First Trust Correlations

GRID Etf

USD 164.87 2.04 1.22%

The current 90-days correlation between First Trust NASDAQ and Pacer Trendpilot Large is 0.79 (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 0.7 (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 employment.

Moving together with First Etf

0.79	PAVE	Global X Infrastructure	Pair Corr
0.72	IGF	iShares Global Infra	Pair Corr
0.81	NFRA	FlexShares STOXX Global	Pair Corr
0.79	IFRA	iShares Infrastructure	Pair Corr
0.72	GII	SPDR SP Global	Pair Corr
0.64	SIMS	SPDR SP Kensho	Pair Corr
0.64	XKII	SPDR Kensho Intelligent	Pair Corr
0.71	CPST	Calamos ETF Trust	Pair Corr
0.64	ELON	Battleshares TSLA	Pair Corr
0.83	ITDD	iShares Trust	Pair Corr
0.79	SCZ	iShares MSCI EAFE	Pair Corr
0.71	DXIV	Dimensional ETF Trust	Pair Corr
0.73	APRB	Aptus April Buffer	Pair Corr
0.68	FIVA	Fidelity International	Pair Corr
0.7	QWLD	SPDR MSCI World	Pair Corr
0.67	BRZU	Direxion Daily MSCI	Pair Corr
0.78	HAWX	iShares Currency Hedged	Pair Corr
0.83	OEFA	ALPS ETF Trust Symbol Change	Pair Corr
0.7	RCGE	RockCreek Global Equality	Pair Corr
0.62	VALQ	American Century STOXX	Pair Corr
0.71	DDLS	WisdomTree Dynamic	Pair Corr

Moving against First Etf

0.44

MPAY

Exchange Traded Concepts

Pair Corr

Related Correlations Analysis

	EMLP	SKYY	EAGL	USCA	FIXD	HELO	NLR	EWC	CGDG	PTLC
EMLP		-0.73	0.35	0.02	0.54	0.42	0.46	0.57	0.65	0.36	EMLP
SKYY	-0.73		-0.26	0.32	-0.44	-0.27	-0.02	-0.55	-0.52	-0.04	SKYY
EAGL	0.35	-0.26		0.75	0.65	0.89	0.56	0.87	0.9	0.9	EAGL
USCA	0.02	0.32	0.75		0.47	0.79	0.47	0.53	0.59	0.92	USCA
FIXD	0.54	-0.44	0.65	0.47		0.73	0.21	0.71	0.73	0.64	FIXD
HELO	0.42	-0.27	0.89	0.79	0.73		0.42	0.91	0.9	0.94	HELO
NLR	0.46	-0.02	0.56	0.47	0.21	0.42		0.39	0.53	0.61	NLR
EWC	0.57	-0.55	0.87	0.53	0.71	0.91	0.39		0.93	0.78	EWC
CGDG	0.65	-0.52	0.9	0.59	0.73	0.9	0.53	0.93		0.85	CGDG
PTLC	0.36	-0.04	0.9	0.92	0.64	0.94	0.61	0.78	0.85		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	+ 0.94	HELO
CGDG	+ 0.93	EWC
PTLC	+ 0.92	USCA
EWC	+ 0.91	HELO
CGDG	+ 0.9	EAGL
PTLC	+ 0.9	EAGL

High negative correlations

SKYY	- 0.73	EMLP
EWC	- 0.55	SKYY
CGDG	- 0.52	SKYY
FIXD	- 0.44	SKYY
HELO	- 0.27	SKYY
EAGL	- 0.26	SKYY

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	0.48	0.07	0.08	0.33	0.43	(0.50)	0.92	(0.87)	2.04
SKYY	1.14	(0.28)	0.00	(0.27)	0.00	0.00	2.19	(3.15)	6.59
EAGL	0.66	(0.03)	(0.04)	0.00	0.81	(0.69)	1.29	(1.49)	3.96
USCA	0.56	(0.05)	0.00	(0.03)	0.00	0.00	0.98	(1.38)	3.89
FIXD	0.17	(0.01)	(0.20)	(0.07)	0.19	(0.19)	0.30	(0.36)	0.82
HELO	0.33	0.01	(0.02)	0.05	0.44	(0.32)	0.78	(0.79)	2.59
NLR	2.23	0.04	0.02	0.06	2.95	(2.21)	4.84	(4.94)	10.96
EWC	0.70	0.08	0.06	0.14	1.07	(0.66)	1.24	(1.40)	3.72
CGDG	0.52	0.02	0.02	0.07	0.57	(0.56)	0.90	(0.99)	3.15
PTLC	0.52	(0.02)	(0.03)	0.01	0.78	(0.50)	0.98	(1.17)	3.58

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