First Trust Correlations

HISF Etf

USD 45.19 0.04 0.09%

The current 90-days correlation between First Trust High and Yieldmax XOM Option is 0.09 (i.e., Significant 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

Very weak diversification

The correlation between First Trust High and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust High 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 High. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with First Etf

0.71	AXSIX	Axonic Strategic Income	Pair Corr
0.74	AXSAX	Axonic Strategic Income	Pair Corr
0.82	SMCRX	ALPSSmith Credit Opp	Pair Corr
0.81	SMCVX	ALPSSmith Credit Opp	Pair Corr
0.81	SMCAX	DEUTSCHE MID CAP	Pair Corr
0.83	SMCCX	DEUTSCHE MID CAP	Pair Corr
0.95	JPIE	JP Morgan Exchange	Pair Corr
0.92	AFIF	Anfield Universal Fixed	Pair Corr
0.98	MUSI	American Century Mul	Pair Corr
0.91	SIO	Touchstone Strategic	Pair Corr
0.86	CPST	Calamos ETF Trust	Pair Corr
0.82	ITDD	iShares Trust	Pair Corr
0.79	DD	Dupont De Nemours	Pair Corr
0.64	BA	Boeing Earnings Call This Week	Pair Corr
0.69	MRK	Merck Company	Pair Corr
0.66	JNJ	Johnson Johnson	Pair Corr

Moving against First Etf

0.57	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.39	IBM	International Business Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.31	0.05	0.07	0.04	-0.23	0.46	0.09	-0.06	-0.17	META
MSFT	0.31		0.78	-0.44	0.52	0.08	0.35	-0.25	-0.84	-0.74	MSFT
UBER	0.05	0.78		-0.42	0.42	0.25	0.01	-0.39	-0.8	-0.51	UBER
F	0.07	-0.44	-0.42		-0.56	-0.16	0.24	0.42	0.56	0.5	F
T	0.04	0.52	0.42	-0.56		0.39	-0.19	-0.41	-0.49	-0.64	T
A	-0.23	0.08	0.25	-0.16	0.39		-0.36	-0.03	-0.12	-0.25	A
CRM	0.46	0.35	0.01	0.24	-0.19	-0.36		0.54	-0.09	-0.33	CRM
JPM	0.09	-0.25	-0.39	0.42	-0.41	-0.03	0.54		0.48	0.17	JPM
MRK	-0.06	-0.84	-0.8	0.56	-0.49	-0.12	-0.09	0.48		0.74	MRK
XOM	-0.17	-0.74	-0.51	0.5	-0.64	-0.25	-0.33	0.17	0.74		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.78	MSFT
XOM	+ 0.74	MRK
MRK	+ 0.56	F
JPM	+ 0.54	CRM
T	+ 0.52	MSFT
XOM	+ 0.5	F

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.74	MSFT
XOM	- 0.64	T
T	- 0.56	F
XOM	- 0.51	UBER

First Trust Competition 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
META	1.46	(0.22)	0.00	(0.53)	0.00	0.00	3.16	(2.67)	11.42
MSFT	1.04	(0.18)	0.00	(0.50)	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.24)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.19	0.07	(0.01)	(0.39)	1.30	(1.39)	2.53	(2.35)	7.16
T	0.87	(0.16)	0.00	(0.39)	0.00	0.00	1.53	(1.85)	4.30
A	1.22	(0.11)	0.00	0.69	0.00	0.00	2.90	(2.58)	7.85
CRM	1.51	(0.23)	0.00	(0.13)	0.00	0.00	3.22	(3.10)	12.37
JPM	1.13	(0.11)	0.00	(0.01)	0.00	0.00	2.00	(3.11)	7.38
MRK	1.24	0.31	0.21	0.48	1.09	(1.53)	3.59	(1.98)	8.09
XOM	1.07	0.28	0.18	4.20	0.95	(1.22)	2.38	(1.51)	5.82

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