First Trust Correlations

Etfs . USA . 
Etf . First Trust North
EMLP Etf  USD 39.70  0.18  0.46%   
The current 90-days correlation between First Trust North and iShares Home Construction is 0.39 (i.e., 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

Weak diversification

The correlation between First Trust North and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust North 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 North. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with First Etf

  0.86MLPA Global X MLPPairCorr
  0.87MLPX Global X MLPPairCorr
  0.91TPYP Tortoise Capital SeriesPairCorr
  0.88AMZA InfraCap MLP ETFPairCorr
  0.85MLPB UBS AG LondonPairCorr
  0.83ATMP Barclays ETN SelectPairCorr
  0.76ENFR Alerian Energy InfraPairCorr
  0.84AMUB UBS AG LondonPairCorr
  0.66AGQ ProShares Ultra Silver TrendingPairCorr
  0.69GDXU MicroSectors Gold Miners TrendingPairCorr
  0.65JNUG Direxion Daily JuniorPairCorr
  0.68NUGT Direxion Daily GoldPairCorr
  0.62LIT Global X LithiumPairCorr
  0.68SGOL abrdn Physical GoldPairCorr
  0.7JNJ Johnson JohnsonPairCorr
  0.64CVX Chevron Corp Earnings Call This WeekPairCorr
  0.75KO Coca Cola Aggressive PushPairCorr

Moving against First Etf

  0.53FNGO MicroSectors FANG IndexPairCorr
  0.46NVDL GraniteShares 15x LongPairCorr
  0.44FBL GraniteShares 15x LongPairCorr
  0.37GBTC Grayscale Bitcoin TrustPairCorr
  0.33BULZ MicroSectors Solactive Potential GrowthPairCorr
  0.65MSFT Microsoft Earnings Call TomorrowPairCorr

Related Correlations Analysis


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
GRID  0.79 (0.01)(0.01) 0.06  1.12 
(0.72)
 1.69 
(1.92)
 4.11 
EAGL  0.64  0.06  0.01  0.28  0.69 
(0.70)
 1.40 
(1.34)
 3.96 
AAXJ  0.70  0.09  0.04  0.41  0.64 
(0.81)
 1.38 
(1.34)
 4.33 
FIXD  0.17 (0.01)(0.35)(0.04) 0.19 
(0.18)
 0.30 
(0.36)
 0.82 
GNR  0.77  0.24  0.25  0.45  0.52 
(0.91)
 1.71 
(1.33)
 3.56 
IMTM  0.55  0.10  0.11  0.22  0.47 
(0.58)
 1.26 
(1.05)
 2.80 
EWC  0.64  0.12  0.11  0.23  0.67 
(0.67)
 1.24 
(1.30)
 3.72 
LVHI  0.40  0.10  0.12  0.30  0.14 
(0.47)
 1.07 
(0.61)
 2.85 
CGDG  0.51  0.05 (0.02) 0.46  0.54 
(0.56)
 0.90 
(0.99)
 3.15 
ITB  1.21 (0.11)(0.06)(0.01) 1.31 
(1.54)
 4.22 
(2.23)
 8.51 

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