First Trust Correlations

Etfs . USA . 
Etf . First Trust SkyBridge
CRPT Etf  USD 20.70  0.13  0.63%   
The current 90-days correlation between First Trust SkyBridge and VanEck Digital Transformation 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

Poor diversification

The correlation between First Trust SkyBridge and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SkyBridge 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 SkyBridge. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with First Etf

  0.96GBTC Grayscale Bitcoin TrustPairCorr
  0.96BITO ProShares BitcoinPairCorr
  0.99BLOK Amplify TransformationalPairCorr
  0.96BLCN Siren Nasdaq NexGenPairCorr
  1.0BITQ Bitwise Crypto IndustryPairCorr
  0.97SPBC Simplify Equity PLUSPairCorr
  0.96BTC Grayscale Bitcoin MiniPairCorr
  1.0DAPP VanEck Digital TransPairCorr
  0.93VTI Vanguard Total StockPairCorr
  0.91SPY SPDR SP 500 Aggressive PushPairCorr
  0.91IVV iShares Core SPPairCorr
  0.85VTV Vanguard Value IndexPairCorr
  0.93VUG Vanguard Growth IndexPairCorr
  0.93VO Vanguard Mid CapPairCorr
  0.94VB Vanguard Small CapPairCorr
  0.66CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.89DIS Walt Disney Sell-off TrendPairCorr
  0.64HD Home DepotPairCorr
  0.9CVX Chevron Corp Sell-off TrendPairCorr
  0.79T ATT Inc Fiscal Year End 22nd of January 2025 PairCorr
  0.85AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.85TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.88WMT Walmart Aggressive PushPairCorr
  0.69HPQ HP IncPairCorr
  0.9AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.79INTC Intel Fiscal Year End 23rd of January 2025 PairCorr

Moving against First Etf

  0.78BND Vanguard Total BondPairCorr
  0.74VEA Vanguard FTSE DevelopedPairCorr
  0.86JNJ Johnson Johnson Sell-off TrendPairCorr
  0.64BA Boeing Fiscal Year End 29th of January 2025 PairCorr

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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