First Trust Correlations

NXTG Etf

USD 117.55 0.56 0.48%

The current 90-days correlation between First Trust NASDAQ and SPDR MSCI EAFE is 0.82 (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

Very poor diversification

The correlation between First Trust NASDAQ and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust NASDAQ 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 NASDAQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with First Etf

0.96	SMH	VanEck Semiconductor ETF	Pair Corr
0.97	SOXX	iShares Semiconductor ETF	Pair Corr
0.67	AGQ	ProShares Ultra Silver	Pair Corr
0.71	USD	ProShares Ultra Semi	Pair Corr
0.83	JNUG	Direxion Daily Junior	Pair Corr
0.83	NUGT	Direxion Daily Gold	Pair Corr
0.69	GGLL	Direxion Daily GOOGL	Pair Corr
0.85	RDIV	Invesco SP Ultra	Pair Corr
0.85	AHYB	American Century ETF	Pair Corr
0.89	BINC	BlackRock ETF Trust	Pair Corr
0.87	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.86	BA	Boeing	Pair Corr
0.86	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.77	HD	Home Depot	Pair Corr
0.83	INTC	Intel	Pair Corr
0.94	DD	Dupont De Nemours	Pair Corr
0.75	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.77	JNJ	Johnson Johnson Sell-off Trend	Pair Corr

Moving against First Etf

0.57	CIBR	First Trust NASDAQ	Pair Corr
0.54	FNGO	MicroSectors FANG Index	Pair Corr
0.5	IGV	iShares Expanded Tech	Pair Corr
0.45	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.43	FDN	First Trust Dow Potential Growth	Pair Corr

Related Correlations Analysis

	ESPO	GVIP	GMAR	BITQ	CFO	EMQQ	CAOS	DJUL	DFVX	EFAX
ESPO		-0.31	-0.33	0.67	-0.39	0.84	-0.49	-0.26	-0.38	-0.43	ESPO
GVIP	-0.31		0.8	0.35	0.77	-0.08	0.34	0.85	0.8	0.79	GVIP
GMAR	-0.33	0.8		0.15	0.95	-0.17	0.21	0.98	0.97	0.95	GMAR
BITQ	0.67	0.35	0.15		0.12	0.63	-0.08	0.25	0.13	0.07	BITQ
CFO	-0.39	0.77	0.95	0.12		-0.24	0.39	0.94	0.99	0.97	CFO
EMQQ	0.84	-0.08	-0.17	0.63	-0.24		-0.41	-0.1	-0.22	-0.24	EMQQ
CAOS	-0.49	0.34	0.21	-0.08	0.39	-0.41		0.19	0.37	0.44	CAOS
DJUL	-0.26	0.85	0.98	0.25	0.94	-0.1	0.19		0.95	0.93	DJUL
DFVX	-0.38	0.8	0.97	0.13	0.99	-0.22	0.37	0.95		0.97	DFVX
EFAX	-0.43	0.79	0.95	0.07	0.97	-0.24	0.44	0.93	0.97		EFAX
	ESPO	GVIP	GMAR	BITQ	CFO	EMQQ	CAOS	DJUL	DFVX	EFAX

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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

DFVX	+ 0.99	CFO
DJUL	+ 0.98	GMAR
DFVX	+ 0.97	GMAR
EFAX	+ 0.97	CFO
EFAX	+ 0.97	DFVX
CFO	+ 0.95	GMAR

High negative correlations

CAOS	- 0.49	ESPO
EFAX	- 0.43	ESPO
CAOS	- 0.41	EMQQ
CFO	- 0.39	ESPO
DFVX	- 0.38	ESPO
GMAR	- 0.33	ESPO

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
ESPO	0.87	(0.27)	0.00	(0.34)	0.00	0.00	1.72	(2.04)	6.43
GVIP	0.90	(0.05)	(0.04)	0.03	1.25	(0.90)	1.87	(1.78)	5.89
GMAR	0.13	0.01	(0.30)	0.13	0.00	(0.14)	0.30	(0.34)	0.89
BITQ	3.36	(0.42)	0.00	(0.10)	0.00	0.00	7.21	(6.45)	21.38
CFO	0.53	0.04	0.03	0.13	0.47	(0.60)	1.40	(1.11)	3.15
EMQQ	0.89	(0.23)	0.00	(0.22)	0.00	0.00	1.77	(1.93)	5.45
CAOS	0.07	(0.01)	0.00	(0.71)	0.00	0.00	0.17	(0.18)	0.45
DJUL	0.22	0.00	(0.20)	0.07	0.21	(0.24)	0.55	(0.53)	1.61
DFVX	0.53	0.04	0.03	0.14	0.53	(0.57)	1.18	(0.96)	3.04
EFAX	0.60	0.09	0.09	0.21	0.61	(0.65)	1.36	(1.25)	2.94

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