First Trust Correlations

SHRY Etf

43.40 0.00 0.00%

The current 90-days correlation between First Trust Bloomberg and Managed Portfolio Series is 0.63 (i.e., 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. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Almost no diversification

The correlation between First Trust Bloomberg and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Bloomberg and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in First Trust Bloomberg. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with First Etf

0.92	VTV	Vanguard Value Index	Pair Corr
0.89	VYM	Vanguard High Dividend	Pair Corr
0.91	IWD	iShares Russell 1000	Pair Corr
0.87	DGRO	iShares Core Dividend	Pair Corr
0.87	IVE	iShares SP 500	Pair Corr
0.93	SPYV	SPDR Portfolio SP	Pair Corr
0.93	IUSV	iShares Core SP	Pair Corr
0.86	NOBL	ProShares SP 500	Pair Corr
0.92	FNDX	Schwab Fundamental Large Sell-off Trend	Pair Corr
0.89	VLUE	iShares MSCI USA Low Volatility	Pair Corr
0.75	MUU	Direxion Daily MU	Pair Corr
0.75	MULL	GraniteShares 2x Long	Pair Corr
0.79	GDXU	MicroSectors Gold Miners	Pair Corr
0.79	AGQ	ProShares Ultra Silver	Pair Corr
0.81	JNUG	Direxion Daily Junior	Pair Corr
0.73	KORU	Direxion Daily South	Pair Corr
0.8	NUGT	Direxion Daily Gold	Pair Corr
0.73	SHNY	Microsectors Gold	Pair Corr
0.78	GDMN	WisdomTree Efficient Gold	Pair Corr
0.84	SLVR	Sprott Silver Miners	Pair Corr
0.82	FLXR	TCW ETF Trust	Pair Corr
0.85	AA	Alcoa Corp	Pair Corr
0.87	BA	Boeing Sell-off Trend	Pair Corr
0.71	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.66	INTC	Intel Aggressive Push	Pair Corr
0.61	DD	Dupont De Nemours	Pair Corr
0.67	JNJ	Johnson Johnson Sell-off Trend	Pair Corr

Moving against First Etf

0.74	T	ATT Inc Earnings Call This Week	Pair Corr
0.55	HPQ	HP Inc	Pair Corr
0.33	MMM	3M Company	Pair Corr

Related Correlations Analysis

	DFVE	TOKE	SCAP	FTXG	LTL	JCHI	RNEM	RAYJ	OVS	LST
DFVE		0.58	0.96	0.6	0.66	0.13	0.82	0.51	0.99	0.98	DFVE
TOKE	0.58		0.53	0.18	0.62	0.03	0.29	0.2	0.56	0.55	TOKE
SCAP	0.96	0.53		0.56	0.57	-0.03	0.79	0.45	0.95	0.95	SCAP
FTXG	0.6	0.18	0.56		0.14	-0.1	0.61	0.42	0.6	0.56	FTXG
LTL	0.66	0.62	0.57	0.14		0.16	0.39	0.15	0.65	0.66	LTL
JCHI	0.13	0.03	-0.03	-0.1	0.16		0.29	0.54	0.13	0.19	JCHI
RNEM	0.82	0.29	0.79	0.61	0.39	0.29		0.6	0.76	0.88	RNEM
RAYJ	0.51	0.2	0.45	0.42	0.15	0.54	0.6		0.5	0.53	RAYJ
OVS	0.99	0.56	0.95	0.6	0.65	0.13	0.76	0.5		0.96	OVS
LST	0.98	0.55	0.95	0.56	0.66	0.19	0.88	0.53	0.96		LST
	DFVE	TOKE	SCAP	FTXG	LTL	JCHI	RNEM	RAYJ	OVS	LST

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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

OVS	+ 0.99	DFVE
LST	+ 0.98	DFVE
SCAP	+ 0.96	DFVE
LST	+ 0.96	OVS
OVS	+ 0.95	SCAP
LST	+ 0.95	SCAP

High negative correlations

JCHI	- 0.1	FTXG
JCHI	- 0.03	SCAP

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
DFVE	0.61	0.03	0.03	0.08	0.64	(0.67)	1.69	(1.32)	3.68
TOKE	2.00	(0.04)	0.00	0.36	0.00	0.00	5.71	(3.35)	29.19
SCAP	0.76	0.08	0.08	0.14	0.75	(0.91)	1.50	(1.63)	3.82
FTXG	0.66	0.03	(0.01)	0.23	0.78	(0.71)	1.57	(1.12)	3.57
LTL	1.22	0.00	(0.02)	0.06	1.42	(1.33)	2.34	(2.52)	6.50
JCHI	0.67	(0.04)	0.00	(0.03)	0.00	0.00	1.22	(1.31)	4.16
RNEM	0.45	0.04	0.02	0.20	0.38	(0.50)	0.93	(0.69)	2.04
RAYJ	1.10	0.08	0.02	0.53	1.48	(1.02)	2.60	(2.20)	7.83
OVS	0.93	0.01	0.03	0.06	1.12	(1.03)	2.09	(2.29)	5.78
LST	0.64	0.06	0.06	0.11	0.65	(0.73)	1.33	(1.11)	3.66

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