First Trust Correlations

MMSC Etf

USD 25.54 0.32 1.27%

The current 90-days correlation between First Trust Multi and Morgan Stanley ETF is 0.81 (i.e., Very poor 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

Poor diversification

The correlation between First Trust Multi Manager and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Multi Manager 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 Multi Manager. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with First Etf

0.97	VBK	Vanguard Small Cap	Pair Corr
0.97	IWO	iShares Russell 2000	Pair Corr
0.86	IJT	iShares SP Small	Pair Corr
0.86	SLYG	SPDR SP 600	Pair Corr
0.72	PBW	Invesco WilderHill Clean	Pair Corr
0.81	JKK	iShares Morningstar	Pair Corr
0.97	VTWG	Vanguard Russell 2000	Pair Corr
0.97	VRTGX	Vanguard Russell 2000	Pair Corr
0.86	VIOG	Vanguard SP Small	Pair Corr
0.81	ISCG	iShares Morningstar	Pair Corr
0.85	WSML	iShares MSCI World	Pair Corr
0.62	CPSR	Calamos SP 500	Pair Corr
0.64	INOV	Innovator ETFs Trust	Pair Corr
0.78	RSSE	First Trust Exchange	Pair Corr
0.68	ITA	iShares Aerospace Defense Low Volatility	Pair Corr
0.79	SPY	SPDR SP 500 Sell-off Trend	Pair Corr
0.65	INTC	Intel Aggressive Push	Pair Corr

Moving against First Etf

0.41	SWIN	Alps Symbol Change	Pair Corr
0.46	T	ATT Inc	Pair Corr
0.46	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	CDEI	GK	MART	IWMW	JMID	LFEQ	ROKT	BTR	MFUL	MCSE
CDEI		-0.1	0.93	0.41	0.13	0.93	0.61	0.76	0.27	-0.02	CDEI
GK	-0.1		-0.06	0.64	0.67	0.19	0.19	0.17	0.82	0.66	GK
MART	0.93	-0.06		0.47	0.25	0.92	0.8	0.89	0.39	0.16	MART
IWMW	0.41	0.64	0.47		0.68	0.62	0.59	0.58	0.89	0.55	IWMW
JMID	0.13	0.67	0.25	0.68		0.47	0.48	0.6	0.78	0.86	JMID
LFEQ	0.93	0.19	0.92	0.62	0.47		0.71	0.87	0.55	0.3	LFEQ
ROKT	0.61	0.19	0.8	0.59	0.48	0.71		0.83	0.57	0.44	ROKT
BTR	0.76	0.17	0.89	0.58	0.6	0.87	0.83		0.59	0.51	BTR
MFUL	0.27	0.82	0.39	0.89	0.78	0.55	0.57	0.59		0.75	MFUL
MCSE	-0.02	0.66	0.16	0.55	0.86	0.3	0.44	0.51	0.75		MCSE
	CDEI	GK	MART	IWMW	JMID	LFEQ	ROKT	BTR	MFUL	MCSE

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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

MART	+ 0.93	CDEI
LFEQ	+ 0.93	CDEI
LFEQ	+ 0.92	MART
BTR	+ 0.89	MART
MFUL	+ 0.89	IWMW
BTR	+ 0.87	LFEQ

High negative correlations

GK	- 0.1	CDEI
MART	- 0.06	GK
MCSE	- 0.02	CDEI

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
CDEI	0.57	0.00	(0.02)	0.07	0.76	(0.59)	1.19	(1.19)	3.21
GK	0.83	(0.04)	0.00	(0.09)	0.00	0.00	1.59	(2.18)	5.15
MART	0.27	0.01	(0.08)	0.09	0.34	(0.27)	0.58	(0.55)	1.75
IWMW	0.56	0.02	(0.04)	0.21	0.91	(0.53)	1.21	(1.91)	4.84
JMID	0.82	(0.10)	0.00	(0.02)	0.00	0.00	1.50	(1.90)	4.23
LFEQ	0.58	(0.03)	(0.04)	0.04	0.78	(0.56)	1.19	(1.23)	3.32
ROKT	1.53	0.12	0.10	0.14	1.54	(1.73)	3.41	(2.53)	6.96
BTR	0.56	(0.03)	(0.06)	0.04	0.65	(0.62)	0.96	(0.93)	2.66
MFUL	0.19	(0.01)	(0.29)	(0.08)	0.24	(0.21)	0.37	(0.37)	1.20
MCSE	0.77	(0.14)	0.00	(0.07)	0.00	0.00	1.26	(1.71)	3.58

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