First Trust Correlations

DEED Etf

USD 21.22 0.02 0.09%

The current 90-days correlation between First Trust TCW and First Trust TCW is 0.73 (i.e., Poor 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

Good diversification

The correlation between First Trust TCW and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust TCW and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust TCW. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with First Etf

0.92	AXSAX	Axonic Strategic Income	Pair Corr
0.93	AXSIX	Axonic Strategic Income	Pair Corr
0.9	SMCRX	ALPSSmith Credit Opp	Pair Corr
0.9	SMCVX	ALPSSmith Credit Opp	Pair Corr
0.94	SMCAX	DEUTSCHE MID CAP	Pair Corr
0.89	SMCCX	DEUTSCHE MID CAP	Pair Corr
0.91	JPIE	JP Morgan Exchange	Pair Corr
0.85	AFIF	Anfield Universal Fixed	Pair Corr
0.93	MUSI	American Century Mul	Pair Corr
0.94	FXY	Invesco CurrencyShares	Pair Corr
0.65	AMPD	Tidal Trust II	Pair Corr
0.88	T	ATT Inc Earnings Call This Week	Pair Corr
0.85	TRV	The Travelers Companies	Pair Corr
0.83	KO	Coca Cola	Pair Corr
0.74	PG	Procter Gamble	Pair Corr
0.7	IBM	International Business	Pair Corr
0.73	MCD	McDonalds	Pair Corr

Moving against First Etf

0.85	GRI	GRI Bio Earnings Call This Week	Pair Corr
0.78	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.71	MSFT	Microsoft	Pair Corr
0.44	MRK	Merck Company	Pair Corr
0.74	AA	Alcoa Corp	Pair Corr
0.64	HPQ	HP Inc	Pair Corr
0.6	CAT	Caterpillar	Pair Corr
0.46	HD	Home Depot	Pair Corr

Related Correlations Analysis

	UCON	FIXD	FUMB	FSMB	LMBS
UCON		0.96	0.85	0.95	0.98	UCON
FIXD	0.96		0.73	0.91	0.97	FIXD
FUMB	0.85	0.73		0.87	0.84	FUMB
FSMB	0.95	0.91	0.87		0.94	FSMB
LMBS	0.98	0.97	0.84	0.94		LMBS
	UCON	FIXD	FUMB	FSMB	LMBS

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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
UCON	0.12	0.00	0.48	(0.20)	0.08	(0.13)	0.24	(0.20)	0.70
FIXD	0.28	0.00	0.23	(0.10)	0.31	(0.29)	0.57	(0.49)	1.53
FUMB	0.05	0.00	0.98	0.02	0.00	(0.08)	0.10	(0.10)	0.25
FSMB	0.08	0.00	0.61	0.11	0.00	(0.10)	0.20	(0.15)	0.46
LMBS	0.10	0.01	0.66	(0.43)	0.00	(0.12)	0.24	(0.17)	0.54

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