First Trust Correlations

UIND Etf

36.34 0.16 0.44%

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

Very poor diversification

The correlation between First Trust Equity and DJI is 0.85 (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 Equity and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to First Trust could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace First Trust when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back First Trust - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling First Trust Equity to buy it.

Moving together with First Etf

0.84	VWRD	Vanguard FTSE All	Pair Corr
0.84	VWRA	Vanguard FTSE All	Pair Corr
0.94	X7PP	Source STOXX Europe	Pair Corr
0.82	OIHV	VanEck Oil Services	Pair Corr
0.81	ALUM	WisdomTree Aluminium	Pair Corr
0.81	H50E	HSBC EURO STOXX	Pair Corr
0.79	MAGG	BlackRock ESG Multi	Pair Corr
0.78	ISDU	iShares MSCI USA	Pair Corr
0.69	URNJ	Sprott Junior Uranium	Pair Corr
0.85	PIMT	WisdomTree Industrial	Pair Corr
0.94	MIST	PIMCO Dollar Short	Pair Corr
0.94	X7PS	Source STOXX Europe	Pair Corr
0.73	AEME	Amundi Index Solutions	Pair Corr

Moving against First Etf

0.62	3LVP	GraniteShares 3x Long	Pair Corr
0.61	3NVD	Leverage Shares 3x	Pair Corr
0.58	3LNV	GraniteShares 3x Long	Pair Corr
0.55	NVD3	Leverage Shares 3x	Pair Corr
0.54	PAL3	GraniteShares 3x Long	Pair Corr
0.54	3PLT	Leverage Shares 3x	Pair Corr
0.49	NVD2	Leverage Shares 2x	Pair Corr

Related Correlations Analysis

	FEXD	CAPS	QCLN	FEUZ	FCBR	FXGB	FVD	FGRD
FEXD		0.8	0.82	0.84	-0.46	0.6	0.75	0.43	FEXD
CAPS	0.8		0.61	0.64	-0.37	0.5	0.69	0.35	CAPS
QCLN	0.82	0.61		0.73	-0.32	0.49	0.55	0.77	QCLN
FEUZ	0.84	0.64	0.73		-0.77	0.71	0.9	0.33	FEUZ
FCBR	-0.46	-0.37	-0.32	-0.77		-0.71	-0.83	0.09	FCBR
FXGB	0.6	0.5	0.49	0.71	-0.71		0.69	0.22	FXGB
FVD	0.75	0.69	0.55	0.9	-0.83	0.69		0.13	FVD
FGRD	0.43	0.35	0.77	0.33	0.09	0.22	0.13		FGRD
	FEXD	CAPS	QCLN	FEUZ	FCBR	FXGB	FVD	FGRD

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

FVD	+ 0.9	FEUZ
FEUZ	+ 0.84	FEXD
QCLN	+ 0.82	FEXD
CAPS	+ 0.8	FEXD
FGRD	+ 0.77	QCLN
FVD	+ 0.75	FEXD

High negative correlations

FVD	- 0.83	FCBR
FCBR	- 0.77	FEUZ
FXGB	- 0.71	FCBR
FCBR	- 0.46	FEXD
FCBR	- 0.37	CAPS
FCBR	- 0.32	QCLN

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
FEXD	0.53	(0.01)	(0.04)	0.02	0.71	(0.53)	1.18	(1.26)	3.21
CAPS	0.44	(0.01)	(0.07)	(0.09)	0.60	(0.43)	0.98	(0.90)	2.79
QCLN	1.80	0.05	0.02	0.11	2.10	(1.95)	3.52	(2.86)	10.69
FEUZ	0.51	0.08	0.09	0.25	0.56	(0.55)	0.97	(0.97)	3.56
FCBR	0.89	(0.27)	0.00	(0.81)	0.00	0.00	2.03	(2.30)	6.79
FXGB	0.43	0.04	(0.01)	(0.25)	0.47	(0.44)	0.88	(0.86)	2.26
FVD	0.42	0.04	0.03	0.20	0.47	(0.46)	1.23	(0.83)	2.84
FGRD	0.83	(0.01)	(0.03)	0.01	1.08	(0.84)	1.58	(1.80)	4.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in First Trust without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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