First Trust Correlations

GRID Etf

USD 176.82 2.71 1.56%

The current 90-days correlation between First Trust NASDAQ and Pacer Trendpilot Large is 0.74 (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

Poor diversification

The correlation between First Trust NASDAQ and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust NASDAQ and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in First Trust NASDAQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with First Etf

0.97	PAVE	Global X Infrastructure	Pair Corr
0.97	IGF	iShares Global Infra	Pair Corr
0.95	NFRA	FlexShares STOXX Global	Pair Corr
0.96	IFRA	iShares Infrastructure	Pair Corr
0.97	GII	SPDR SP Global	Pair Corr
0.95	TOLZ	ProShares DJ Brookfield	Pair Corr
0.76	SIMS	SPDR SP Kensho	Pair Corr
0.81	INFR	ClearBridge Sustainable	Pair Corr
0.82	BLLD	JPMorgan	Pair Corr
0.76	XKII	SPDR Kensho Intelligent	Pair Corr
0.73	ITWO	Proshares Russell 2000	Pair Corr
0.74	AMPD	Tidal ETF Services	Pair Corr
0.74	ELON	Battleshares TSLA	Pair Corr
0.78	CPST	Calamos ETF Trust	Pair Corr
0.86	CVMC	Morgan Stanley ETF	Pair Corr
0.95	RHRX	Starboard Investment	Pair Corr
0.93	ILOW	AB Active ETFs	Pair Corr
0.9	DFE	WisdomTree Europe	Pair Corr
0.94	DXJ	WisdomTree Japan Hedged	Pair Corr
0.94	VDC	Vanguard Consumer Staples	Pair Corr
0.69	PAUG	Innovator Equity Power	Pair Corr
0.81	HCMAX	THE HILLMAN FUND	Pair Corr
0.84	AHYB	American Century ETF	Pair Corr
0.78	DIA	SPDR Dow Jones	Pair Corr
0.64	GOCT	FT Cboe Vest	Pair Corr
0.87	USO	United States Oil	Pair Corr
0.87	IYR	iShares Real Estate	Pair Corr
0.89	FNK	First Trust Mid	Pair Corr
0.77	RSST	Return Stacked Stocks	Pair Corr
0.94	AVDS	Avantis International	Pair Corr
0.74	DOO	BRP Inc Symbol Change	Pair Corr
0.9	KNGZ	First Trust Exchange	Pair Corr
0.97	DFIV	Dimensional International Sell-off Trend	Pair Corr
0.75	URA	Global X Uranium	Pair Corr
0.93	DES	WisdomTree SmallCap	Pair Corr
0.96	PID	Invesco International	Pair Corr
0.93	IOCT	Innovator ETFs Trust	Pair Corr
0.69	UAUG	Innovator Equity Ultra	Pair Corr

Moving against First Etf

0.71	MPAY	Exchange Traded Concepts	Pair Corr
0.55	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	EMLP	SKYY	EAGL	USCA	FIXD	HELO	NLR	EWC	CGDG	PTLC
EMLP		-0.9	-0.05	-0.44	0.86	0.38	0.62	0.64	0.83	0.24	EMLP
SKYY	-0.9		0.11	0.59	-0.69	-0.23	-0.54	-0.51	-0.73	-0.08	SKYY
EAGL	-0.05	0.11		0.71	0.07	0.7	0.58	0.64	0.46	0.79	EAGL
USCA	-0.44	0.59	0.71		-0.19	0.62	0.17	0.28	-0.01	0.75	USCA
FIXD	0.86	-0.69	0.07	-0.19		0.52	0.49	0.69	0.79	0.37	FIXD
HELO	0.38	-0.23	0.7	0.62	0.52		0.68	0.87	0.72	0.97	HELO
NLR	0.62	-0.54	0.58	0.17	0.49	0.68		0.8	0.78	0.68	NLR
EWC	0.64	-0.51	0.64	0.28	0.69	0.87	0.8		0.9	0.8	EWC
CGDG	0.83	-0.73	0.46	-0.01	0.79	0.72	0.78	0.9		0.62	CGDG
PTLC	0.24	-0.08	0.79	0.75	0.37	0.97	0.68	0.8	0.62		PTLC
	EMLP	SKYY	EAGL	USCA	FIXD	HELO	NLR	EWC	CGDG	PTLC

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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

PTLC	+ 0.97	HELO
CGDG	+ 0.9	EWC
EWC	+ 0.87	HELO
FIXD	+ 0.86	EMLP
CGDG	+ 0.83	EMLP
EWC	+ 0.8	NLR

High negative correlations

SKYY	- 0.9	EMLP
CGDG	- 0.73	SKYY
FIXD	- 0.69	SKYY
NLR	- 0.54	SKYY
EWC	- 0.51	SKYY
USCA	- 0.44	EMLP

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
EMLP	0.52	0.17	0.20	1.77	0.27	(0.60)	0.99	(0.87)	3.01
SKYY	1.35	(0.37)	0.00	(0.24)	0.00	0.00	2.52	(3.48)	7.14
EAGL	0.67	0.04	(0.03)	(2.50)	0.77	(0.68)	1.29	(1.26)	3.97
USCA	0.58	(0.07)	0.00	(0.03)	0.00	0.00	0.98	(1.47)	3.56
FIXD	0.17	0.02	(0.19)	0.76	0.00	(0.20)	0.38	(0.30)	0.84
HELO	0.36	0.00	(0.06)	0.06	0.43	(0.38)	0.78	(0.74)	2.59
NLR	2.28	0.21	0.07	0.21	2.77	(2.26)	4.84	(5.39)	13.50
EWC	0.68	0.15	0.10	0.28	0.98	(0.70)	1.35	(1.40)	5.37
CGDG	0.53	0.12	0.06	(0.75)	0.53	(0.57)	0.90	(0.97)	3.15
PTLC	0.54	(0.02)	(0.04)	0.04	0.73	(0.53)	0.98	(1.31)	3.55

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