First Trust Correlations
QABA Etf | USD 57.27 0.05 0.09% |
The current 90-days correlation between First Trust NASDAQ and Invesco KBW Regional is 0.96 (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.
First Trust Correlation With Market
Poor diversification
The correlation between First Trust NASDAQ and DJI is 0.62 (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.
Moving together with First Etf
0.91 | XLF | Financial Select Sector | PairCorr |
0.99 | KRE | SPDR SP Regional | PairCorr |
0.99 | KBE | SPDR SP Bank | PairCorr |
0.92 | IYF | iShares Financials ETF | PairCorr |
0.92 | FNCL | Fidelity MSCI Financials | PairCorr |
0.93 | IYG | iShares Financial | PairCorr |
0.79 | EUFN | iShares MSCI Europe | PairCorr |
0.94 | FXO | First Trust Financials | PairCorr |
0.97 | IAT | iShares Regional Banks | PairCorr |
0.79 | GBTC | Grayscale Bitcoin Trust | PairCorr |
0.83 | USD | ProShares Ultra Semi | PairCorr |
0.78 | DFEN | Direxion Daily Aerospace | PairCorr |
0.78 | FNGO | MicroSectors FANG Index | PairCorr |
0.86 | DUSL | Direxion Daily Indus | PairCorr |
0.87 | UPRO | ProShares UltraPro SP500 | PairCorr |
0.64 | DIG | ProShares Ultra Oil | PairCorr |
0.72 | GRW | TCW Compounders ETF | PairCorr |
Moving against First Etf
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.Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
---|---|---|---|---|---|---|---|---|---|---|
KBWR | 1.09 | 0.00 | 0.00 | 0.21 | 1.03 | 2.48 | 8.02 | |||
PSCF | 0.89 | 0.01 | (0.01) | 0.22 | 0.92 | 2.12 | 6.24 | |||
FTXO | 0.98 | 0.11 | 0.09 | 0.32 | 0.84 | 2.50 | 7.66 | |||
QQXT | 0.58 | 0.02 | (0.08) | 0.23 | 0.48 | 1.33 | 4.06 | |||
AIRR | 0.94 | 0.15 | 0.16 | 0.38 | 0.36 | 2.49 | 6.38 |