First Trust Correlations

Etfs . USA . 
Etf . First Trust Nasdaq
FTXL Etf  USD 99.22  0.14  0.14%   
The current 90-days correlation between First Trust Nasdaq and Invesco Dynamic Semiconductors is 0.97 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Nasdaq moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Nasdaq and DJI is 0.61 (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 Investing Opportunities 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 interest.

Moving together with First Etf

  0.99VGT Vanguard InformationPairCorr
  0.99XLK Technology Select Sector Sell-off TrendPairCorr
  0.99IYW iShares Technology ETFPairCorr
  1.0SMH VanEck Semiconductor ETFPairCorr
  1.0SOXX iShares Semiconductor ETFPairCorr
  0.93CIBR First Trust NASDAQPairCorr
  0.99FTEC Fidelity MSCI InformationPairCorr
  0.95IGV iShares Expanded Tech Low VolatilityPairCorr
  0.96FDN First Trust DowPairCorr
  0.99IGM iShares Expanded TechPairCorr
  0.99USD ProShares Ultra SemiPairCorr
  0.89GBTC Grayscale Bitcoin TrustPairCorr
  0.98FNGO MicroSectors FANG IndexPairCorr
  0.88BITO ProShares BitcoinPairCorr
  0.97CRPT First Trust SkyBridgePairCorr
  0.9NRGU Bank of MontrealPairCorr
  0.99BULZ MicroSectors SolactivePairCorr
  0.94BITS Global X BlockchainPairCorr
  0.98FNGG Direxion Daily SelectPairCorr
  0.96DFEN Direxion Daily AerospacePairCorr
  0.89DD Dupont De NemoursPairCorr
  0.92AA Alcoa CorpPairCorr
  0.97MSFT MicrosoftPairCorr
  0.95DIS Walt DisneyPairCorr
  0.98JPM JPMorgan ChasePairCorr
  0.9BA BoeingPairCorr
  0.88MMM 3M CompanyPairCorr
  0.68XOM Exxon Mobil CorpPairCorr
  0.89CVX Chevron CorpPairCorr
  0.98CSCO Cisco SystemsPairCorr

Moving against First Etf

  0.76MCD McDonaldsPairCorr
  0.61KO Coca Cola Earnings Call This WeekPairCorr
  0.57PG Procter GamblePairCorr
  0.47VZ Verizon Communications Earnings Call TomorrowPairCorr

Related Correlations Analysis

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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.

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