First Trust Correlations

DVOL Etf

USD 34.83 0.22 0.63%

The current 90-days correlation between First Trust Dorsey and Strategy Shares is 0.48 (i.e., Very weak 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 Dorsey moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Dorsey and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dorsey 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 Dorsey. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with First Etf

0.81	VIG	Vanguard Dividend	Pair Corr
0.72	RSP	Invesco SP 500	Pair Corr
0.73	QTAP	Innovator Growth 100	Pair Corr
0.85	XTAP	Innovator Equity Acc	Pair Corr
0.68	IBM	International Business	Pair Corr
0.81	JPM	JPMorgan Chase	Pair Corr
0.83	GE	GE Aerospace	Pair Corr
0.65	DD	Dupont De Nemours	Pair Corr
0.81	CSCO	Cisco Systems	Pair Corr

Moving against First Etf

0.68

MRK

Merck Company

Pair Corr

Related Correlations Analysis

	DHSB	MBOX	DIEM	MCHI	ZIPP	DIPS	DISO	QOWZ	DIVB
DHSB		-0.13	-0.07	-0.02	-0.07	0.11	-0.02	-0.11	-0.1	DHSB
MBOX	-0.13		0.37	0.16	0.27	-0.29	0.42	0.61	0.92	MBOX
DIEM	-0.07	0.37		0.85	-0.26	0.11	-0.35	-0.22	0.52	DIEM
MCHI	-0.02	0.16	0.85		-0.43	0.46	-0.53	-0.6	0.46	MCHI
ZIPP	-0.07	0.27	-0.26	-0.43		-0.44	0.71	0.58	0.16	ZIPP
DIPS	0.11	-0.29	0.11	0.46	-0.44		-0.53	-0.74	-0.04	DIPS
DISO	-0.02	0.42	-0.35	-0.53	0.71	-0.53		0.75	0.27	DISO
QOWZ	-0.11	0.61	-0.22	-0.6	0.58	-0.74	0.75		0.3	QOWZ
DIVB	-0.1	0.92	0.52	0.46	0.16	-0.04	0.27	0.3		DIVB
	DHSB	MBOX	DIEM	MCHI	ZIPP	DIPS	DISO	QOWZ	DIVB

Click cells to compare fundamentals

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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

DIVB	+ 0.92	MBOX
MCHI	+ 0.85	DIEM
QOWZ	+ 0.75	DISO
DISO	+ 0.71	ZIPP
QOWZ	+ 0.61	MBOX
QOWZ	+ 0.58	ZIPP

High negative correlations

QOWZ	- 0.74	DIPS
QOWZ	- 0.6	MCHI
DISO	- 0.53	DIPS
DISO	- 0.53	MCHI
DIPS	- 0.44	ZIPP
ZIPP	- 0.43	MCHI

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
DHSB	0.37	(0.08)	0.00	(0.48)	0.00	0.00	0.82	(0.74)	1.68
MBOX	0.69	0.00	0.00	(0.07)	0.00	0.00	1.08	(1.40)	3.06
DIEM	0.69	0.05	0.09	0.04	0.86	(0.76)	1.43	(1.89)	4.39
MCHI	1.38	0.27	0.20	0.70	1.42	(1.60)	2.63	(2.72)	7.91
ZIPP	5.87	(0.05)	0.00	(0.10)	0.00	0.00	8.73	(20.00)	21.74
DIPS	2.24	0.08	0.08	(0.14)	2.73	(2.40)	5.35	(4.43)	23.78
DISO	0.91	(0.11)	0.00	(0.23)	0.00	0.00	1.47	(2.12)	6.61
QOWZ	1.03	(0.06)	0.00	(0.13)	0.00	0.00	1.52	(2.47)	4.92
DIVB	0.65	0.03	0.00	(0.03)	0.00	0.00	1.15	(1.40)	3.13

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