First Trust Correlations

Etfs . USA . 
Etf . First Trust Exchange Traded
MMLG Etf  USD 28.55  0.79  2.69%   
The current 90-days correlation between First Trust Exchange and American Century Quality is 0.97 (i.e., Almost no 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

Very weak diversification

The correlation between First Trust Exchange Traded and DJI is 0.57 (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 Exchange Traded 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 Exchange Traded. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with First Etf

  0.93VUG Vanguard Growth IndexPairCorr
  0.92IWF iShares Russell 1000PairCorr
  0.94IVW iShares SP 500PairCorr
  0.94SPYG SPDR Portfolio SPPairCorr
  0.94IUSG iShares Core SPPairCorr
  0.92VONG Vanguard Russell 1000PairCorr
  0.92MGK Vanguard Mega CapPairCorr
  0.92VRGWX Vanguard Russell 1000PairCorr
  0.94QQQM Invesco NASDAQ 100PairCorr
  0.9IWY iShares Russell TopPairCorr
  0.7HPQ HP IncPairCorr
  0.86AXP American ExpressPairCorr
  0.82WMT WalmartPairCorr
  0.87BAC Bank of America Aggressive PushPairCorr

Moving against First Etf

  0.42PMBS PIMCO Mortgage BackedPairCorr
  0.35JNJ Johnson JohnsonPairCorr
  0.33FXY Invesco CurrencySharesPairCorr
  0.33AMPD Tidal Trust IIPairCorr
  0.54TRV The Travelers CompaniesPairCorr
  0.46VZ Verizon CommunicationsPairCorr
  0.35KO Coca Cola Aggressive PushPairCorr

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   
LCG
+ 0.97
QGRO
LRGE
+ 0.96
QGRO
LRGE
+ 0.96
TGRW
TGRW
+ 0.93
QGRO
LCG
+ 0.91
TGRW
LCG
+ 0.9
LRGE
  
High negative correlations   
LCG
- 0.0
STLG
LRGE
- 0.0
STLG
STLG
- 0.0
TGRW
STLG
- 0.0
QGRO

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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