First Trust Correlations

Etfs . USA . 
Etf . First Trust Mid
FNY Etf  USD 87.53  0.16  0.18%   
The current 90-days correlation between First Trust Mid and First Trust Small is 0.95 (i.e., Almost no 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 poor diversification

The correlation between First Trust Mid and DJI is 0.86 (i.e., Very poor 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

  0.99VOT Vanguard Mid CapPairCorr
  0.99IWP iShares Russell MidPairCorr
  0.95ARKK ARK Innovation ETFPairCorr
  0.99IJK iShares SP MidPairCorr
  0.97JKH iShares Morningstar MidPairCorr
  0.99KOMP SPDR Kensho NewPairCorr
  0.99MDYG SPDR SP 400PairCorr
  0.99IMCG iShares Morningstar MidPairCorr
  0.99FPX First Trust EquityPairCorr
  0.99IVOG Vanguard SP MidPairCorr
  0.77NVDX T Rex 2X Low VolatilityPairCorr
  0.77NVDL GraniteShares 15x Long Aggressive PushPairCorr
  0.78NVDU Direxion Daily NVDAPairCorr
  0.89BITX Volatility Shares Trust Sell-off TrendPairCorr
  0.91CRPT First Trust SkyBridgePairCorr
  0.69USD ProShares Ultra SemiPairCorr
  0.93DAPP VanEck Digital TransPairCorr
  0.92WGMI Valkyrie Bitcoin MinersPairCorr
  0.9WMT Walmart Aggressive PushPairCorr
  0.87JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.8TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.8CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.82HD Home DepotPairCorr
  0.92CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.83INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.74HPQ HP IncPairCorr
  0.91BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr

Moving against First Etf

  0.71WTID UBS ETRACSPairCorr
  0.82JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.78KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr

Related Correlations Analysis

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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.

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