First Trust Correlations

Etfs . USA . 
Etf . First Trust IndustrialsProducer
FXR Etf  USD 76.22  0.69  0.90%   
The current 90-days correlation between First Trust Industri and First Trust Consumer is 0.93 (i.e., Almost no 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 IndustrialsProduce and DJI is 0.87 (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 IndustrialsProduce 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 IndustrialsProducer. 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

  0.98XLI Industrial Select SectorPairCorr
  0.61DRVN Driven Brands HoldingsPairCorr
  0.94ITA iShares Aerospace DefensePairCorr
  0.99VIS Vanguard IndustrialsPairCorr
  0.97JETS US Global JetsPairCorr
  0.96PPA Invesco Aerospace DefensePairCorr
  0.91EGLE Global X FundsPairCorr
  0.98IYJ iShares Industrials ETFPairCorr
  0.99IYT iShares TransportationPairCorr
  0.89BTCL T Rex 2XPairCorr
  0.87BITU ProShares TrustPairCorr
  0.89BTFX Valkyrie Bitcoin FuturesPairCorr
  0.87BITX Volatility Shares TrustPairCorr
  0.83MSTY YieldMax MSTR OptionPairCorr
  0.94DFEN Direxion Daily AerospacePairCorr
  0.97CAT CaterpillarPairCorr
  0.63HD Home DepotPairCorr
  0.95MMM 3M CompanyPairCorr
  0.97AXP American ExpressPairCorr
  0.83PFE Pfizer IncPairCorr
  0.96BAC Bank of AmericaPairCorr
  0.95MSFT Microsoft Aggressive PushPairCorr
  0.94AA Alcoa CorpPairCorr
  0.82CVX Chevron CorpPairCorr
  0.93DIS Walt DisneyPairCorr
  0.94DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.83INTC Intel Earnings Call This WeekPairCorr
  0.94BA Boeing Earnings Call This WeekPairCorr

Moving against First Etf

  0.88WTID UBS ETRACSPairCorr
  0.5PG Procter Gamble Earnings Call This WeekPairCorr
  0.36VZ Verizon Communications Aggressive PushPairCorr

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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