First Trust Correlations

QABA Etf

USD 61.28 1.26 2.10%

The current 90-days correlation between First Trust NASDAQ and First Trust Nasdaq is 0.2 (i.e., Modest 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 0.84 (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 Your Equity Center 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 bureau of labor statistics.

Moving together with First Etf

0.99	KRE	SPDR SP Regional Potential Growth	Pair Corr
0.96	KBE	SPDR SP Bank	Pair Corr
0.63	FXO	First Trust Financials	Pair Corr
0.95	IAT	iShares Regional Banks	Pair Corr
0.69	IXG	iShares Global Financials	Pair Corr
0.61	SIXD	AIM ETF Products	Pair Corr
0.78	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.66	ULE	ProShares Ultra Euro	Pair Corr
0.82	AVDS	Avantis International	Pair Corr
0.93	KNGZ	First Trust Exchange	Pair Corr
0.86	DFIC	Dimensional International	Pair Corr
0.85	DXJ	WisdomTree Japan Hedged	Pair Corr
0.93	FNK	First Trust Mid	Pair Corr
0.85	AVMC	American Century ETF	Pair Corr
0.7	UAUG	Innovator Equity Ultra	Pair Corr
0.7	DAUG	FT Cboe Vest	Pair Corr
0.84	RHRX	Starboard Investment	Pair Corr
0.85	ILOW	AB Active ETFs	Pair Corr
0.8	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.85	DIA	SPDR Dow Jones	Pair Corr
0.77	QTAP	Innovator Growth 100	Pair Corr
0.66	IGEB	iShares Edge Investment	Pair Corr
0.77	FEM	First Trust Emerging	Pair Corr
0.86	DISV	Dimensional ETF Trust	Pair Corr
0.73	LALT	Invesco Multi Strategy	Pair Corr
0.76	ERET	iShares Environmentally	Pair Corr
0.88	CFA	VictoryShares 500	Pair Corr

Moving against First Etf

0.6	PLTI	REX ETF Trust	Pair Corr
0.58	VIXY	ProShares VIX Short	Pair Corr
0.57	VXX	iPath Series B	Pair Corr
0.57	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	SPVU	SIXS	EJAN	FDLS	JPXN	FFND	COPY	RAYD	COLO	FTXN
SPVU		0.93	0.9	0.88	0.94	0.66	0.94	0.08	0.75	0.84	SPVU
SIXS	0.93		0.89	0.95	0.93	0.71	0.96	0.04	0.79	0.85	SIXS
EJAN	0.9	0.89		0.94	0.94	0.77	0.97	-0.06	0.93	0.89	EJAN
FDLS	0.88	0.95	0.94		0.91	0.84	0.97	-0.1	0.89	0.83	FDLS
JPXN	0.94	0.93	0.94	0.91		0.64	0.95	0.09	0.8	0.94	JPXN
FFND	0.66	0.71	0.77	0.84	0.64		0.79	-0.23	0.79	0.5	FFND
COPY	0.94	0.96	0.97	0.97	0.95	0.79		-0.05	0.89	0.89	COPY
RAYD	0.08	0.04	-0.06	-0.1	0.09	-0.23	-0.05		-0.21	0.12	RAYD
COLO	0.75	0.79	0.93	0.89	0.8	0.79	0.89	-0.21		0.79	COLO
FTXN	0.84	0.85	0.89	0.83	0.94	0.5	0.89	0.12	0.79		FTXN
	SPVU	SIXS	EJAN	FDLS	JPXN	FFND	COPY	RAYD	COLO	FTXN

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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

COPY	+ 0.97	EJAN
COPY	+ 0.97	FDLS
COPY	+ 0.96	SIXS
FDLS	+ 0.95	SIXS
COPY	+ 0.95	JPXN
JPXN	+ 0.94	SPVU

High negative correlations

RAYD	- 0.23	FFND
COLO	- 0.21	RAYD
RAYD	- 0.1	FDLS
RAYD	- 0.06	EJAN
RAYD	- 0.05	COPY

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
SPVU	0.64	0.17	0.09	(4.57)	0.51	(0.73)	1.67	(1.23)	3.44
SIXS	0.66	0.11	0.13	0.25	0.33	(0.79)	1.78	(0.88)	3.69
EJAN	0.23	0.06	(0.06)	0.34	0.00	(0.24)	0.70	(0.48)	1.81
FDLS	0.83	0.10	0.12	0.19	0.70	(0.96)	1.98	(1.30)	4.87
JPXN	0.75	0.20	0.21	0.37	0.44	(0.88)	2.22	(1.39)	5.18
FFND	0.58	(0.01)	(0.03)	0.09	0.66	(0.62)	1.20	(1.47)	3.61
COPY	0.65	0.19	0.22	0.32	0.37	(0.78)	1.49	(1.36)	3.70
RAYD	0.72	0.05	(0.08)	(0.11)	0.89	(0.83)	1.94	(1.15)	7.93
COLO	1.19	0.17	0.07	0.41	1.45	(1.16)	2.47	(2.43)	8.36
FTXN	1.14	0.25	0.15	0.76	1.01	(1.26)	2.72	(2.01)	5.39

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