First Trust Correlations

FBDC Etf

4.43 0.04 0.89%

The current 90-days correlation between First Trust Exchange and Direxion Daily Regional is 0.1 (i.e., Average 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

Significant diversification

The correlation between First Trust Exchange Traded and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Exchange Traded and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving against First Etf

0.57	BND	Vanguard Total Bond	Pair Corr
0.54	VTV	Vanguard Value Index	Pair Corr
0.54	AXP	American Express	Pair Corr
0.52	T	ATT Inc Earnings Call This Week	Pair Corr
0.5	BAC	Bank of America	Pair Corr
0.5	INTC	Intel Earnings Call This Week	Pair Corr
0.5	AA	Alcoa Corp	Pair Corr
0.49	CAT	Caterpillar	Pair Corr
0.49	IBM	International Business Earnings Call This Week	Pair Corr
0.49	CSCO	Cisco Systems	Pair Corr
0.46	IVV	iShares Core SP Sell-off Trend	Pair Corr
0.46	VO	Vanguard Mid Cap	Pair Corr
0.45	VTI	Vanguard Total Stock Sell-off Trend	Pair Corr
0.45	SPY	SPDR SP 500 Sell-off Trend	Pair Corr
0.45	VEA	Vanguard FTSE Developed	Pair Corr
0.45	VB	Vanguard Small Cap	Pair Corr
0.42	VUG	Vanguard Growth Index	Pair Corr
0.42	VWO	Vanguard FTSE Emerging Sell-off Trend	Pair Corr
0.41	MMM	3M Company	Pair Corr
0.4	DIS	Walt Disney	Pair Corr
0.39	MSFT	Microsoft	Pair Corr
0.37	MRK	Merck Company	Pair Corr
0.35	HD	Home Depot	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.98	0.84	0.82	0.55	0.93	0.29	0.94	0.23	0.56	META
MSFT	0.98		0.87	0.85	0.52	0.89	0.29	0.96	0.24	0.55	MSFT
UBER	0.84	0.87		0.9	0.42	0.81	0.54	0.88	0.21	0.5	UBER
F	0.82	0.85	0.9		0.4	0.84	0.28	0.91	0.43	0.72	F
T	0.55	0.52	0.42	0.4		0.57	0.17	0.5	0.27	0.22	T
A	0.93	0.89	0.81	0.84	0.57		0.24	0.89	0.37	0.67	A
CRM	0.29	0.29	0.54	0.28	0.17	0.24		0.23	-0.26	-0.11	CRM
JPM	0.94	0.96	0.88	0.91	0.5	0.89	0.23		0.32	0.64	JPM
MRK	0.23	0.24	0.21	0.43	0.27	0.37	-0.26	0.32		0.55	MRK
XOM	0.56	0.55	0.5	0.72	0.22	0.67	-0.11	0.64	0.55		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

MSFT	+ 0.98	META
JPM	+ 0.96	MSFT
JPM	+ 0.94	META
A	+ 0.93	META
JPM	+ 0.91	F
F	+ 0.9	UBER

High negative correlations

MRK	- 0.26	CRM
XOM	- 0.11	CRM

First Trust Competition 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
META	1.51	0.26	0.21	0.32	1.10	(1.82)	3.99	(2.35)	10.48
MSFT	0.90	0.30	0.27	0.47	0.54	(1.09)	2.33	(1.08)	8.85
UBER	1.64	0.20	0.13	0.33	1.40	(2.08)	4.19	(2.54)	10.87
F	1.32	0.14	0.06	0.32	1.47	(1.42)	2.69	(2.61)	7.46
T	1.02	(0.05)	(0.10)	0.00	1.35	(1.06)	2.35	(2.35)	5.71
A	1.46	(0.07)	0.00	0.09	1.81	(1.51)	2.54	(2.89)	14.01
CRM	1.33	(0.13)	(0.04)	0.04	1.74	(1.28)	2.95	(3.19)	9.31
JPM	0.90	0.22	0.18	0.38	0.67	(1.02)	2.25	(1.36)	6.03
MRK	1.39	(0.09)	(0.05)	0.04	1.96	(1.32)	2.88	(3.31)	10.58
XOM	1.13	0.05	(0.04)	0.41	1.36	(1.15)	2.40	(2.58)	5.84

First Trust Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with First Trust etf to make a market-neutral strategy. Peer analysis of First Trust could also be used in its relative valuation, which is a method of valuing First Trust by comparing valuation metrics with similar companies.

Direxion Daily Regional iShares MSCI Europe First Trust Exchange Traded Fidelity MSCI Financials Direxion Daily Financial Direxion Daily Financial First Trust Financials VanEck ETF Trust First Trust Nasdaq American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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