First Trust Correlations

EMLP Etf

USD 38.46 0.04 0.10%

The current 90-days correlation between First Trust North and First Trust NASDAQ is -0.03 (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

Good diversification

The correlation between First Trust North and DJI is -0.01 (i.e., Good 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 inflation.

Moving together with First Etf

0.68	PULT	Putnam ETF Trust	Pair Corr
0.72	VPU	Vanguard Utilities Index	Pair Corr
0.69	GLTR	abrdn Physical Precious	Pair Corr
0.72	SLV	iShares Silver Trust	Pair Corr
0.71	RAAX	VanEck Inflation All	Pair Corr

Moving against First Etf

0.5	AMZA	InfraCap MLP ETF	Pair Corr
0.39	MLPA	Global X MLP	Pair Corr
0.36	MLPB	UBS AG London	Pair Corr
0.33	PFFL	ETRACS 2xMonthly Pay	Pair Corr

Related Correlations Analysis

	GRID	EAGL	AAXJ	FIXD	GNR	IMTM	EWC	LVHI	CGDG	ITB
GRID		0.8	0.92	0.88	0.67	0.67	0.8	0.63	0.9	-0.66	GRID
EAGL	0.8		0.8	0.69	0.48	0.56	0.73	0.46	0.7	-0.36	EAGL
AAXJ	0.92	0.8		0.88	0.67	0.8	0.87	0.73	0.87	-0.69	AAXJ
FIXD	0.88	0.69	0.88		0.69	0.61	0.82	0.66	0.85	-0.6	FIXD
GNR	0.67	0.48	0.67	0.69		0.68	0.79	0.64	0.81	-0.47	GNR
IMTM	0.67	0.56	0.8	0.61	0.68		0.74	0.7	0.77	-0.49	IMTM
EWC	0.8	0.73	0.87	0.82	0.79	0.74		0.56	0.76	-0.51	EWC
LVHI	0.63	0.46	0.73	0.66	0.64	0.7	0.56		0.75	-0.83	LVHI
CGDG	0.9	0.7	0.87	0.85	0.81	0.77	0.76	0.75		-0.59	CGDG
ITB	-0.66	-0.36	-0.69	-0.6	-0.47	-0.49	-0.51	-0.83	-0.59		ITB
	GRID	EAGL	AAXJ	FIXD	GNR	IMTM	EWC	LVHI	CGDG	ITB

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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

AAXJ	+ 0.92	GRID
CGDG	+ 0.9	GRID
FIXD	+ 0.88	GRID
FIXD	+ 0.88	AAXJ
EWC	+ 0.87	AAXJ
CGDG	+ 0.87	AAXJ

High negative correlations

ITB	- 0.83	LVHI
ITB	- 0.69	AAXJ
ITB	- 0.66	GRID
ITB	- 0.6	FIXD
ITB	- 0.59	CGDG
ITB	- 0.51	EWC

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
GRID	0.83	0.03	0.03	0.07	1.02	(0.79)	1.70	(1.73)	4.30
EAGL	0.56	(0.01)	(0.05)	(0.39)	0.81	(0.54)	1.18	(1.36)	4.56
AAXJ	0.76	0.09	0.06	2.43	0.88	(0.86)	1.70	(1.18)	5.76
FIXD	0.18	0.03	0.00	0.59	0.00	(0.21)	0.39	(0.25)	1.07
GNR	0.63	0.07	0.07	0.13	0.68	(0.71)	1.57	(1.34)	4.38
IMTM	0.56	0.00	(0.05)	(0.55)	0.70	(0.56)	1.12	(1.07)	2.71
EWC	0.66	0.09	0.06	1.87	0.80	(0.65)	1.39	(1.33)	3.73
LVHI	0.32	0.08	0.11	(1.48)	0.25	(0.37)	0.81	(0.60)	2.29
CGDG	0.47	0.01	(0.01)	0.04	0.53	(0.50)	0.94	(0.91)	3.08
ITB	1.12	(0.23)	0.00	(1.16)	0.00	0.00	2.75	(2.97)	8.44

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