First Trust Correlations

FXL Etf

USD 169.63 4.49 2.58%

The current 90-days correlation between First Trust Technology and First Trust Health is 0.42 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Technology and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Technology 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 Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with First Etf

0.78	VGT	Vanguard Information	Pair Corr
0.87	XLK	Technology Select Sector	Pair Corr
0.79	IYW	iShares Technology ETF	Pair Corr
0.76	SMH	VanEck Semiconductor ETF	Pair Corr
0.75	SOXX	iShares Semiconductor ETF	Pair Corr
0.79	FTEC	Fidelity MSCI Information	Pair Corr
0.85	IGM	iShares Expanded Tech	Pair Corr
0.86	VTI	Vanguard Total Stock	Pair Corr
0.86	SPY	SPDR SP 500	Pair Corr
0.86	IVV	iShares Core SP	Pair Corr
0.7	VUG	Vanguard Growth Index	Pair Corr
0.81	VO	Vanguard Mid Cap	Pair Corr
0.71	VB	Vanguard Small Cap	Pair Corr
0.62	VWO	Vanguard FTSE Emerging	Pair Corr
0.62	RCGE	RockCreek Global Equality	Pair Corr
0.64	DIS	Walt Disney Earnings Call Today	Pair Corr

Moving against First Etf

0.59	T	ATT Inc Earnings Call This Week	Pair Corr
0.53	TRV	The Travelers Companies	Pair Corr
0.4	VZ	Verizon Communications Upward Rally	Pair Corr

Related Correlations Analysis

	FXU	FEX	FXR	FTC	USPX	BUFD	QVML	KLMT	PKW	FXH
FXU		-0.09	-0.07	-0.1	-0.16	-0.23	-0.13	-0.03	-0.32	-0.1	FXU
FEX	-0.09		0.98	0.84	0.88	0.96	0.91	0.94	0.93	0.7	FEX
FXR	-0.07	0.98		0.8	0.81	0.92	0.85	0.91	0.9	0.67	FXR
FTC	-0.1	0.84	0.8		0.93	0.78	0.92	0.91	0.75	0.42	FTC
USPX	-0.16	0.88	0.81	0.93		0.89	0.99	0.94	0.83	0.57	USPX
BUFD	-0.23	0.96	0.92	0.78	0.89		0.91	0.91	0.95	0.74	BUFD
QVML	-0.13	0.91	0.85	0.92	0.99	0.91		0.96	0.86	0.58	QVML
KLMT	-0.03	0.94	0.91	0.91	0.94	0.91	0.96		0.83	0.56	KLMT
PKW	-0.32	0.93	0.9	0.75	0.83	0.95	0.86	0.83		0.75	PKW
FXH	-0.1	0.7	0.67	0.42	0.57	0.74	0.58	0.56	0.75		FXH
	FXU	FEX	FXR	FTC	USPX	BUFD	QVML	KLMT	PKW	FXH

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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

QVML	+ 0.99	USPX
FXR	+ 0.98	FEX
BUFD	+ 0.96	FEX
KLMT	+ 0.96	QVML
PKW	+ 0.95	BUFD
KLMT	+ 0.94	FEX

High negative correlations

PKW	- 0.32	FXU
BUFD	- 0.23	FXU
USPX	- 0.16	FXU
QVML	- 0.13	FXU
FXH	- 0.1	FXU
FTC	- 0.1	FXU

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
FXU	0.58	(0.02)	0.00	(0.04)	0.00	0.00	1.03	(1.21)	3.28
FEX	0.63	0.02	0.02	0.06	0.78	(0.64)	1.25	(1.29)	3.04
FXR	0.86	0.05	0.06	0.08	0.89	(0.91)	2.19	(1.61)	5.33
FTC	0.90	(0.07)	0.00	(0.02)	0.00	0.00	1.43	(2.34)	5.19
USPX	0.52	(0.02)	(0.04)	0.01	0.78	(0.51)	1.04	(1.16)	3.76
BUFD	0.20	0.01	(0.06)	0.06	0.24	(0.20)	0.54	(0.51)	1.54
QVML	0.49	(0.02)	(0.03)	0.01	0.74	(0.46)	0.99	(1.05)	3.61
KLMT	0.56	0.00	(0.01)	0.04	0.74	(0.53)	1.16	(1.26)	3.39
PKW	0.64	(0.02)	(0.03)	0.01	0.80	(0.67)	1.30	(1.39)	3.33
FXH	0.73	(0.02)	(0.03)	0.01	0.77	(0.85)	1.89	(1.22)	4.18

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