First Trust Correlations

Etfs . USA . 
Etf . First Trust Dorsey
IFV Etf  USD 19.63  0.01  0.05%   
The current 90-days correlation between First Trust Dorsey and First Trust Dorsey is 0.52 (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

Very weak diversification

The correlation between First Trust Dorsey and DJI is 0.5 (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 Dorsey and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in First Trust Dorsey. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with First Etf

  0.98VEA Vanguard FTSE DevelopedPairCorr
  0.98IEFA iShares Core MSCIPairCorr
  0.88VEU Vanguard FTSE AllPairCorr
  0.97EFA iShares MSCI EAFEPairCorr
  0.89IXUS iShares Core MSCIPairCorr
  0.98SPDW SPDR SP WorldPairCorr
  0.98IDEV iShares Core MSCIPairCorr
  0.98ESGD iShares ESG AwarePairCorr
  0.96JIRE JP Morgan ExchangePairCorr
  0.88DFAX Dimensional WorldPairCorr
  0.85KO Coca Cola Aggressive PushPairCorr
  0.63JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.79MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.7MMM 3M Company Fiscal Year End 28th of January 2025 PairCorr

Moving against First Etf

  0.73YCS ProShares UltraShort YenPairCorr
  0.7TBT ProShares UltraShort Downward RallyPairCorr
  0.7ATMP Barclays ETN SelectPairCorr
  0.65SGG Barclays CapitalPairCorr
  0.53AMZA InfraCap MLP ETFPairCorr
  0.48DIG ProShares Ultra OilPairCorr
  0.43MLPR ETRACS Quarterly PayPairCorr
  0.34USD ProShares Ultra SemiPairCorr
  0.76JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.66DIS Walt Disney Aggressive PushPairCorr
  0.66WMT Walmart Aggressive PushPairCorr
  0.63TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.58CSCO Cisco Systems Aggressive PushPairCorr
  0.31INTC Intel Fiscal Year End 23rd of January 2025 PairCorr

Related Correlations Analysis

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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.

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