First Trust Correlations

Etfs . USA . 
Etf . First Trust Exchange Traded
DJAN Etf  USD 40.18  0.06  0.15%   
The current 90-days correlation between First Trust Exchange and Innovator ETFs Trust is 0.86 (i.e., Very poor 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 Exchange Traded moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Almost no diversification

The correlation between First Trust Exchange Traded and DJI is 0.96 (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 Exchange Traded and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with First Etf
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust Exchange Traded. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with First Etf

  0.94INOV Innovator ETFs TrustPairCorr
  1.0BUFR First Trust CboePairCorr
  1.0BUFD FT Cboe VestPairCorr
  1.0PSEP Innovator SP 500PairCorr
  1.0PJAN Innovator SP 500PairCorr
  1.0PJUL Innovator SP 500PairCorr
  1.0PAUG Innovator Equity PowerPairCorr
  1.0DNOV FT Cboe VestPairCorr
  0.99PMAY Innovator SP 500PairCorr
  1.0PJUN Innovator SP 500PairCorr
  0.72AMPD Tidal ETF ServicesPairCorr
  0.99ITDD iShares TrustPairCorr
  0.92SPCY STKd 100 percentPairCorr
  0.94BA Boeing Buyout TrendPairCorr
  0.97GE GE AerospacePairCorr
  0.66HD Home DepotPairCorr
  0.98CAT CaterpillarPairCorr
  0.63WMT WalmartPairCorr
  0.64PFE Pfizer IncPairCorr
  0.98BAC Bank of America Aggressive PushPairCorr
  0.96CSCO Cisco Systems Aggressive PushPairCorr
  0.63AA Alcoa CorpPairCorr
  0.77TRV The Travelers CompaniesPairCorr
  0.98AXP American ExpressPairCorr
  0.98JPM JPMorgan ChasePairCorr
  0.64T ATT IncPairCorr

Moving against First Etf

  0.31MCD McDonaldsPairCorr

Related Correlations Analysis

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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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
INOV  0.50  0.05  0.02  0.15  0.79 
(0.51)
 0.94 
(1.09)
 5.12 
BUFR  0.73  0.03  0.02  0.09  1.09 
(0.74)
 1.46 
(1.50)
 6.89 
BUFD  0.61  0.03  0.01  0.10  0.87 
(0.65)
 1.22 
(1.41)
 5.86 
PSEP  0.62  0.03  0.02  0.10  0.93 
(0.66)
 1.06 
(1.10)
 7.32 
PJAN  0.61  0.03  0.01  0.09  0.96 
(0.58)
 1.18 
(1.45)
 7.09 
PJUL  0.73  0.06  0.04  0.14  1.01 
(0.73)
 1.21 
(1.30)
 7.42 
PAUG  0.67  0.04  0.02  0.11  1.08 
(0.65)
 1.30 
(1.23)
 7.80 
DNOV  0.58  0.04  0.01  0.11  0.89 
(0.57)
 1.07 
(1.17)
 6.45 
PMAY  0.67  0.02  0.01  0.08  1.22 
(0.64)
 1.58 
(2.04)
 8.79 
PJUN  0.68  0.04  0.02  0.11  1.03 
(0.67)
 1.34 
(1.39)
 7.01 

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