First Trust Correlations

FXO Etf

USD 60.45 0.86 1.40%

The current 90-days correlation between First Trust Financials and Xtrackers Harvest CSI is 0.24 (i.e., Modest 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 Financials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust Financials and DJI is 0.88 (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 Financials 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 Financials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in median.

Moving together with First Etf

0.92	XLF	Financial Select Sector	Pair Corr
0.95	VFH	Vanguard Financials Index	Pair Corr
0.96	KRE	SPDR SP Regional	Pair Corr
0.97	KBE	SPDR SP Bank	Pair Corr
0.98	IYF	iShares Financials ETF	Pair Corr
0.95	FNCL	Fidelity MSCI Financials	Pair Corr
0.95	IYG	iShares Financial	Pair Corr
0.97	IAT	iShares Regional Banks	Pair Corr
0.97	IXG	iShares Global Financials	Pair Corr
0.78	GDXU	MicroSectors Gold Miners Trending	Pair Corr
0.67	MUU	Direxion Daily MU Trending	Pair Corr
0.67	MULL	GraniteShares 2x Long Trending	Pair Corr
0.77	AGQ	ProShares Ultra Silver Upward Rally	Pair Corr
0.82	JNUG	Direxion Daily Junior Trending	Pair Corr
0.81	NUGT	Direxion Daily Gold	Pair Corr
0.82	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.72	SHNY	Microsectors Gold	Pair Corr
0.84	SLVR	Sprott Silver Miners	Pair Corr
0.69	TPHD	Timothy Plan High	Pair Corr
0.88	SIXD	AIM ETF Products	Pair Corr
0.83	VEA	Vanguard FTSE Developed	Pair Corr
0.87	DEEF	Xtrackers FTSE Developed	Pair Corr
0.78	IAUM	iShares Gold Trust	Pair Corr
0.62	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.73	JPM	JPMorgan Chase	Pair Corr
0.77	AXP	American Express Earnings Call This Week	Pair Corr
0.62	PFE	Pfizer Inc Sell-off Trend	Pair Corr

Moving against First Etf

0.69	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.67	PG	Procter Gamble	Pair Corr
0.66	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FXU	FXR	FALAX	FXL	PXF	VSTCX	XSOE	TNA	IHDG	ASHR
FXU		-0.25	0.23	-0.3	-0.36	-0.41	-0.03	-0.21	-0.3	-0.25	FXU
FXR	-0.25		-0.66	0.67	0.92	0.92	0.85	0.96	0.94	0.84	FXR
FALAX	0.23	-0.66		-0.48	-0.62	-0.7	-0.56	-0.57	-0.62	-0.63	FALAX
FXL	-0.3	0.67	-0.48		0.49	0.51	0.66	0.76	0.53	0.66	FXL
PXF	-0.36	0.92	-0.62	0.49		0.96	0.8	0.84	0.98	0.83	PXF
VSTCX	-0.41	0.92	-0.7	0.51	0.96		0.74	0.83	0.94	0.81	VSTCX
XSOE	-0.03	0.85	-0.56	0.66	0.8	0.74		0.8	0.84	0.93	XSOE
TNA	-0.21	0.96	-0.57	0.76	0.84	0.83	0.8		0.86	0.75	TNA
IHDG	-0.3	0.94	-0.62	0.53	0.98	0.94	0.84	0.86		0.87	IHDG
ASHR	-0.25	0.84	-0.63	0.66	0.83	0.81	0.93	0.75	0.87		ASHR
	FXU	FXR	FALAX	FXL	PXF	VSTCX	XSOE	TNA	IHDG	ASHR

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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

IHDG	+ 0.98	PXF
TNA	+ 0.96	FXR
VSTCX	+ 0.96	PXF
IHDG	+ 0.94	FXR
IHDG	+ 0.94	VSTCX
ASHR	+ 0.93	XSOE

High negative correlations

VSTCX	- 0.7	FALAX
FALAX	- 0.66	FXR
ASHR	- 0.63	FALAX
IHDG	- 0.62	FALAX
PXF	- 0.62	FALAX
TNA	- 0.57	FALAX

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	0.57	(0.06)	0.00	(0.13)	0.00	0.00	1.01	(1.21)	3.28
FXR	0.89	0.05	0.07	0.11	0.94	(0.92)	2.19	(1.85)	5.33
FALAX	0.41	(0.01)	0.00	0.10	0.00	0.00	1.14	(1.36)	3.50
FXL	1.05	(0.05)	(0.02)	0.03	1.48	(0.99)	1.90	(2.77)	5.29
PXF	0.56	0.12	0.15	0.23	0.50	(0.65)	1.29	(1.16)	2.80
VSTCX	0.89	0.15	0.15	0.22	0.77	(1.01)	2.23	(1.62)	7.44
XSOE	0.66	0.06	0.05	0.16	0.64	(0.74)	1.40	(1.26)	3.81
TNA	2.75	0.03	0.06	0.08	3.26	(2.73)	5.37	(5.58)	12.97
IHDG	0.54	0.04	0.04	0.12	0.62	(0.61)	1.21	(1.16)	4.21
ASHR	0.68	0.06	0.02	0.23	0.72	(0.71)	1.25	(1.24)	2.83

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