First Trust Correlations

QCLN Etf

USD 33.62 0.65 1.97%

The current 90-days correlation between First Trust NASDAQ and Freedom Day Dividend is 0.51 (i.e., Very weak 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

Average diversification

The correlation between First Trust NASDAQ and DJI is 0.19 (i.e., Average 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.

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 economic analysis.

Moving against First Etf

0.37	BITI	ProShares Trust	Pair Corr
0.34	MSOS	AdvisorShares Pure	Pair Corr
0.4	GE	GE Aerospace	Pair Corr
0.39	JNJ	Johnson Johnson	Pair Corr
0.33	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr
0.32	INTC	Intel	Pair Corr

Related Correlations Analysis

	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI
MBOX		0.15	0.03	-0.13	0.34	0.97	0.69	0.91	0.38	MBOX
DIEM	0.15		0.86	0.0	-0.48	0.21	0.54	0.28	0.71	DIEM
MCHI	0.03	0.86		0.16	-0.5	0.13	0.5	0.17	0.68	MCHI
DIPS	-0.13	0.0	0.16		-0.18	-0.05	0.18	0.0	0.22	DIPS
DISO	0.34	-0.48	-0.5	-0.18		0.26	-0.3	0.1	-0.36	DISO
DIVB	0.97	0.21	0.13	-0.05	0.26		0.78	0.95	0.45	DIVB
DIVD	0.69	0.54	0.5	0.18	-0.3	0.78		0.8	0.82	DIVD
DIVG	0.91	0.28	0.17	0.0	0.1	0.95	0.8		0.41	DIVG
DIVI	0.38	0.71	0.68	0.22	-0.36	0.45	0.82	0.41		DIVI
	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI

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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

DIVB	+ 0.97	MBOX
DIVG	+ 0.95	DIVB
DIVG	+ 0.91	MBOX
MCHI	+ 0.86	DIEM
DIVI	+ 0.82	DIVD
DIVG	+ 0.8	DIVD

High negative correlations

DISO	- 0.5	MCHI
DISO	- 0.48	DIEM
DIVI	- 0.36	DISO
DIVD	- 0.3	DISO
DISO	- 0.18	DIPS
DIPS	- 0.13	MBOX

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
MBOX	0.62	0.00	(0.05)	0.10	0.75	(0.67)	1.27	(1.03)	5.51
DIEM	0.63	(0.06)	0.00	(0.10)	0.00	0.00	1.34	(1.81)	5.07
MCHI	1.29	(0.01)	(0.03)	0.07	1.76	(1.29)	2.45	(2.72)	12.27
DIPS	1.77	0.04	(0.03)	0.00	2.67	(1.63)	2.53	(3.53)	23.85
DISO	0.80	0.19	0.13	1.21	0.57	(0.96)	1.51	(1.24)	6.23
DIVB	0.59	0.00	(0.08)	0.09	0.66	(0.66)	1.11	(0.76)	5.73
DIVD	0.52	(0.03)	(0.14)	(0.02)	0.67	(0.56)	0.89	(0.98)	3.36
DIVG	0.58	(0.04)	(0.13)	(0.03)	0.75	(0.57)	1.12	(1.12)	4.36
DIVI	0.57	(0.02)	(0.10)	0.03	0.78	(0.63)	1.34	(1.46)	3.80

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