First Trust Correlations

QCLN Etf

USD 44.25 1.17 2.58%

The current 90-days correlation between First Trust NASDAQ and First Trust Dow is 0.65 (i.e., Poor 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

Very weak diversification

The correlation between First Trust NASDAQ and DJI is 0.59 (i.e., Very weak 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 Your Equity Center 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 bureau of economic analysis.

Moving together with First Etf

0.92	ICLN	iShares Global Clean	Pair Corr
0.93	XT	iShares Exponential	Pair Corr
0.88	TAN	Invesco Solar ETF	Pair Corr
0.82	BOTZ	Global X Robotics	Pair Corr
0.96	DRIV	Global X Autonomous	Pair Corr
0.91	ACES	ALPS Clean Energy	Pair Corr
0.85	VTI	Vanguard Total Stock	Pair Corr
0.86	SPY	SPDR SP 500	Pair Corr
0.86	IVV	iShares Core SP	Pair Corr
0.7	BND	Vanguard Total Bond	Pair Corr
0.74	VTV	Vanguard Value Index	Pair Corr
0.85	VUG	Vanguard Growth Index	Pair Corr
0.83	VEA	Vanguard FTSE Developed	Pair Corr
0.85	VWO	Vanguard FTSE Emerging Sell-off Trend	Pair Corr
0.96	TCAI	Tortoise Capital Series	Pair Corr
0.89	GE	GE Aerospace	Pair Corr
0.76	AA	Alcoa Corp	Pair Corr
0.92	INTC	Intel Aggressive Push	Pair Corr

Moving against First Etf

0.45	IPAY	Amplify Digital Payments	Pair Corr
0.8	PG	Procter Gamble	Pair Corr
0.52	HD	Home Depot	Pair Corr
0.46	DIS	Walt Disney	Pair Corr
0.45	BA	Boeing	Pair Corr
0.43	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	FDN	QCLN	ARKQ	CARZ	DHDG	Z	MBCC	MBBB
FDN		-0.04	0.26	-0.01	-0.28	0.56	0.63	0.24	FDN
QCLN	-0.04		0.89	0.95	0.83	-0.7	0.22	0.61	QCLN
ARKQ	0.26	0.89		0.89	0.65	-0.58	0.46	0.61	ARKQ
CARZ	-0.01	0.95	0.89		0.89	-0.68	0.3	0.66	CARZ
DHDG	-0.28	0.83	0.65	0.89		-0.7	0.17	0.56	DHDG
Z	0.56	-0.7	-0.58	-0.68	-0.7		0.08	-0.19	Z
MBCC	0.63	0.22	0.46	0.3	0.17	0.08		0.38	MBCC
MBBB	0.24	0.61	0.61	0.66	0.56	-0.19	0.38		MBBB
	FDN	QCLN	ARKQ	CARZ	DHDG	Z	MBCC	MBBB

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

CARZ	+ 0.95	QCLN
ARKQ	+ 0.89	QCLN
CARZ	+ 0.89	ARKQ
DHDG	+ 0.89	CARZ
DHDG	+ 0.83	QCLN
MBBB	+ 0.66	CARZ

High negative correlations

Z	- 0.7	DHDG
Z	- 0.7	QCLN
Z	- 0.68	CARZ
Z	- 0.58	ARKQ
DHDG	- 0.28	FDN
MBBB	- 0.19	Z

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
FDN	0.93	(0.11)	0.00	(0.05)	0.00	0.00	1.72	(2.46)	4.67
QCLN	1.76	0.13	0.07	0.11	2.15	(1.71)	2.98	(3.89)	13.57
ARKQ	1.57	0.05	0.04	0.07	2.17	(1.51)	2.89	(4.29)	10.23
CARZ	1.12	0.10	0.06	0.11	1.55	(1.11)	2.24	(2.39)	8.01
DHDG	0.23	0.04	0.01	0.65	0.18	(0.26)	0.73	(0.57)	1.64
Z	1.93	(0.27)	0.00	(0.15)	0.00	0.00	4.15	(4.33)	11.58
MBCC	0.54	(0.01)	0.00	(0.21)	0.00	0.00	0.90	(1.25)	2.75
MBBB	0.18	0.01	(0.11)	0.17	0.09	(0.21)	0.42	(0.32)	1.02

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