First Trust Correlations

Etfs . USA . 
Etf . First Trust NASDAQ
QABA Etf  USD 59.86  0.58  0.96%   
The current 90-days correlation between First Trust NASDAQ and Invesco KBW Regional is 0.98 (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

Poor diversification

The correlation between First Trust NASDAQ and DJI is 0.78 (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 Your Equity Center 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 bureau of labor statistics.

Moving together with First Etf

  0.97XLF Financial Select Sector Sell-off TrendPairCorr
  0.97VFH Vanguard Financials IndexPairCorr
  1.0KRE SPDR SP RegionalPairCorr
  0.99KBE SPDR SP BankPairCorr
  0.97IYF iShares Financials ETFPairCorr
  0.97FNCL Fidelity MSCI FinancialsPairCorr
  0.97IYG iShares FinancialPairCorr
  0.97FXO First Trust FinancialsPairCorr
  0.99IAT iShares Regional BanksPairCorr
  0.83FNGU MicroSectors FANG IndexPairCorr
  0.84FNGO MicroSectors FANG IndexPairCorr
  0.93GBTC Grayscale Bitcoin TrustPairCorr
  0.72TECL Direxion Daily TechnologyPairCorr
  0.85FNGS MicroSectors FANG ETNPairCorr
  0.82QLD ProShares Ultra QQQPairCorr
  0.74ROM ProShares Ultra TechPairCorr
  0.97BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.87CSCO Cisco SystemsPairCorr
  0.92AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.82WMT WalmartPairCorr
  0.88DIS Walt DisneyPairCorr
  0.82T ATT Inc Fiscal Year End 22nd of January 2025 PairCorr
  0.72AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.79TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

Moving against First Etf

  0.77MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.56EUFN iShares MSCI EuropePairCorr
  0.87PFE Pfizer Inc Fiscal Year End 4th of February 2025 PairCorr
  0.86KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.78JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.37GE GE Aerospace Fiscal Year End 28th of January 2025 PairCorr
  0.33MCD McDonalds Sell-off TrendPairCorr

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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