First Trust Correlations

MDEV Etf

USD 20.78 0.17 0.82%

The current 90-days correlation between First Trust Exchange and Pacer BlueStar Engineering is 0.49 (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 Exchange Traded and DJI is 0.58 (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 Exchange Traded and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in First Trust Exchange Traded. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with First Etf

0.76	XLV	Health Care Select Aggressive Push	Pair Corr
0.8	VHT	Vanguard Health Care	Pair Corr
0.64	IBB	iShares Biotechnology ETF	Pair Corr
0.63	XBI	SPDR SP Biotech	Pair Corr
0.71	IXJ	iShares Global Healthcare	Pair Corr
0.79	IYH	iShares Healthcare ETF	Pair Corr
0.8	FHLC	Fidelity MSCI Health	Pair Corr
0.7	ARKG	ARK Genomic Revolution	Pair Corr
0.64	IHF	iShares Healthcare	Pair Corr
0.64	VBK	Vanguard Small Cap	Pair Corr
0.64	OASC	OneAscent Small Cap	Pair Corr

Moving against First Etf

0.43

ATT Inc Aggressive Push

Pair Corr

Related Correlations Analysis

	SPAM	EGLE	FGSI	KLXY	DESK	BWET	CPHY	XTR	WTID	BULD
SPAM		0.08	-0.18	-0.1	0.65	-0.62	-0.64	-0.2	0.46	-0.35	SPAM
EGLE	0.08		0.87	0.69	-0.09	0.03	0.59	0.85	0.05	0.57	EGLE
FGSI	-0.18	0.87		0.49	-0.29	0.43	0.83	0.93	-0.29	0.87	FGSI
KLXY	-0.1	0.69	0.49		-0.04	-0.12	0.38	0.5	0.2	0.14	KLXY
DESK	0.65	-0.09	-0.29	-0.04		-0.4	-0.48	-0.22	0.3	-0.3	DESK
BWET	-0.62	0.03	0.43	-0.12	-0.4		0.7	0.41	-0.73	0.73	BWET
CPHY	-0.64	0.59	0.83	0.38	-0.48	0.7		0.82	-0.5	0.86	CPHY
XTR	-0.2	0.85	0.93	0.5	-0.22	0.41	0.82		-0.31	0.8	XTR
WTID	0.46	0.05	-0.29	0.2	0.3	-0.73	-0.5	-0.31		-0.54	WTID
BULD	-0.35	0.57	0.87	0.14	-0.3	0.73	0.86	0.8	-0.54		BULD
	SPAM	EGLE	FGSI	KLXY	DESK	BWET	CPHY	XTR	WTID	BULD

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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

XTR	+ 0.93	FGSI
FGSI	+ 0.87	EGLE
BULD	+ 0.87	FGSI
BULD	+ 0.86	CPHY
XTR	+ 0.85	EGLE
CPHY	+ 0.83	FGSI

High negative correlations

WTID	- 0.73	BWET
CPHY	- 0.64	SPAM
BWET	- 0.62	SPAM
BULD	- 0.54	WTID
WTID	- 0.5	CPHY
CPHY	- 0.48	DESK

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
SPAM	1.15	(0.34)	0.00	(0.24)	0.00	0.00	1.52	(2.84)	5.56
EGLE	0.56	(0.09)	0.00	(0.03)	0.00	0.00	1.01	(1.37)	3.08
FGSI	0.60	(0.07)	(0.10)	0.00	0.76	(0.62)	1.19	(1.36)	2.96
KLXY	0.98	(0.06)	(0.04)	0.02	1.28	(0.96)	1.69	(2.47)	4.91
DESK	0.84	(0.10)	0.00	(0.10)	0.00	0.00	2.01	(1.53)	4.51
BWET	3.94	1.31	0.33	3.23	3.26	(4.92)	11.72	(5.17)	25.36
CPHY	0.11	0.01	(0.37)	0.17	0.00	(0.11)	0.27	(0.19)	0.89
XTR	0.53	(0.05)	(0.09)	0.01	0.74	(0.52)	1.03	(1.25)	3.33
WTID	9.43	0.14	0.00	(0.06)	13.02	(9.51)	24.86	(18.44)	68.75
BULD	1.52	(0.02)	0.03	0.07	1.61	(1.70)	3.56	(2.94)	7.66

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