First Trust Correlations

FTXR Etf

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The current 90-days correlation between First Trust Nasdaq and Direxion Daily Retail is 0.72 (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

Poor diversification

The correlation between First Trust Nasdaq and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Nasdaq 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 Nasdaq. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in banks.

Moving together with First Etf

0.77	XLI	Industrial Select Sector	Pair Corr
0.74	ITA	iShares Aerospace Defense	Pair Corr
0.82	VIS	Vanguard Industrials	Pair Corr
0.71	PPA	Invesco Aerospace Defense	Pair Corr
0.77	IYJ	iShares Industrials ETF	Pair Corr
0.77	IYT	iShares Transportation	Pair Corr
0.8	FIDU	Fidelity MSCI Industrials	Pair Corr
0.87	JANT	AIM ETF Products	Pair Corr
0.79	ARB	AltShares Trust	Pair Corr
0.84	GLBL	Pacer Funds Trust	Pair Corr
0.63	PWRD	TCW Transform Systems Symbol Change	Pair Corr
0.72	HHH	Howard Hughes Holdings	Pair Corr
0.82	FLOW	Global X Funds	Pair Corr
0.76	VGT	Vanguard Information	Pair Corr
0.87	IJR	iShares Core SP	Pair Corr
0.73	RVNU	Xtrackers Municipal	Pair Corr
0.84	SECT	Main Sector Rotation	Pair Corr
0.8	IGRO	iShares International	Pair Corr
0.73	AIBU	Direxion Shares ETF	Pair Corr
0.78	HMOP	Hartford Municipal	Pair Corr
0.79	IVW	iShares SP 500	Pair Corr
0.77	XCEM	Columbia EM Core	Pair Corr
0.81	FTSL	First Trust Senior	Pair Corr
0.77	QGRD	Horizon Nasdaq 100	Pair Corr
0.86	YFYA	Listed Funds Trust	Pair Corr
0.62	SGDJ	Sprott Junior Gold	Pair Corr

Moving against First Etf

0.41

DRVN

Driven Brands Holdings

Pair Corr

Related Correlations Analysis

	RETL	FTXG	FSGS	KVLE	WBIF	SAA	PXJ	DIVY	QDIV	ORR
RETL		0.38	0.88	0.29	-0.08	0.54	-0.21	0.65	0.73	0.03	RETL
FTXG	0.38		0.38	-0.6	-0.76	-0.31	-0.8	0.09	0.19	-0.25	FTXG
FSGS	0.88	0.38		0.32	-0.02	0.67	-0.09	0.78	0.82	-0.02	FSGS
KVLE	0.29	-0.6	0.32		0.87	0.85	0.68	0.57	0.55	0.09	KVLE
WBIF	-0.08	-0.76	-0.02	0.87		0.67	0.7	0.25	0.25	0.01	WBIF
SAA	0.54	-0.31	0.67	0.85	0.67		0.55	0.76	0.77	0.01	SAA
PXJ	-0.21	-0.8	-0.09	0.68	0.7	0.55		0.29	0.18	0.36	PXJ
DIVY	0.65	0.09	0.78	0.57	0.25	0.76	0.29		0.94	-0.06	DIVY
QDIV	0.73	0.19	0.82	0.55	0.25	0.77	0.18	0.94		-0.08	QDIV
ORR	0.03	-0.25	-0.02	0.09	0.01	0.01	0.36	-0.06	-0.08		ORR
	RETL	FTXG	FSGS	KVLE	WBIF	SAA	PXJ	DIVY	QDIV	ORR

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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

QDIV	+ 0.94	DIVY
FSGS	+ 0.88	RETL
WBIF	+ 0.87	KVLE
SAA	+ 0.85	KVLE
QDIV	+ 0.82	FSGS
DIVY	+ 0.78	FSGS

High negative correlations

PXJ	- 0.8	FTXG
WBIF	- 0.76	FTXG
KVLE	- 0.6	FTXG
SAA	- 0.31	FTXG
ORR	- 0.25	FTXG
PXJ	- 0.21	RETL

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
RETL	3.00	(0.53)	0.00	(0.02)	0.00	0.00	7.24	(6.36)	18.57
FTXG	0.65	(0.14)	0.00	(0.33)	0.00	0.00	1.12	(1.44)	4.24
FSGS	0.74	(0.12)	(0.10)	0.00	0.89	(0.82)	1.82	(1.48)	4.92
KVLE	0.45	(0.04)	(0.10)	0.04	0.48	(0.51)	0.90	(0.71)	4.07
WBIF	0.60	(0.02)	(0.02)	0.07	0.66	(0.68)	1.60	(0.97)	5.01
SAA	1.78	(0.12)	0.04	0.06	1.90	(2.14)	4.49	(2.64)	14.21
PXJ	1.20	0.17	0.12	0.24	1.26	(1.30)	2.57	(1.84)	8.94
DIVY	0.53	(0.06)	(0.10)	0.02	0.64	(0.60)	1.05	(1.11)	4.31
QDIV	0.56	(0.07)	(0.11)	0.02	0.68	(0.60)	1.03	(0.94)	4.39
ORR	0.57	(0.01)	(0.10)	0.05	0.75	(0.58)	1.04	(1.16)	3.67

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