First Trust Correlations

FYX Etf

USD 114.11 0.97 0.86%

The current 90-days correlation between First Trust Small and First Trust Health is 0.69 (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. 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 Small and DJI is 0.82 (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 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 unemployment.

Moving together with First Etf

0.95	VB	Vanguard Small Cap	Pair Corr
0.98	IJR	iShares Core SP	Pair Corr
0.93	IWM	iShares Russell 2000	Pair Corr
0.92	VRTIX	Vanguard Russell 2000	Pair Corr
0.93	VTWO	Vanguard Russell 2000	Pair Corr
0.98	FNDA	Schwab Fundamental Small	Pair Corr
0.98	SPSM	SPDR Portfolio SP	Pair Corr
0.99	DFAS	Dimensional Small Cap	Pair Corr
0.98	VIOO	Vanguard SP Small	Pair Corr
0.96	PRFZ	Invesco FTSE RAFI	Pair Corr
0.71	UPRO	ProShares UltraPro SP500	Pair Corr
0.83	QTJA	Innovator ETFs Trust	Pair Corr
0.81	QTOC	Innovator ETFs Trust	Pair Corr
0.89	XTOC	Innovator ETFs Trust	Pair Corr
0.88	QTAP	Innovator Growth 100	Pair Corr
0.82	XTJA	Innovator ETFs Trust	Pair Corr
0.88	XTAP	Innovator Equity Acc	Pair Corr
0.66	JPM	JPMorgan Chase	Pair Corr
0.7	MCD	McDonalds	Pair Corr
0.77	BAC	Bank of America	Pair Corr
0.83	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.63	MRK	Merck Company	Pair Corr
0.71	AXP	American Express	Pair Corr
0.82	AA	Alcoa Corp	Pair Corr

Moving against First Etf

0.52	T	ATT Inc	Pair Corr
0.43	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	FXH	FTA	FNX	TOUS	FYC	FDT	AVIV	EIPI	ONEY	VTWV
FXH		0.79	0.55	0.58	0.58	0.65	0.65	0.69	0.72	0.68	FXH
FTA	0.79		0.75	0.89	0.76	0.9	0.94	0.62	0.93	0.88	FTA
FNX	0.55	0.75		0.77	0.87	0.61	0.67	0.1	0.89	0.94	FNX
TOUS	0.58	0.89	0.77		0.78	0.91	0.95	0.41	0.87	0.82	TOUS
FYC	0.58	0.76	0.87	0.78		0.77	0.77	0.21	0.8	0.93	FYC
FDT	0.65	0.9	0.61	0.91	0.77		0.97	0.61	0.77	0.77	FDT
AVIV	0.65	0.94	0.67	0.95	0.77	0.97		0.56	0.83	0.81	AVIV
EIPI	0.69	0.62	0.1	0.41	0.21	0.61	0.56		0.42	0.31	EIPI
ONEY	0.72	0.93	0.89	0.87	0.8	0.77	0.83	0.42		0.93	ONEY
VTWV	0.68	0.88	0.94	0.82	0.93	0.77	0.81	0.31	0.93		VTWV
	FXH	FTA	FNX	TOUS	FYC	FDT	AVIV	EIPI	ONEY	VTWV

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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
FXH	0.70	0.01	0.01	0.07	0.78	(0.75)	1.88	(1.30)	4.18
FTA	0.59	0.02	0.01	0.08	0.66	(0.63)	1.16	(1.07)	3.31
FNX	0.84	(0.04)	(0.02)	0.02	1.04	(0.85)	1.79	(1.69)	4.13
TOUS	0.57	0.03	0.03	0.09	0.63	(0.62)	1.13	(1.18)	2.78
FYC	1.17	0.02	0.03	0.07	1.35	(1.28)	2.34	(2.27)	6.10
FDT	0.65	0.07	0.05	0.14	0.87	(0.59)	1.22	(1.61)	3.39
AVIV	0.54	0.07	0.08	0.15	0.55	(0.59)	1.26	(1.08)	2.93
EIPI	0.48	0.02	(0.03)	0.12	0.52	(0.53)	1.06	(1.02)	2.81
ONEY	0.59	(0.02)	(0.03)	0.04	0.72	(0.58)	1.22	(1.15)	3.27
VTWV	0.87	(0.02)	0.00	0.04	1.02	(0.99)	2.02	(1.90)	4.51

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