First Trust Correlations

QABA Etf

USD 59.00 1.28 2.22%

The current 90-days correlation between First Trust NASDAQ and Invesco SP 500 is 0.77 (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.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust NASDAQ and DJI is 0.6 (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 Your Equity Center 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 bureau of labor statistics.

Moving together with First Etf

0.85	XLF	Financial Select Sector	Pair Corr
0.87	VFH	Vanguard Financials Index	Pair Corr
0.92	KRE	SPDR SP Regional	Pair Corr
0.98	KBE	SPDR SP Bank	Pair Corr
0.89	IYF	iShares Financials ETF	Pair Corr
0.87	FNCL	Fidelity MSCI Financials	Pair Corr
0.85	IYG	iShares Financial	Pair Corr
0.94	FXO	First Trust Financials	Pair Corr
0.95	IAT	iShares Regional Banks	Pair Corr
0.78	IXG	iShares Global Financials	Pair Corr
0.72	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.65	DGP	DB Gold Double	Pair Corr
0.77	AGQ	ProShares Ultra Silver	Pair Corr
0.61	MLPR	ETRACS Quarterly Pay	Pair Corr
0.8	JEPI	JPMorgan Equity Premium	Pair Corr
0.85	WMT	Walmart Common Stock	Pair Corr
0.64	TRV	The Travelers Companies	Pair Corr
0.63	PFE	Pfizer Inc	Pair Corr
0.77	JNJ	Johnson Johnson	Pair Corr
0.7	BAC	Bank of America Earnings Call This Week	Pair Corr
0.65	DD	Dupont De Nemours	Pair Corr

Moving against First Etf

0.65	PG	Procter Gamble	Pair Corr
0.64	MSFT	Microsoft	Pair Corr
0.58	T	ATT Inc	Pair Corr
0.46	HD	Home Depot	Pair Corr
0.45	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	SPVU	SIXS	EJAN	FDLS	JPXN	FFND	COPY	RAYD	COLO	FTXN
SPVU		0.94	0.9	0.95	0.83	0.8	0.76	0.08	0.74	0.54	SPVU
SIXS	0.94		0.76	0.94	0.73	0.69	0.72	0.05	0.63	0.47	SIXS
EJAN	0.9	0.76		0.82	0.81	0.77	0.65	0.1	0.8	0.57	EJAN
FDLS	0.95	0.94	0.82		0.84	0.83	0.72	-0.04	0.71	0.53	FDLS
JPXN	0.83	0.73	0.81	0.84		0.9	0.65	0.04	0.66	0.46	JPXN
FFND	0.8	0.69	0.77	0.83	0.9		0.72	0.06	0.55	0.4	FFND
COPY	0.76	0.72	0.65	0.72	0.65	0.72		0.13	0.33	0.48	COPY
RAYD	0.08	0.05	0.1	-0.04	0.04	0.06	0.13		-0.03	-0.07	RAYD
COLO	0.74	0.63	0.8	0.71	0.66	0.55	0.33	-0.03		0.63	COLO
FTXN	0.54	0.47	0.57	0.53	0.46	0.4	0.48	-0.07	0.63		FTXN
	SPVU	SIXS	EJAN	FDLS	JPXN	FFND	COPY	RAYD	COLO	FTXN

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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

FDLS	+ 0.95	SPVU
SIXS	+ 0.94	SPVU
FDLS	+ 0.94	SIXS
EJAN	+ 0.9	SPVU
FFND	+ 0.9	JPXN
JPXN	+ 0.84	FDLS

High negative correlations

FTXN	- 0.07	RAYD
RAYD	- 0.04	FDLS
COLO	- 0.03	RAYD

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
SPVU	0.65	0.04	0.04	0.12	0.67	(0.72)	1.65	(1.32)	3.39
SIXS	0.61	0.02	(0.01)	0.10	0.67	(0.65)	1.33	(0.96)	3.70
EJAN	0.13	0.03	(0.19)	0.27	0.00	(0.15)	0.39	(0.21)	1.39
FDLS	0.92	0.00	0.01	0.07	1.11	(0.94)	1.95	(1.88)	4.62
JPXN	0.68	(0.02)	(0.03)	0.05	1.02	(0.64)	1.50	(1.53)	3.69
FFND	0.58	(0.02)	(0.03)	0.05	0.76	(0.62)	1.08	(1.18)	3.63
COPY	0.58	0.11	0.13	0.24	0.45	(0.68)	1.28	(0.81)	2.74
RAYD	0.72	0.01	(0.05)	0.10	0.89	(0.83)	1.94	(1.15)	7.93
COLO	0.97	0.22	0.15	0.37	1.07	(1.04)	1.97	(2.02)	6.26
FTXN	1.08	(0.01)	(0.03)	0.06	1.40	(1.03)	2.12	(2.01)	5.39

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