First Trust Correlations

HYLS Etf

USD 41.45 0.01 0.02%

The current 90-days correlation between First Trust Tactical and iShares Industrials ETF is 0.54 (i.e., Very weak 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

Poor diversification

The correlation between First Trust Tactical and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Tactical 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 Tactical. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with First Etf

0.88	HYG	iShares iBoxx High Sell-off Trend	Pair Corr
0.88	USHY	iShares Broad USD	Pair Corr
0.88	JNK	SPDR Bloomberg High Sell-off Trend	Pair Corr
0.91	SHYG	iShares 0 5 Sell-off Trend	Pair Corr
0.88	HYLB	Xtrackers USD High Sell-off Trend	Pair Corr
0.91	SJNK	SPDR Bloomberg Short Sell-off Trend	Pair Corr
0.81	ANGL	VanEck Fallen Angel Sell-off Trend	Pair Corr
0.8	FALN	iShares Fallen Angels	Pair Corr
0.86	HYDW	Xtrackers Low Beta	Pair Corr
0.65	MUU	Direxion Daily MU	Pair Corr
0.65	MULL	GraniteShares 2x Long	Pair Corr
0.76	GDXU	MicroSectors Gold Miners	Pair Corr
0.79	JNUG	Direxion Daily Junior	Pair Corr
0.76	NUGT	Direxion Daily Gold	Pair Corr
0.76	AGQ	ProShares Ultra Silver	Pair Corr
0.62	SHNY	Microsectors Gold	Pair Corr
0.61	EWT	iShares MSCI Taiwan	Pair Corr
0.83	PFF	iShares Preferred	Pair Corr
0.9	PSFD	Pacer Swan SOS	Pair Corr
0.84	PFFA	Virtus InfraCap Preferred	Pair Corr
0.73	JEPI	JPMorgan Equity Premium	Pair Corr
0.75	IRTR	iShares Trust	Pair Corr
0.68	NBCE	Neuberger Berman ETF	Pair Corr
0.78	IQSZ	Invesco Actively Managed	Pair Corr
0.89	XYLD	Global X SP	Pair Corr
0.64	PCEM	Litman Gregory Funds	Pair Corr
0.65	FIDU	Fidelity MSCI Industrials	Pair Corr
0.7	SPVM	Invesco SP 500	Pair Corr
0.63	IAUM	iShares Gold Trust	Pair Corr
0.89	SIXJ	AIM ETF Products	Pair Corr

Moving against First Etf

0.48

XLU

Utilities Select Sector Aggressive Push

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.38	-0.43	0.41	0.14	-0.49	-0.08	0.34	0.45	0.41	META
MSFT	-0.38		0.81	-0.55	-0.68	0.73	0.83	0.07	-0.86	-0.91	MSFT
UBER	-0.43	0.81		-0.49	-0.53	0.8	0.58	-0.08	-0.8	-0.76	UBER
F	0.41	-0.55	-0.49		0.14	-0.45	-0.28	0.28	0.7	0.62	F
T	0.14	-0.68	-0.53	0.14		-0.44	-0.77	-0.14	0.45	0.6	T
A	-0.49	0.73	0.8	-0.45	-0.44		0.52	-0.02	-0.66	-0.79	A
CRM	-0.08	0.83	0.58	-0.28	-0.77	0.52		0.44	-0.61	-0.82	CRM
JPM	0.34	0.07	-0.08	0.28	-0.14	-0.02	0.44		0.21	-0.09	JPM
MRK	0.45	-0.86	-0.8	0.7	0.45	-0.66	-0.61	0.21		0.84	MRK
XOM	0.41	-0.91	-0.76	0.62	0.6	-0.79	-0.82	-0.09	0.84		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

XOM	+ 0.84	MRK
CRM	+ 0.83	MSFT
UBER	+ 0.81	MSFT
A	+ 0.8	UBER
A	+ 0.73	MSFT
MRK	+ 0.7	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.86	MSFT
XOM	- 0.82	CRM
MRK	- 0.8	UBER
XOM	- 0.79	A
CRM	- 0.77	T

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	1.50	0.02	0.00	0.07	1.52	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.38)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.51	(0.44)	0.00	(0.83)	0.00	0.00	2.41	(3.82)	11.09
F	1.21	0.07	0.05	0.13	1.18	(1.44)	3.34	(2.30)	7.16
T	1.00	0.21	0.17	6.48	0.77	(1.18)	3.87	(1.54)	5.31
A	1.25	(0.33)	0.00	(0.22)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.71	(0.45)	0.00	(0.42)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.27	(0.10)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.78	1.00	(1.59)	2.93	(1.98)	8.74
XOM	1.25	0.32	0.20	1.60	1.14	(1.43)	2.68	(2.12)	6.83

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