First Trust Correlations

FXO Etf

USD 61.47 0.67 1.08%

The current 90-days correlation between First Trust Financials and First Trust Utilities is 0.26 (i.e., Modest 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 Financials 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 Financials and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Financials 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 Financials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in median.

Moving together with First Etf

0.95	XLF	Financial Select Sector	Pair Corr
0.96	VFH	Vanguard Financials Index	Pair Corr
0.98	KRE	SPDR SP Regional	Pair Corr
0.93	KBE	SPDR SP Bank	Pair Corr
0.98	IYF	iShares Financials ETF	Pair Corr
0.96	FNCL	Fidelity MSCI Financials	Pair Corr
0.95	IYG	iShares Financial	Pair Corr
0.98	IAT	iShares Regional Banks	Pair Corr
0.96	IXG	iShares Global Financials	Pair Corr
0.88	LENS	Sarmaya Thematic ETF	Pair Corr
0.88	ASA	ASA Gold	Pair Corr
0.79	MAPP	Harbor ETF Trust	Pair Corr
0.71	WNTR	YieldMax MSTR Short	Pair Corr
0.86	SNPD	DBX ETF Trust	Pair Corr
0.66	AXP	American Express	Pair Corr
0.84	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.71	DD	Dupont De Nemours	Pair Corr
0.67	XOM	Exxon Mobil Corp	Pair Corr
0.8	MRK	Merck Company Sell-off Trend	Pair Corr
0.77	WMT	Walmart Common Stock	Pair Corr
0.75	BAC	Bank of America Earnings Call This Week	Pair Corr
0.73	JNJ	Johnson Johnson	Pair Corr
0.68	TRV	The Travelers Companies	Pair Corr

Moving against First Etf

0.75	SWIN	Alps Symbol Change	Pair Corr
0.62	MSFT	Microsoft	Pair Corr
0.56	HPQ	HP Inc	Pair Corr
0.49	HD	Home Depot Sell-off Trend	Pair Corr

Related Correlations Analysis

	FXU	FXR	FALAX	FXL	PXF	VSTCX	XSOE	TNA	IHDG	ASHR
FXU		-0.54	0.52	-0.35	-0.67	-0.67	-0.22	-0.41	-0.63	-0.44	FXU
FXR	-0.54		-0.68	0.69	0.75	0.83	0.6	0.89	0.81	0.66	FXR
FALAX	0.52	-0.68		-0.34	-0.6	-0.62	-0.17	-0.6	-0.6	-0.27	FALAX
FXL	-0.35	0.69	-0.34		0.35	0.39	0.65	0.81	0.43	0.61	FXL
PXF	-0.67	0.75	-0.6	0.35		0.92	0.58	0.52	0.97	0.72	PXF
VSTCX	-0.67	0.83	-0.62	0.39	0.92		0.52	0.62	0.92	0.68	VSTCX
XSOE	-0.22	0.6	-0.17	0.65	0.58	0.52		0.46	0.65	0.9	XSOE
TNA	-0.41	0.89	-0.6	0.81	0.52	0.62	0.46		0.59	0.48	TNA
IHDG	-0.63	0.81	-0.6	0.43	0.97	0.92	0.65	0.59		0.77	IHDG
ASHR	-0.44	0.66	-0.27	0.61	0.72	0.68	0.9	0.48	0.77		ASHR
	FXU	FXR	FALAX	FXL	PXF	VSTCX	XSOE	TNA	IHDG	ASHR

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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

IHDG	+ 0.97	PXF
VSTCX	+ 0.92	PXF
IHDG	+ 0.92	VSTCX
ASHR	+ 0.9	XSOE
TNA	+ 0.89	FXR
VSTCX	+ 0.83	FXR

High negative correlations

FALAX	- 0.68	FXR
VSTCX	- 0.67	FXU
PXF	- 0.67	FXU
IHDG	- 0.63	FXU
VSTCX	- 0.62	FALAX
IHDG	- 0.6	FALAX

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
FXU	0.57	(0.06)	0.00	(0.14)	0.00	0.00	0.98	(1.21)	3.35
FXR	0.90	(0.01)	0.01	0.06	1.04	(0.94)	1.99	(1.85)	4.31
FALAX	0.41	(0.01)	0.00	0.16	0.00	0.00	1.14	(1.36)	3.50
FXL	1.16	(0.05)	(0.02)	0.03	1.63	(1.11)	2.00	(2.96)	6.36
PXF	0.57	0.07	0.07	0.16	0.67	(0.60)	1.27	(1.29)	2.79
VSTCX	0.98	0.12	0.10	0.16	0.99	(1.09)	2.23	(1.81)	7.02
XSOE	0.73	0.03	0.02	0.09	0.90	(0.80)	1.51	(1.29)	4.84
TNA	3.05	(0.10)	0.03	0.04	3.71	(3.05)	5.80	(5.96)	16.53
IHDG	0.54	0.03	0.03	0.10	0.60	(0.61)	1.06	(1.16)	3.17
ASHR	0.75	0.03	0.00	0.11	1.10	(0.71)	1.25	(1.24)	4.91

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