First Trust Correlations

FYC Etf

USD 70.81 0.44 0.62%

The current 90-days correlation between First Trust Small and First Trust Mid is -0.09 (i.e., Good 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

Poor diversification

The correlation between First Trust Small and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Small 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 Small. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with First Etf

0.94	VBK	Vanguard Small Cap	Pair Corr
0.95	IWO	iShares Russell 2000	Pair Corr
0.95	IJT	iShares SP Small	Pair Corr
0.94	SLYG	SPDR SP 600	Pair Corr
0.78	PBW	Invesco WilderHill Clean	Pair Corr
0.86	JKK	iShares Morningstar	Pair Corr
0.95	VTWG	Vanguard Russell 2000	Pair Corr
0.99	VRTGX	Vanguard Russell 2000	Pair Corr
0.95	VIOG	Vanguard SP Small	Pair Corr
0.94	ISCG	iShares Morningstar	Pair Corr
0.74	USD	ProShares Ultra Semi	Pair Corr
0.87	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.89	FNGO	MicroSectors FANG Index	Pair Corr
0.81	NAIL	Direxion Daily Homeb Downward Rally	Pair Corr
0.89	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.69	GUSH	Direxion Daily SP	Pair Corr
0.74	DUSL	Direxion Daily Indus	Pair Corr
0.84	MSFT	Microsoft	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.76	DIS	Walt Disney	Pair Corr
0.85	BAC	Bank of America Sell-off Trend	Pair Corr
0.8	HPQ	HP Inc	Pair Corr

Moving against First Etf

0.46	MYMH	SPDR SSGA My2028	Pair Corr
0.77	VZ	Verizon Communications	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.72	KO	Coca Cola	Pair Corr
0.72	TRV	The Travelers Companies	Pair Corr
0.66	T	ATT Inc Earnings Call This Week	Pair Corr
0.58	MCD	McDonalds	Pair Corr
0.43	PG	Procter Gamble	Pair Corr
0.36	IBM	International Business	Pair Corr
0.33	INTC	Intel	Pair Corr
0.33	MMM	3M Company	Pair Corr

Related Correlations Analysis

	FNY	FYT	FYX	FNK	FAD
FNY		0.88	0.89	0.94	1.0	FNY
FYT	0.88		0.96	0.95	0.86	FYT
FYX	0.89	0.96		0.92	0.87	FYX
FNK	0.94	0.95	0.92		0.93	FNK
FAD	1.0	0.86	0.87	0.93		FAD
	FNY	FYT	FYX	FNK	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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FNY	1.10	(0.19)	1.04	1.74	(3.32)	5.79
FYT	0.89	(0.24)	2.38	1.24	(2.04)	4.10
FYX	0.87	(0.15)	(0.23)	1.57	(2.37)	4.77
FNK	0.83	(0.15)	15.63	1.32	(1.72)	4.02
FAD	1.07	(0.17)	0.92	1.66	(3.22)	5.20

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