First Trust Correlations
| EIPX Etf | USD 26.35 0.07 0.27% |
The current 90-days correlation between First Trust Exchange and First Trust Exchange Traded is 0.21 (i.e., Modest 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 weak diversification
The correlation between First Trust Exchange Traded and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Exchange Traded and DJI in the same portfolio, assuming nothing else is changed.
First |
Moving together with First Etf
| 0.95 | XLE | Energy Select Sector Aggressive Push | PairCorr |
| 0.93 | VDE | Vanguard Energy Index | PairCorr |
| 0.67 | XOP | SPDR SP Oil | PairCorr |
| 0.94 | IYE | iShares Energy ETF | PairCorr |
| 0.94 | IXC | iShares Global Energy | PairCorr |
| 0.74 | FXN | First Trust Energy | PairCorr |
| 0.94 | FENY | Fidelity MSCI Energy | PairCorr |
| 0.87 | FTXN | First Trust Nasdaq | PairCorr |
| 0.89 | IEO | iShares Oil Gas | PairCorr |
| 0.62 | QTAP | Innovator Growth 100 Low Volatility | PairCorr |
| 0.74 | XTAP | Innovator Equity Acc Low Volatility | PairCorr |
| 0.67 | XOM | Exxon Mobil Corp Earnings Call This Week | PairCorr |
| 0.73 | MMM | 3M Company | PairCorr |
| 0.72 | GE | GE Aerospace | PairCorr |
Moving against First Etf
Related Correlations Analysis
| -0.65 | 0.95 | 0.98 | -0.51 | FSIG | ||
| -0.65 | -0.7 | -0.68 | 0.89 | SDVY | ||
| 0.95 | -0.7 | 0.95 | -0.56 | UCON | ||
| 0.98 | -0.68 | 0.95 | -0.55 | FIXD | ||
| -0.51 | 0.89 | -0.56 | -0.55 | MMLG | ||
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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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| FSIG | 0.12 | 0.01 | 0.06 | 0.40 | 0.00 | 0.27 | 0.64 | |||
| SDVY | 0.91 | (0.12) | 0.00 | (0.11) | 0.00 | 1.94 | 4.68 | |||
| UCON | 0.12 | 0.01 | 0.04 | (0.29) | 0.04 | 0.24 | 0.70 | |||
| FIXD | 0.27 | 0.01 | 0.03 | 0.56 | 0.28 | 0.57 | 1.53 | |||
| MMLG | 1.31 | (0.12) | 0.00 | (0.08) | 0.00 | 2.27 | 7.74 |