	DCOR	EWG	TNA	BDYN

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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

DCOR	+ 0.99	APUE
ESML	+ 0.98	JMEE
TSPA	+ 0.98	APUE
QDF	+ 0.98	APUE
BDYN	+ 0.98	APUE
DCOR	+ 0.98	QDF

High negative correlations

QDF	- 0.69	FUTY
JMEE	- 0.69	FUTY
DCOR	- 0.68	FUTY
APUE	- 0.66	FUTY
BDYN	- 0.61	FUTY
ESML	- 0.59	FUTY

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
FUTY	0.63	(0.12)	0.00	(0.35)	0.00	0.00	1.24	(1.32)	3.69
JMEE	0.75	0.04	0.03	0.13	0.79	(0.79)	1.50	(1.31)	3.84
APUE	0.55	0.02	(0.01)	0.11	0.64	(0.55)	1.07	(1.09)	3.36
ESML	0.86	0.04	0.04	0.13	0.89	(0.96)	1.59	(1.55)	4.10
TSPA	0.55	0.02	(0.02)	0.11	0.68	(0.56)	1.06	(1.20)	3.23
QDF	0.50	0.02	(0.02)	0.12	0.56	(0.52)	1.14	(1.02)	2.65
DCOR	0.55	0.02	0.00	0.12	0.66	(0.58)	1.20	(1.03)	2.86
EWG	0.62	(0.01)	(0.03)	0.08	0.82	(0.60)	1.19	(1.20)	3.29
TNA	2.90	0.03	0.06	0.09	3.37	(2.93)	5.37	(5.62)	14.16
BDYN	0.55	0.04	0.01	0.15	0.60	(0.57)	1.12	(1.18)	3.26

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