First Trust Correlations

Etfs . USA . 
Etf . First Trust Horizon
HDMV Etf  USD 31.94  0.20  0.63%   
The current 90-days correlation between First Trust Horizon and First Trust Horizon is 0.58 (i.e., Very weak 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

Weak diversification

The correlation between First Trust Horizon and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Horizon and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in First Trust Horizon. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with First Etf

  0.98EFV iShares MSCI EAFEPairCorr
  0.98FNDF Schwab FundamentalPairCorr
  0.98VYMI Vanguard InternationalPairCorr
  0.98IDV iShares InternationalPairCorr
  0.96DFIV Dimensional InternationalPairCorr
  0.98IVLU iShares Edge MSCIPairCorr
  0.99RODM Hartford MultifactorPairCorr
  0.97PXF Invesco FTSE RAFIPairCorr
  0.98HDEF Xtrackers MSCI EAFEPairCorr
  0.78PID Invesco InternationalPairCorr
  0.78HART IQ Healthy HeartsPairCorr
  0.97IDOG ALPS International SectorPairCorr
  0.95JNJ Johnson Johnson Sell-off TrendPairCorr
  0.83MCD McDonaldsPairCorr
  0.89KO Coca ColaPairCorr
  0.65MMM 3M CompanyPairCorr
  0.65GE GE AerospacePairCorr
  0.72PG Procter Gamble Sell-off TrendPairCorr
  0.91VZ Verizon Communications Sell-off TrendPairCorr
  0.7CSCO Cisco SystemsPairCorr

Moving against First Etf

  0.64PRME Prime Medicine, CommonPairCorr
  0.59VBK Vanguard Small CapPairCorr
  0.51EOS Eaton Vance EnhancedPairCorr
  0.5XOP SPDR SP OilPairCorr
  0.59AA Alcoa CorpPairCorr
  0.54CAT CaterpillarPairCorr
  0.47BAC Bank of AmericaPairCorr
  0.46HPQ HP IncPairCorr
  0.41DIS Walt DisneyPairCorr
  0.34BA BoeingPairCorr
  0.32HD Home DepotPairCorr

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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