First Trust Correlations

RNDV Etf

USD 35.46 0.29 0.82%

The current 90-days correlation between First Trust Equity and iShares MSCI USA is -0.12 (i.e., Good 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

Very poor diversification

The correlation between First Trust Equity and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Equity 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 Equity. 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

0.98	VTV	Vanguard Value Index	Pair Corr
0.98	VYM	Vanguard High Dividend	Pair Corr
0.94	IWD	iShares Russell 1000	Pair Corr
0.97	DGRO	iShares Core Dividend	Pair Corr
0.98	IVE	iShares SP 500	Pair Corr
0.98	DVY	iShares Select Dividend	Pair Corr
0.98	SPYV	SPDR Portfolio SP	Pair Corr
0.88	FVD	First Trust Value	Pair Corr
0.98	IUSV	iShares Core SP	Pair Corr
0.93	NOBL	ProShares SP 500	Pair Corr
0.62	OIH	VanEck Oil Services	Pair Corr
0.79	ARKW	ARK Next Generation	Pair Corr
0.91	WTMF	WisdomTree Managed	Pair Corr
0.88	EWC	iShares MSCI Canada	Pair Corr
0.71	HUM	Humana Inc	Pair Corr
0.83	BST	BlackRock Science Tech	Pair Corr
0.86	IRET	iREIT MarketVector	Pair Corr
0.7	GSJY	Goldman Sachs ActiveBeta	Pair Corr
0.97	IJT	iShares SP Small	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.88	AA	Alcoa Corp	Pair Corr
0.87	MRK	Merck Company Sell-off Trend	Pair Corr
0.84	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.83	PFE	Pfizer Inc	Pair Corr
0.9	BAC	Bank of America	Pair Corr
0.84	JPM	JPMorgan Chase	Pair Corr
0.78	CAT	Caterpillar	Pair Corr
0.86	DD	Dupont De Nemours	Pair Corr
0.72	AXP	American Express	Pair Corr
0.75	BA	Boeing	Pair Corr

Moving against First Etf

0.43

IBM

International Business

Pair Corr

Related Correlations Analysis

	QUAL	AAVXF	LBHIX	MSTSX	VIASP	PSTG	KNF	GSFP	HLMCX	RWAYL
QUAL		0.77	0.92	0.97	0.9	0.61	-0.02	0.89	0.88	0.87	QUAL
AAVXF	0.77		0.78	0.7	0.78	0.54	0.25	0.69	0.88	0.84	AAVXF
LBHIX	0.92	0.78		0.91	0.96	0.67	-0.09	0.91	0.85	0.87	LBHIX
MSTSX	0.97	0.7	0.91		0.88	0.58	-0.14	0.93	0.83	0.82	MSTSX
VIASP	0.9	0.78	0.96	0.88		0.64	-0.11	0.91	0.84	0.89	VIASP
PSTG	0.61	0.54	0.67	0.58	0.64		-0.19	0.46	0.65	0.66	PSTG
KNF	-0.02	0.25	-0.09	-0.14	-0.11	-0.19		-0.2	0.19	0.1	KNF
GSFP	0.89	0.69	0.91	0.93	0.91	0.46	-0.2		0.77	0.81	GSFP
HLMCX	0.88	0.88	0.85	0.83	0.84	0.65	0.19	0.77		0.94	HLMCX
RWAYL	0.87	0.84	0.87	0.82	0.89	0.66	0.1	0.81	0.94		RWAYL
	QUAL	AAVXF	LBHIX	MSTSX	VIASP	PSTG	KNF	GSFP	HLMCX	RWAYL

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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

MSTSX	+ 0.97	QUAL
VIASP	+ 0.96	LBHIX
RWAYL	+ 0.94	HLMCX
GSFP	+ 0.93	MSTSX
LBHIX	+ 0.92	QUAL
MSTSX	+ 0.91	LBHIX

High negative correlations

GSFP	- 0.2	KNF
KNF	- 0.19	PSTG
KNF	- 0.14	MSTSX
KNF	- 0.11	VIASP
KNF	- 0.09	LBHIX
KNF	- 0.02	QUAL

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
QUAL	0.53	0.11	(0.03)	(0.70)	0.46	(0.61)	1.12	(0.85)	2.56
AAVXF	16.87	10.58	3.19	(0.59)	0.00	(54.94)	4.94	(2.09)	533.51
LBHIX	0.15	0.03	(0.22)	0.44	0.00	(0.31)	0.24	(0.24)	1.42
MSTSX	0.47	0.10	(0.02)	(1.85)	0.51	(0.51)	1.11	(0.92)	2.69
VIASP	0.29	0.08	(0.05)	0.77	0.00	(0.36)	0.69	(0.47)	1.59
PSTG	2.24	0.47	0.21	0.36	2.09	(2.59)	3.94	(3.64)	35.97
KNF	1.92	(0.41)	0.00	(0.12)	0.00	0.00	4.54	(4.31)	13.43
GSFP	0.55	0.19	0.12	(6.92)	0.33	(0.68)	1.27	(1.10)	3.10
HLMCX	0.67	0.10	0.06	0.29	0.63	(0.74)	1.53	(1.40)	4.05
RWAYL	0.11	0.03	(0.47)	0.91	0.00	(0.15)	0.28	(0.20)	0.57

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