First Trust Correlations

FXL Etf

USD 165.68 1.14 0.68%

The current 90-days correlation between First Trust Technology and iShares Core SP is 0.62 (i.e., Poor 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

Modest diversification

The correlation between First Trust Technology and DJI is 0.27 (i.e., Modest 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 signals in small area income & poverty estimates.

Moving together with First Etf

0.87	VGT	Vanguard Information	Pair Corr
0.92	XLK	Technology Select Sector	Pair Corr
0.84	IYW	iShares Technology ETF	Pair Corr
0.87	FTEC	Fidelity MSCI Information	Pair Corr
0.83	IGM	iShares Expanded Tech	Pair Corr
0.62	BDEC	Innovator SP 500	Pair Corr

Moving against First Etf

0.35

ERET

iShares Environmentally

Pair Corr

Related Correlations Analysis

	IWY	IWS	IWV	IWP	DGRW	ESGU	IWN	ITA	IUSV
IWY		-0.71	0.05	0.75	-0.62	0.35	-0.67	-0.56	-0.65	IWY
IWS	-0.71		0.66	-0.24	0.96	0.4	0.98	0.91	0.98	IWS
IWV	0.05	0.66		0.42	0.69	0.95	0.68	0.72	0.71	IWV
IWP	0.75	-0.24	0.42		-0.28	0.59	-0.21	-0.04	-0.23	IWP
DGRW	-0.62	0.96	0.69	-0.28		0.47	0.91	0.82	0.97	DGRW
ESGU	0.35	0.4	0.95	0.59	0.47		0.42	0.49	0.47	ESGU
IWN	-0.67	0.98	0.68	-0.21	0.91	0.42		0.89	0.96	IWN
ITA	-0.56	0.91	0.72	-0.04	0.82	0.49	0.89		0.89	ITA
IUSV	-0.65	0.98	0.71	-0.23	0.97	0.47	0.96	0.89		IUSV
	IWY	IWS	IWV	IWP	DGRW	ESGU	IWN	ITA	IUSV

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

IWN	+ 0.98	IWS
IUSV	+ 0.98	IWS
IUSV	+ 0.97	DGRW
DGRW	+ 0.96	IWS
IUSV	+ 0.96	IWN
ESGU	+ 0.95	IWV

High negative correlations

IWS	- 0.71	IWY
IWN	- 0.67	IWY
IUSV	- 0.65	IWY
DGRW	- 0.62	IWY
ITA	- 0.56	IWY
DGRW	- 0.28	IWP

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
IWY	0.72	(0.09)	0.00	(0.05)	0.00	0.00	1.31	(1.77)	4.74
IWS	0.60	0.11	0.15	0.20	0.37	(0.69)	1.58	(1.14)	3.81
IWV	0.54	0.00	(0.02)	0.08	0.62	(0.58)	1.12	(1.16)	3.70
IWP	0.81	(0.06)	(0.04)	0.03	1.00	(0.83)	1.58	(1.76)	5.81
DGRW	0.42	0.03	0.01	0.13	0.40	(0.48)	0.77	(0.74)	3.10
ESGU	0.55	(0.01)	(0.04)	0.06	0.70	(0.56)	0.95	(1.21)	3.75
IWN	0.76	0.11	0.13	0.18	0.68	(0.86)	1.94	(1.63)	4.63
ITA	1.06	0.25	0.17	0.39	1.04	(1.15)	2.55	(1.85)	6.18
IUSV	0.45	0.06	0.06	0.16	0.39	(0.51)	1.02	(0.88)	2.70

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