First Trust Correlations

QTEC Etf

USD 231.62 0.19 0.08%

The current 90-days correlation between First Trust NASDAQ and VanEck UraniumNuclear Energy is 0.51 (i.e., Very 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.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust NASDAQ 100 Technol and DJI is 0.68 (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 100 Technol 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 100 Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with First Etf

0.94	VGT	Vanguard Information	Pair Corr
0.92	XLK	Technology Select Sector	Pair Corr
0.91	IYW	iShares Technology ETF	Pair Corr
0.8	SMH	VanEck Semiconductor ETF	Pair Corr
0.81	SOXX	iShares Semiconductor ETF	Pair Corr
0.62	CIBR	First Trust NASDAQ	Pair Corr
0.94	FTEC	Fidelity MSCI Information	Pair Corr
0.89	IGM	iShares Expanded Tech	Pair Corr
0.72	PTIR	GraniteShares 2x Long	Pair Corr
0.72	PLTU	Direxion Daily PLTR	Pair Corr
0.74	IYJ	iShares Industrials ETF Low Volatility	Pair Corr
0.73	INTC	Intel	Pair Corr

Moving against First Etf

0.56	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.55	T	ATT Inc	Pair Corr
0.39	PG	Procter Gamble	Pair Corr
0.38	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	NLR	NUGO	GRNY	XME	LRGF	FNGD	IYH	IWX	EWU	USRT
NLR		0.4	0.74	0.67	0.34	-0.22	-0.36	-0.2	-0.03	0.03	NLR
NUGO	0.4		0.81	0.23	0.88	-0.94	0.23	0.47	0.61	0.03	NUGO
GRNY	0.74	0.81		0.48	0.84	-0.64	-0.18	0.21	0.39	0.16	GRNY
XME	0.67	0.23	0.48		0.34	-0.13	0.18	0.35	0.35	0.04	XME
LRGF	0.34	0.88	0.84	0.34		-0.79	0.19	0.62	0.69	0.2	LRGF
FNGD	-0.22	-0.94	-0.64	-0.13	-0.79		-0.35	-0.55	-0.6	-0.01	FNGD
IYH	-0.36	0.23	-0.18	0.18	0.19	-0.35		0.8	0.7	-0.06	IYH
IWX	-0.2	0.47	0.21	0.35	0.62	-0.55	0.8		0.87	0.04	IWX
EWU	-0.03	0.61	0.39	0.35	0.69	-0.6	0.7	0.87		0.09	EWU
USRT	0.03	0.03	0.16	0.04	0.2	-0.01	-0.06	0.04	0.09		USRT
	NLR	NUGO	GRNY	XME	LRGF	FNGD	IYH	IWX	EWU	USRT

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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

LRGF	+ 0.88	NUGO
EWU	+ 0.87	IWX
LRGF	+ 0.84	GRNY
GRNY	+ 0.81	NUGO
IWX	+ 0.8	IYH
GRNY	+ 0.74	NLR

High negative correlations

FNGD	- 0.94	NUGO
FNGD	- 0.79	LRGF
FNGD	- 0.64	GRNY
EWU	- 0.6	FNGD
IWX	- 0.55	FNGD
IYH	- 0.36	NLR

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
NLR	2.22	(0.05)	0.00	0.05	2.86	(2.24)	4.92	(4.94)	12.86
NUGO	0.86	(0.08)	(0.05)	0.00	1.33	(0.76)	1.74	(2.18)	5.26
GRNY	0.95	(0.07)	(0.03)	0.02	1.36	(0.93)	1.60	(2.19)	5.05
XME	1.77	0.13	0.07	0.15	2.41	(1.73)	4.12	(4.12)	13.65
LRGF	0.56	(0.04)	(0.05)	0.03	0.89	(0.50)	1.14	(1.22)	3.29
FNGD	2.70	0.32	0.00	(0.03)	3.43	(3.06)	6.56	(5.31)	20.83
IYH	0.65	0.13	0.14	0.26	0.45	(0.69)	2.23	(1.28)	4.69
IWX	0.47	0.02	0.01	0.10	0.45	(0.49)	0.98	(0.89)	2.53
EWU	0.60	0.01	(0.03)	0.09	0.52	(0.72)	1.33	(0.93)	2.75
USRT	0.60	(0.06)	0.00	(0.06)	0.00	0.00	1.01	(1.05)	3.70

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