First Trust Correlations

FNK Etf

USD 50.91 0.34 0.66%

The current 90-days correlation between First Trust Mid and First Trust Small is 0.95 (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 Mid moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Good diversification

The correlation between First Trust Mid and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Mid 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 Mid. 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

0.8	VOE	Vanguard Mid Cap	Pair Corr
0.67	IWS	iShares Russell Mid	Pair Corr
0.93	COWZ	Pacer Cash Cows	Pair Corr
0.95	DON	WisdomTree MidCap	Pair Corr
0.91	PKW	Invesco BuyBack Achievers	Pair Corr
0.64	ONEY	SPDR Russell 1000	Pair Corr
0.64	CAT	Caterpillar	Pair Corr
0.78	BAC	Bank of America Aggressive Push	Pair Corr
0.63	JPM	JPMorgan Chase	Pair Corr
0.85	AXP	American Express	Pair Corr

Moving against First Etf

0.65	FXY	Invesco CurrencyShares	Pair Corr
0.47	AMPD	Tidal Trust II	Pair Corr
0.63	PG	Procter Gamble	Pair Corr
0.61	MCD	McDonalds	Pair Corr
0.57	KO	Coca Cola Sell-off Trend	Pair Corr
0.49	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FYT	FNY	FYC	FTA	FAD
FYT		0.9	0.96	0.69	0.89	FYT
FNY	0.9		0.96	0.75	1.0	FNY
FYC	0.96	0.96		0.64	0.95	FYC
FTA	0.69	0.75	0.64		0.75	FTA
FAD	0.89	1.0	0.95	0.75		FAD
	FYT	FNY	FYC	FTA	FAD

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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
FYT	0.85	(0.14)	0.00	1.46	0.00	0.00	1.24	(1.78)	4.07
FNY	1.07	(0.13)	0.00	0.49	0.00	0.00	1.74	(2.57)	5.79
FYC	1.09	(0.18)	0.00	0.56	0.00	0.00	1.99	(2.60)	5.63
FTA	0.66	0.01	0.10	(0.16)	0.84	(0.64)	1.26	(1.28)	3.38
FAD	1.04	(0.12)	0.00	0.48	0.00	0.00	1.66	(2.29)	5.20

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