First Trust Correlations

MISL Etf

USD 32.08 0.23 0.71%

The current 90-days correlation between First Trust Indxx and Gabelli ETFs Trust is 0.9 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Indxx moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Indxx and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Indxx and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with First Etf

0.85	XLI	Industrial Select Sector	Pair Corr
0.9	ITA	iShares Aerospace Defense	Pair Corr
0.83	VIS	Vanguard Industrials	Pair Corr
0.7	JETS	US Global Jets	Pair Corr
0.77	FXR	First Trust Industri	Pair Corr
0.93	PPA	Invesco Aerospace Defense	Pair Corr
0.81	IYJ	iShares Industrials ETF	Pair Corr
0.73	IYT	iShares Transportation Low Volatility	Pair Corr
0.84	FIDU	Fidelity MSCI Industrials	Pair Corr
0.72	NVDL	GraniteShares 15x Long	Pair Corr
0.72	NVDX	T Rex 2X	Pair Corr
0.72	NVDU	Direxion Daily NVDA	Pair Corr
0.63	CRPT	First Trust SkyBridge	Pair Corr
0.66	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.82	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.73	DIVG	Invesco Exchange Traded	Pair Corr
0.83	DIVB	iShares Dividend	Pair Corr
0.73	HD	Home Depot	Pair Corr
0.79	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.64	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.73	HPQ	HP Inc	Pair Corr
0.74	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.73	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.61	MCD	McDonalds Fiscal Year End 3rd of February 2025	Pair Corr

Moving against First Etf

0.55	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.47	PG	Procter Gamble	Pair Corr
0.44	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	GCAD	MDEV	EIPX	MBCC	ILDR
GCAD		-0.14	0.85	0.86	0.85	GCAD
MDEV	-0.14		-0.29	0.05	-0.16	MDEV
EIPX	0.85	-0.29		0.79	0.83	EIPX
MBCC	0.86	0.05	0.79		0.92	MBCC
ILDR	0.85	-0.16	0.83	0.92		ILDR
	GCAD	MDEV	EIPX	MBCC	ILDR

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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

ILDR	+ 0.92	MBCC
MBCC	+ 0.86	GCAD
EIPX	+ 0.85	GCAD
ILDR	+ 0.85	GCAD
ILDR	+ 0.83	EIPX
MBCC	+ 0.79	EIPX

High negative correlations

EIPX	- 0.29	MDEV
ILDR	- 0.16	MDEV
MDEV	- 0.14	GCAD

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
GCAD	0.75	(0.04)	(0.03)	0.08	0.92	(0.78)	1.67	(1.81)	6.97
MDEV	0.58	(0.08)	0.00	(0.03)	0.00	0.00	1.32	(1.04)	2.88
EIPX	0.62	0.06	0.00	0.24	0.74	(0.62)	1.26	(1.40)	3.26
MBCC	0.53	(0.01)	(0.06)	0.11	0.60	(0.54)	1.12	(1.07)	3.36
ILDR	0.89	0.01	0.02	0.12	1.20	(0.97)	1.91	(2.61)	5.75

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