First Trust Correlations

Etfs . USA . 
Etf . First Trust RBA
AIRR Etf  USD 82.64  0.58  0.71%   
The current 90-days correlation between First Trust RBA and Invesco SP SmallCap is 0.94 (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 RBA 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 RBA and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in First Trust RBA. 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

  0.92XLI Industrial Select SectorPairCorr
  0.92DRVN Driven Brands HoldingsPairCorr
  0.61ITA iShares Aerospace DefensePairCorr
  0.96VIS Vanguard IndustrialsPairCorr
  0.92JETS US Global JetsPairCorr
  0.99FXR First Trust IndustriPairCorr
  0.87PPA Invesco Aerospace DefensePairCorr
  0.98IYJ iShares Industrials ETFPairCorr
  0.92IYT iShares TransportationPairCorr
  0.95FIDU Fidelity MSCI IndustrialsPairCorr
  0.94UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.94QTJA Innovator ETFs TrustPairCorr
  0.91QTOC Innovator ETFs TrustPairCorr
  0.94XTOC Innovator ETFs TrustPairCorr
  0.94QTAP Innovator Growth 100PairCorr
  0.87TSJA TSJAPairCorr
  0.95XTJA Innovator ETFs TrustPairCorr
  0.89DSJA DSJAPairCorr
  0.95XDJA Innovator ETFs TrustPairCorr
  0.96XTAP Innovator Equity AccPairCorr
  0.83WMT WalmartPairCorr
  0.88DIS Walt DisneyPairCorr
  0.93CSCO Cisco SystemsPairCorr
  0.78TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.97BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.69HD Home DepotPairCorr
  0.92CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.95AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.83AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.82T ATT Inc Fiscal Year End 22nd of January 2025 PairCorr

Moving against First Etf

  0.82JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.81MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.34VZ Verizon Communications Fiscal Year End 28th of January 2025 PairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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