First Trust Correlations

FDL Etf

USD 43.48 0.22 0.51%

The current 90-days correlation between First Trust Morningstar and First Trust Value is 0.91 (i.e., Almost no 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 Morningstar moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Very weak diversification

The correlation between First Trust Morningstar and DJI is 0.47 (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 Morningstar 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 Morningstar. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with First Etf

0.64	DVY	iShares Select Dividend	Pair Corr
0.85	FVD	First Trust Value	Pair Corr
0.61	NOBL	ProShares SP 500	Pair Corr
0.91	FXY	Invesco CurrencyShares	Pair Corr
0.89	PMBS	PIMCO Mortgage Backed	Pair Corr
0.9	VZ	Verizon Communications	Pair Corr
0.76	CVX	Chevron Corp	Pair Corr
0.69	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.96	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.61	PG	Procter Gamble	Pair Corr
0.7	INTC	Intel Sell-off Trend	Pair Corr
0.92	KO	Coca Cola	Pair Corr
0.83	GE	GE Aerospace	Pair Corr
0.97	T	ATT Inc Sell-off Trend	Pair Corr

Moving against First Etf

0.78	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.78	MSFT	Microsoft Aggressive Push	Pair Corr
0.71	AA	Alcoa Corp	Pair Corr
0.63	MRK	Merck Company	Pair Corr
0.58	CAT	Caterpillar	Pair Corr
0.45	HPQ	HP Inc	Pair Corr
0.33	BAC	Bank of America Aggressive Push	Pair Corr

Related Correlations Analysis

	FVD	PEY	DHS	PFM	FGD
FVD		0.83	0.85	0.63	0.69	FVD
PEY	0.83		0.81	0.69	0.54	PEY
DHS	0.85	0.81		0.38	0.88	DHS
PFM	0.63	0.69	0.38		0.06	PFM
FGD	0.69	0.54	0.88	0.06		FGD
	FVD	PEY	DHS	PFM	FGD

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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
FVD	0.61	0.01	0.03	(0.01)	0.84	(0.61)	1.20	(1.48)	3.03
PEY	0.71	(0.04)	0.00	0.42	0.00	0.00	1.38	(1.20)	3.80
DHS	0.60	0.02	0.06	(0.19)	0.88	(0.57)	1.17	(1.45)	3.94
PFM	0.65	(0.02)	0.00	(0.06)	0.00	0.00	1.03	(1.46)	3.04
FGD	0.58	0.08	0.15	(0.81)	0.68	(0.61)	1.42	(1.14)	2.96

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