First Trust Correlations

SHRY Etf

44.75 0.15 0.34%

The current 90-days correlation between First Trust Bloomberg and Managed Portfolio Series is 0.53 (i.e., Very weak 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 real.

Moving together with First Etf

0.98	VTV	Vanguard Value Index	Pair Corr
0.97	VYM	Vanguard High Dividend	Pair Corr
0.97	IWD	iShares Russell 1000	Pair Corr
0.98	DGRO	iShares Core Dividend	Pair Corr
0.97	IVE	iShares SP 500	Pair Corr
0.97	SPYV	SPDR Portfolio SP	Pair Corr
0.97	IUSV	iShares Core SP	Pair Corr
0.96	NOBL	ProShares SP 500	Pair Corr
0.97	FNDX	Schwab Fundamental Large	Pair Corr
0.97	VLUE	iShares MSCI USA	Pair Corr
0.78	XTOC	Innovator ETFs Trust	Pair Corr
0.89	QTAP	Innovator Growth 100	Pair Corr
0.78	XTJA	Innovator ETFs Trust	Pair Corr
0.91	XTAP	Innovator Equity Acc	Pair Corr
0.92	EWT	iShares MSCI Taiwan	Pair Corr
0.94	ESML	iShares ESG Aware	Pair Corr
0.97	REGL	ProShares SP MidCap	Pair Corr
0.84	GDXY	YieldMax Gold Miners	Pair Corr
0.8	FB	ProShares Trust ProShares	Pair Corr
0.92	CHPS	Xtrackers Semiconductor	Pair Corr
0.69	WEBS	Direxion Daily Dow	Pair Corr
0.96	BMVP	Invesco Bloomberg MVP	Pair Corr
0.98	JEPI	JPMorgan Equity Premium	Pair Corr
0.92	STXE	EA Series Trust	Pair Corr
0.97	FNDC	Schwab Fundamental	Pair Corr
0.83	WDNA	WisdomTree BioRevolution	Pair Corr
0.96	LVHI	Franklin International	Pair Corr
0.84	JANW	AIM ETF Products	Pair Corr
0.97	FIDU	Fidelity MSCI Industrials	Pair Corr
0.98	WLDR	Affinity World Leaders	Pair Corr
0.76	DBA	Invesco DB Agriculture	Pair Corr
0.97	NULV	Nuveen ESG Large	Pair Corr
0.94	FPXE	First Trust IPOX	Pair Corr
0.93	PCEM	Litman Gregory Funds	Pair Corr
0.84	SIXJ	AIM ETF Products	Pair Corr

Related Correlations Analysis

	DFVE	TOKE	SCAP	FTXG	LTL	JCHI	RNEM	RAYJ	OVS	LST
DFVE		0.33	0.98	0.78	0.43	0.66	0.89	0.85	0.99	0.99	DFVE
TOKE	0.33		0.41	-0.06	0.55	0.09	0.07	-0.01	0.34	0.32	TOKE
SCAP	0.98	0.41		0.65	0.48	0.69	0.83	0.77	0.98	0.97	SCAP
FTXG	0.78	-0.06	0.65		-0.03	0.37	0.83	0.89	0.74	0.75	FTXG
LTL	0.43	0.55	0.48	-0.03		0.32	0.21	0.04	0.46	0.45	LTL
JCHI	0.66	0.09	0.69	0.37	0.32		0.74	0.6	0.65	0.71	JCHI
RNEM	0.89	0.07	0.83	0.83	0.21	0.74		0.9	0.86	0.92	RNEM
RAYJ	0.85	-0.01	0.77	0.89	0.04	0.6	0.9		0.82	0.84	RAYJ
OVS	0.99	0.34	0.98	0.74	0.46	0.65	0.86	0.82		0.98	OVS
LST	0.99	0.32	0.97	0.75	0.45	0.71	0.92	0.84	0.98		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	+ 0.99	DFVE
SCAP	+ 0.98	DFVE
OVS	+ 0.98	SCAP
LST	+ 0.98	OVS
LST	+ 0.97	SCAP

High negative correlations

FTXG	- 0.06	TOKE
LTL	- 0.03	FTXG
RAYJ	- 0.01	TOKE

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	0.64	0.08	0.11	0.16	0.52	(0.76)	1.83	(1.32)	4.01
TOKE	1.83	0.17	0.04	(1.00)	1.98	(2.32)	4.28	(3.16)	29.19
SCAP	0.77	0.08	0.09	0.15	0.79	(0.91)	1.73	(1.77)	4.94
FTXG	0.67	0.13	0.09	0.93	0.58	(0.77)	1.36	(1.12)	4.42
LTL	1.23	0.06	0.04	0.14	1.32	(1.44)	2.80	(2.52)	8.94
JCHI	0.67	(0.05)	0.00	(0.02)	0.00	0.00	1.22	(1.38)	4.63
RNEM	0.49	0.05	0.01	0.20	0.41	(0.54)	0.93	(0.75)	2.76
RAYJ	1.17	0.09	0.06	0.16	1.35	(1.18)	2.83	(2.20)	7.83
OVS	0.91	0.11	0.13	0.15	0.82	(1.15)	2.91	(2.02)	5.88
LST	0.71	0.09	0.09	0.17	0.74	(0.81)	1.34	(1.26)	4.73

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