First Trust Correlations

FPA Etf  USD 28.47  0.84  2.87%   
The current 90-days correlation between First Trust Asia and First Trust Japan is 0.24 (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.

First Trust Correlation With Market

Modest diversification

The correlation between First Trust Asia and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Asia 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 Asia. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with First Etf

  0.76BBAX JPMorgan BetaBuildersPairCorr
  0.61AAXJ iShares MSCI AllPairCorr
  0.84EPP iShares MSCI PacificPairCorr
  0.61AIA iShares Asia 50PairCorr
  0.66DVYA iShares AsiaPacificPairCorr
  0.62CQQQ Invesco China TechnologyPairCorr
  0.63DBEF Xtrackers MSCI EAFEPairCorr
  0.71GE GE AerospacePairCorr
  0.62KO Coca ColaPairCorr
  0.65JPM JPMorgan ChasePairCorr
  0.61CSCO Cisco SystemsPairCorr
  0.69DD Dupont De NemoursPairCorr
  0.76CVX Chevron CorpPairCorr

Moving against First Etf

  0.53MRK Merck Company Aggressive PushPairCorr
  0.34MSFT MicrosoftPairCorr

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.