First Trust Correlations
| RNDM Etf | USD 50.35 0.00 0.00% |
The current 90-days correlation between First Trust and First Trust Emerging is -0.09 (i.e., Good 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 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 and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust and DJI in the same portfolio, assuming nothing else is changed.
First |
Moving against First Etf
| 0.43 | WTID | UBS ETRACS | PairCorr |
| 0.4 | DFAX | Dimensional World | PairCorr |
| 0.39 | ESGD | iShares ESG Aware | PairCorr |
| 0.38 | IEFA | iShares Core MSCI | PairCorr |
| 0.38 | EFA | iShares MSCI EAFE Aggressive Push | PairCorr |
| 0.36 | VEU | Vanguard FTSE All | PairCorr |
| 0.34 | IXUS | iShares Core MSCI | PairCorr |
| 0.32 | SPDW | SPDR SP World | PairCorr |
| 0.31 | VEA | Vanguard FTSE Developed | PairCorr |
| 0.31 | IDEV | iShares Core MSCI | PairCorr |
| 0.31 | JIRE | JP Morgan Exchange | PairCorr |
| 0.48 | IBM | International Business Earnings Call This Week | PairCorr |
| 0.43 | PFE | Pfizer Inc Earnings Call This Week | PairCorr |
Related Correlations Analysis
| -0.67 | -0.59 | -0.77 | 0.67 | RNEM | ||
| -0.67 | 0.69 | 0.79 | -0.7 | RNLC | ||
| -0.59 | 0.69 | 0.66 | -0.52 | RNMC | ||
| -0.77 | 0.79 | 0.66 | -0.65 | RNSC | ||
| 0.67 | -0.7 | -0.52 | -0.65 | RNDV | ||
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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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| RNEM | 0.57 | (0.11) | 0.00 | (0.35) | 0.00 | 1.22 | 3.51 | |||
| RNLC | 0.69 | 0.10 | 0.11 | 0.56 | 0.65 | 1.31 | 2.80 | |||
| RNMC | 0.78 | 0.13 | 0.13 | 0.91 | 0.73 | 1.65 | 4.52 | |||
| RNSC | 0.93 | 0.11 | 0.08 | (8.67) | 0.84 | 1.94 | 7.78 | |||
| RNDV | 0.55 | (0.06) | 0.00 | (0.12) | 0.00 | 1.09 | 4.36 |
First Trust Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with First Trust etf to make a market-neutral strategy. Peer analysis of First Trust could also be used in its relative valuation, which is a method of valuing First Trust by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |