First Trust Correlations

FYC Etf

USD 100.91 3.98 4.11%

The current 90-days correlation between First Trust Small and Vanguard European Stock is 0.61 (i.e., 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.

First Trust Correlation With Market

Almost no diversification

The correlation between First Trust Small and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Small 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 Small. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with First Etf

0.98	VBK	Vanguard Small Cap	Pair Corr
0.98	IWO	iShares Russell 2000	Pair Corr
0.96	IJT	iShares SP Small	Pair Corr
0.96	SLYG	SPDR SP 600	Pair Corr
0.87	PBW	Invesco WilderHill Clean	Pair Corr
0.99	JKK	iShares Morningstar	Pair Corr
0.98	VTWG	Vanguard Russell 2000	Pair Corr
0.97	VRTGX	Vanguard Russell 2000	Pair Corr
0.96	VIOG	Vanguard SP Small	Pair Corr
0.99	ISCG	iShares Morningstar	Pair Corr
0.77	MUU	Direxion Daily MU	Pair Corr
0.77	MULL	GraniteShares 2x Long	Pair Corr
0.78	AGQ	ProShares Ultra Silver	Pair Corr
0.87	JNUG	Direxion Daily Junior	Pair Corr
0.83	GDXU	MicroSectors Gold Miners	Pair Corr
0.72	KORU	Direxion Daily South	Pair Corr
0.86	NUGT	Direxion Daily Gold	Pair Corr
0.75	SHNY	Microsectors Gold	Pair Corr
0.89	SIL	Global X Silver	Pair Corr
0.85	SIVR	abrdn Physical Silver	Pair Corr
0.74	RDIV	Invesco SP Ultra	Pair Corr
0.87	BINC	BlackRock ETF Trust	Pair Corr
0.92	AHYB	American Century ETF	Pair Corr
0.73	MRK	Merck Company Aggressive Push	Pair Corr
0.89	BA	Boeing	Pair Corr
0.67	JNJ	Johnson Johnson	Pair Corr
0.79	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.78	CAT	Caterpillar	Pair Corr

Moving against First Etf

0.63	HPQ	HP Inc	Pair Corr
0.36	T	ATT Inc Aggressive Push	Pair Corr
0.35	MMM	3M Company	Pair Corr

Related Correlations Analysis

	VSGIX	VOT	VMGIX	VOE	MGK	VONG	SCHB	DIA	DFAC	VEUSX
VSGIX		0.42	0.42	0.87	0.14	0.13	0.93	0.91	0.93	0.86	VSGIX
VOT	0.42		1.0	0.0	0.86	0.87	0.5	0.26	0.23	0.04	VOT
VMGIX	0.42	1.0		-0.01	0.86	0.88	0.49	0.25	0.22	0.03	VMGIX
VOE	0.87	0.0	-0.01		-0.24	-0.25	0.83	0.94	0.96	0.97	VOE
MGK	0.14	0.86	0.86	-0.24		0.99	0.33	0.01	0.03	-0.16	MGK
VONG	0.13	0.87	0.88	-0.25	0.99		0.33	0.0	0.01	-0.18	VONG
SCHB	0.93	0.5	0.49	0.83	0.33	0.33		0.92	0.95	0.85	SCHB
DIA	0.91	0.26	0.25	0.94	0.01	0.0	0.92		0.98	0.94	DIA
DFAC	0.93	0.23	0.22	0.96	0.03	0.01	0.95	0.98		0.95	DFAC
VEUSX	0.86	0.04	0.03	0.97	-0.16	-0.18	0.85	0.94	0.95		VEUSX
	VSGIX	VOT	VMGIX	VOE	MGK	VONG	SCHB	DIA	DFAC	VEUSX

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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

VMGIX	+ 1.0	VOT
VONG	+ 0.99	MGK
DFAC	+ 0.98	DIA
VEUSX	+ 0.97	VOE
DFAC	+ 0.96	VOE
DFAC	+ 0.95	SCHB

High negative correlations

VONG	- 0.25	VOE
MGK	- 0.24	VOE
VEUSX	- 0.18	VONG
VEUSX	- 0.16	MGK
VOE	- 0.01	VMGIX
DIA	- 0.0	VONG

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
VSGIX	1.02	(0.03)	(0.01)	0.06	1.15	(1.16)	2.00	(1.88)	4.83
VOT	0.80	(0.18)	0.00	(0.09)	0.00	0.00	1.40	(1.92)	3.93
VMGIX	0.80	(0.18)	0.00	(0.09)	0.00	0.00	1.40	(1.89)	3.76
VOE	0.60	0.10	0.11	0.20	0.50	(0.65)	1.48	(1.19)	3.27
MGK	0.79	(0.18)	0.00	(0.15)	0.00	0.00	1.44	(1.98)	5.12
VONG	0.75	(0.17)	0.00	(0.13)	0.00	0.00	1.39	(1.78)	4.70
SCHB	0.60	(0.05)	(0.07)	0.02	0.82	(0.59)	1.14	(1.25)	3.50
DIA	0.64	0.01	0.01	0.09	0.67	(0.66)	1.27	(1.16)	3.18
DFAC	0.59	0.01	0.00	0.10	0.67	(0.61)	1.35	(1.32)	3.37
VEUSX	0.65	0.10	0.10	0.21	0.56	(0.74)	1.61	(1.31)	3.33

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