First Trust Correlations

Etfs . USA . 
Etf . First Trust Nasdaq
FTXO Etf  USD 30.47  0.06  0.20%   
The current 90-days correlation between First Trust Nasdaq and First Trust NASDAQ 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 Nasdaq moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust Nasdaq and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Nasdaq 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 Nasdaq. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with First Etf

  0.77XLF Financial Select SectorPairCorr
  0.88VFH Vanguard Financials IndexPairCorr
  0.98KRE SPDR SP RegionalPairCorr
  0.98KBE SPDR SP BankPairCorr
  0.85IYF iShares Financials ETFPairCorr
  0.88FNCL Fidelity MSCI FinancialsPairCorr
  0.89IYG iShares FinancialPairCorr
  0.96FXO First Trust FinancialsPairCorr
  0.97IAT iShares Regional BanksPairCorr
  0.94MPAY Akros Monthly PayoutPairCorr
  0.91CPST Calamos ETF TrustPairCorr
  0.95AXP American ExpressPairCorr
  0.61CAT CaterpillarPairCorr
  0.81WMT WalmartPairCorr
  0.86JPM JPMorgan ChasePairCorr
  0.72HPQ HP IncPairCorr

Moving against First Etf

  0.74BITI ProShares TrustPairCorr
  0.38EUFN iShares MSCI EuropePairCorr
  0.38SPAQ Horizon Kinetics SPACPairCorr
  0.38JNJ Johnson JohnsonPairCorr
  0.51TRV The Travelers CompaniesPairCorr

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   
KBWR
+ 0.98
QABA
KBWR
+ 0.8
FTXR
FTXR
+ 0.75
QABA
KBWR
+ 0.45
FTXN
FTXR
+ 0.38
FTXN
FTXN
+ 0.31
QABA
  
High negative correlations   
FTXH
- 0.7
FTXR
FTXH
- 0.39
KBWR
FTXH
- 0.37
QABA
FTXH
- 0.16
FTXN

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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