First Trust Correlations

QCLN Etf

USD 50.54 0.77 1.55%

The current 90-days correlation between First Trust NASDAQ and Northern Lights is 0.79 (i.e., Poor 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 NASDAQ moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

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 industry.

Moving together with First Etf

0.81	ICLN	iShares Global Clean	Pair Corr
0.93	XT	iShares Exponential	Pair Corr
0.85	TAN	Invesco Solar ETF	Pair Corr
0.85	BOTZ	Global X Robotics	Pair Corr
0.97	DRIV	Global X Autonomous	Pair Corr
0.72	ACES	ALPS Clean Energy	Pair Corr
0.89	WSML	iShares MSCI World	Pair Corr
0.65	PULS	PGIM Ultra Short	Pair Corr
0.75	CPSR	Calamos SP 500	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.74	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.86	BA	Boeing	Pair Corr

Moving against First Etf

0.61	SWIN	Alps Symbol Change	Pair Corr
0.57	MPAY	Exchange Traded Concepts	Pair Corr
0.36	JEM	707 Cayman Holdings	Pair Corr
0.5	HPQ	HP Inc	Pair Corr
0.43	MSFT	Microsoft Earnings Call Today	Pair Corr
0.39	TRV	The Travelers Companies Sell-off Trend	Pair Corr
0.35	VZ	Verizon Communications Earnings Call This Week	Pair Corr
0.31	MMM	3M Company	Pair Corr

Related Correlations Analysis

	HEGD	GXC	JUST	OSEA	SGDM	PBW	PSFF	ROUS	EQL	PTL
HEGD		0.37	0.95	0.81	0.53	0.61	0.75	0.8	0.73	0.85	HEGD
GXC	0.37		0.38	0.55	0.19	0.75	0.28	0.37	0.38	0.44	GXC
JUST	0.95	0.38		0.88	0.69	0.69	0.87	0.91	0.86	0.87	JUST
OSEA	0.81	0.55	0.88		0.52	0.73	0.74	0.8	0.8	0.78	OSEA
SGDM	0.53	0.19	0.69	0.52		0.6	0.85	0.87	0.89	0.65	SGDM
PBW	0.61	0.75	0.69	0.73	0.6		0.7	0.77	0.75	0.77	PBW
PSFF	0.75	0.28	0.87	0.74	0.85	0.7		0.91	0.89	0.76	PSFF
ROUS	0.8	0.37	0.91	0.8	0.87	0.77	0.91		0.97	0.9	ROUS
EQL	0.73	0.38	0.86	0.8	0.89	0.75	0.89	0.97		0.84	EQL
PTL	0.85	0.44	0.87	0.78	0.65	0.77	0.76	0.9	0.84		PTL
	HEGD	GXC	JUST	OSEA	SGDM	PBW	PSFF	ROUS	EQL	PTL

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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
HEGD	0.32	0.00	(0.07)	0.08	0.38	(0.33)	0.68	(0.86)	2.09
GXC	0.79	0.02	(0.04)	0.14	0.82	(0.88)	1.69	(1.37)	4.74
JUST	0.56	0.01	0.00	0.08	0.72	(0.56)	1.15	(1.07)	3.74
OSEA	0.60	(0.02)	(0.05)	0.04	0.80	(0.61)	1.09	(1.35)	3.57
SGDM	1.76	0.59	0.27	0.95	1.69	(2.12)	4.65	(3.85)	11.03
PBW	2.10	0.09	0.02	0.31	2.53	(2.16)	4.17	(4.45)	11.08
PSFF	0.23	0.02	(0.15)	0.38	0.15	(0.27)	0.56	(0.37)	1.53
ROUS	0.57	0.03	0.02	0.10	0.61	(0.58)	1.25	(1.34)	2.72
EQL	0.46	0.02	(0.01)	0.10	0.51	(0.46)	0.92	(0.86)	2.73
PTL	0.75	0.00	0.00	0.07	0.99	(0.76)	1.27	(1.79)	5.13

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