First Trust Correlations

FXZ Etf

USD 71.87 2.37 3.19%

The current 90-days correlation between First Trust Materials and PIMCO RAFI Dynamic is 0.81 (i.e., Very poor 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 Materials and DJI is 0.89 (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 Materials 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 Materials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with First Etf

0.99	XLB	Materials Select Sector	Pair Corr
1.0	VAW	Vanguard Materials Index	Pair Corr
0.99	XME	SPDR SP Metals	Pair Corr
0.63	PHO	Invesco Water Resources	Pair Corr
0.97	MOO	VanEck Agribusiness ETF	Pair Corr
0.65	FIW	First Trust Water	Pair Corr
0.85	URNM	Sprott Uranium Miners	Pair Corr
1.0	IYM	iShares Basic Materials	Pair Corr
0.94	AGQ	ProShares Ultra Silver	Pair Corr
0.95	GDXU	MicroSectors Gold Miners	Pair Corr
0.96	JNUG	Direxion Daily Junior	Pair Corr
0.96	NUGT	Direxion Daily Gold	Pair Corr
0.98	DISV	Dimensional ETF Trust	Pair Corr
0.96	FNX	First Trust Mid	Pair Corr
0.96	TAXT	Northern Trust Tax	Pair Corr
0.94	FLXR	TCW ETF Trust	Pair Corr
0.76	HLAL	Wahed FTSE USA	Pair Corr
0.89	FMF	First Trust Managed	Pair Corr
0.82	FDRR	Fidelity Dividend ETF	Pair Corr
0.87	KORU	Direxion Daily South	Pair Corr

Moving against First Etf

0.78	EV	NEOS Investment Mana	Pair Corr
0.39	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.36	BTF	Valkyrie Bitcoin Strategy	Pair Corr
0.32	NVDL	GraniteShares 15x Long Aggressive Push	Pair Corr

Related Correlations Analysis

	FJP	FXG	FNK	QVMS	FXN	DBAW	FICS	EFAA	AVMC	MFUS
FJP		0.61	0.93	0.91	0.77	0.92	0.85	0.93	0.91	0.9	FJP
FXG	0.61		0.58	0.64	0.56	0.56	0.41	0.53	0.52	0.56	FXG
FNK	0.93	0.58		0.98	0.7	0.9	0.91	0.94	0.96	0.96	FNK
QVMS	0.91	0.64	0.98		0.69	0.88	0.87	0.92	0.94	0.94	QVMS
FXN	0.77	0.56	0.7	0.69		0.72	0.62	0.73	0.73	0.73	FXN
DBAW	0.92	0.56	0.9	0.88	0.72		0.88	0.97	0.94	0.95	DBAW
FICS	0.85	0.41	0.91	0.87	0.62	0.88		0.96	0.93	0.93	FICS
EFAA	0.93	0.53	0.94	0.92	0.73	0.97	0.96		0.96	0.96	EFAA
AVMC	0.91	0.52	0.96	0.94	0.73	0.94	0.93	0.96		0.99	AVMC
MFUS	0.9	0.56	0.96	0.94	0.73	0.95	0.93	0.96	0.99		MFUS
	FJP	FXG	FNK	QVMS	FXN	DBAW	FICS	EFAA	AVMC	MFUS

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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
FJP	0.67	0.13	0.09	0.81	0.77	(0.71)	1.85	(1.37)	4.38
FXG	0.63	0.03	(0.02)	0.19	0.70	(0.72)	1.35	(1.11)	3.17
FNK	0.71	0.08	0.06	0.29	0.64	(0.91)	2.17	(1.20)	4.13
QVMS	0.81	0.07	0.03	0.26	0.84	(0.96)	2.11	(1.57)	4.91
FXN	1.07	0.20	0.12	0.67	1.09	(1.09)	2.61	(1.84)	6.12
DBAW	0.49	0.08	0.08	0.16	0.52	(0.53)	1.10	(1.16)	3.25
FICS	0.52	0.03	0.01	0.11	0.48	(0.57)	1.13	(1.05)	3.17
EFAA	0.44	0.07	0.08	0.18	0.40	(0.48)	0.95	(0.79)	2.80
AVMC	0.65	0.03	0.04	0.09	0.68	(0.68)	1.69	(1.40)	3.59
MFUS	0.52	0.03	0.02	0.09	0.58	(0.54)	1.08	(1.14)	2.85

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