First Trust Correlations

Etfs . USA . 
Etf . First Trust Dow
FDNI Etf  USD 32.13  0.36  1.11%   
The current 90-days correlation between First Trust Dow and First Trust International is 0.72 (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

Significant diversification

The correlation between First Trust Dow and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dow 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 Dow. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with First Etf

  0.9VWO Vanguard FTSE EmergingPairCorr
  0.92IEMG iShares Core MSCIPairCorr
  0.95EEM iShares MSCI EmergingPairCorr
  0.89SPEM SPDR Portfolio EmergingPairCorr
  0.97FNDE Schwab FundamentalPairCorr
  0.91ESGE iShares ESG AwarePairCorr
  0.88SFGRX Seafarer OverseasPairCorr
  0.7XSOE WisdomTree EmergingPairCorr
  0.9SPAQ Horizon Kinetics SPACPairCorr
  0.82PULS PGIM Ultra ShortPairCorr
  0.69PG Procter GamblePairCorr
  0.71CSCO Cisco SystemsPairCorr
  0.61DD Dupont De NemoursPairCorr
  0.91JNJ Johnson JohnsonPairCorr
  0.87MCD McDonaldsPairCorr
  0.71GE GE AerospacePairCorr
  0.89VZ Verizon CommunicationsPairCorr
  0.95T ATT Inc Earnings Call This WeekPairCorr

Moving against First Etf

  0.72MSFT MicrosoftPairCorr
  0.69CAT CaterpillarPairCorr
  0.68MRK Merck CompanyPairCorr
  0.49AXP American Express Sell-off TrendPairCorr
  0.43HD Home DepotPairCorr
  0.38HPQ HP IncPairCorr

Related Correlations Analysis

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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   
EBIZ
+ 0.94
FPXI
FTAG
+ 0.67
FTXH
FTAG
+ 0.57
EBIZ
FTAG
+ 0.53
FPXI
FTXL
+ 0.38
FPXI
FTXH
+ 0.27
EBIZ
  
High negative correlations   
FTXH
- 0.64
FTXL
FTAG
- 0.25
FTXL

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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