First Trust Correlations

MISL Etf

USD 30.26 0.28 0.92%

The current 90-days correlation between First Trust Indxx and Gabelli ETFs Trust is 0.01 (i.e., Significant 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 Indxx moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Very weak diversification

The correlation between First Trust Indxx and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Indxx and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in First Trust Indxx. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with First Etf

0.66	VIS	Vanguard Industrials	Pair Corr
0.66	FXR	First Trust Industri	Pair Corr
0.78	PPA	Invesco Aerospace Defense	Pair Corr
0.66	FIDU	Fidelity MSCI Industrials	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.62	AA	Alcoa Corp	Pair Corr
0.85	CAT	Caterpillar	Pair Corr

Moving against First Etf

0.58	FXY	Invesco CurrencyShares	Pair Corr
0.57	PMBS	PIMCO Mortgage Backed	Pair Corr
0.39	INTC	Intel	Pair Corr
0.33	TRV	The Travelers Companies	Pair Corr
0.68	KO	Coca Cola	Pair Corr
0.64	MCD	McDonalds	Pair Corr
0.61	VZ	Verizon Communications	Pair Corr
0.6	JNJ	Johnson Johnson	Pair Corr
0.6	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.46	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	GCAD	MDEV	EIPX	MBCC	ILDR
GCAD		0.75	0.73	0.48	0.78	GCAD
MDEV	0.75		0.37	0.71	0.72	MDEV
EIPX	0.73	0.37		0.17	0.46	EIPX
MBCC	0.48	0.71	0.17		0.67	MBCC
ILDR	0.78	0.72	0.46	0.67		ILDR
	GCAD	MDEV	EIPX	MBCC	ILDR

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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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GCAD	0.83	0.03	0.10	(0.29)	0.95	(0.89)	1.87	(1.62)	4.11
MDEV	0.71	(0.03)	0.00	(0.11)	0.00	0.00	1.17	(1.47)	4.54
EIPX	0.74	0.11	0.16	(2.15)	0.88	(0.74)	1.44	(1.44)	4.37
MBCC	0.76	(0.02)	0.00	(0.09)	0.00	0.00	1.34	(2.25)	4.26
ILDR	1.38	(0.09)	0.00	0.78	0.00	0.00	2.16	(3.35)	8.41

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