First Trust Correlations

Etfs USA . 
Etf . First Trust Bloomberg
SHRY Etf   42.35  0.10  0.24%   
The current 90-days correlation between First Trust Bloomberg and Vanguard Value Index is 0.91 (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 Bloomberg and DJI is 0.86 (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 Bloomberg and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with First Etf
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in First Trust Bloomberg. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with First Etf

  0.96VTV Vanguard Value IndexPairCorr
  0.94VYM Vanguard High DividendPairCorr
  0.98IWD iShares Russell 1000 Sell-off TrendPairCorr
  0.97DGRO iShares Core DividendPairCorr
  0.97IVE iShares SP 500PairCorr
  0.94DVY iShares Select DividendPairCorr
  0.97SPYV SPDR Portfolio SPPairCorr
  0.96FVD First Trust ValuePairCorr
  0.97IUSV iShares Core SPPairCorr
  0.94NOBL ProShares SP 500PairCorr
  0.98VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.97SPY SPDR SP 500 Sell-off TrendPairCorr
  0.97IVV iShares Core SP Sell-off TrendPairCorr
  0.97VUG Vanguard Growth IndexPairCorr
  0.99VO Vanguard Mid CapPairCorr
  0.95VEA Vanguard FTSE DevelopedPairCorr
  0.99VB Vanguard Small CapPairCorr
  0.92GE GE Aerospace Earnings Call This WeekPairCorr
  0.98AXP American ExpressPairCorr
  0.9IBM International Business Earnings Call This WeekPairCorr
  0.94AA Alcoa CorpPairCorr
  0.93BA BoeingPairCorr
  0.76INTC Intel Earnings Call This WeekPairCorr
  0.93CSCO Cisco SystemsPairCorr
  0.96DIS Walt DisneyPairCorr
  0.95MSFT MicrosoftPairCorr
  0.82PFE Pfizer IncPairCorr
  0.67HD Home DepotPairCorr
  0.93MMM 3M CompanyPairCorr
  0.9DD Dupont De NemoursPairCorr

Moving against First Etf

  0.57MCD McDonaldsPairCorr

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VTV  0.59  0.02 (0.01) 0.16  0.60 
(0.63)
 1.49 
(1.15)
 4.05 
VYM  0.59  0.18  0.05 (1.73) 0.53 
(0.64)
 1.56 
(1.16)
 4.21 
IWD  0.58  0.04  0.02  0.18  0.60 
(0.64)
 1.53 
(1.11)
 4.37 
DGRO  0.60  0.04  0.01  0.18  0.58 
(0.65)
 1.34 
(1.14)
 4.30 
IVE  0.60  0.03  0.01  0.17  0.62 
(0.63)
 1.45 
(1.01)
 4.42 
DVY  0.66  0.02 (0.01) 0.16  0.75 
(0.70)
 1.39 
(1.33)
 4.83 
SPYV  0.59  0.03  0.00  0.16  0.60 
(0.64)
 1.38 
(0.99)
 4.53 
FVD  0.59 (0.02)(0.09) 0.10  0.63 
(0.60)
 1.32 
(1.10)
 3.37 
IUSV  0.60  0.03  0.01  0.17  0.65 
(0.64)
 1.57 
(1.05)
 4.62 
NOBL  0.72 (0.03)(0.06) 0.09  0.77 
(0.79)
 1.74 
(1.28)
 4.47 

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