First Trust Correlations

QCLN Etf

USD 29.81 0.20 0.68%

The current 90-days correlation between First Trust NASDAQ and First Trust Dow is 0.62 (i.e., Poor 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 NASDAQ moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Weak diversification

The correlation between First Trust NASDAQ 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 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 economic analysis.

Moving together with First Etf

0.74	TAN	Invesco Solar ETF	Pair Corr
0.7	DRIV	Global X Autonomous	Pair Corr
0.99	ACES	ALPS Clean Energy	Pair Corr
0.72	IPAY	Amplify ETF Trust	Pair Corr
0.89	MSOS	AdvisorShares Pure	Pair Corr
0.92	MJ	Amplify ETF Trust	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.64	DIS	Walt Disney	Pair Corr
0.8	HPQ	HP Inc	Pair Corr

Moving against First Etf

0.84	BABX	GraniteShares 175x Long	Pair Corr
0.84	XPP	ProShares Ultra FTSE	Pair Corr
0.81	TRV	The Travelers Companies	Pair Corr
0.74	GDXU	MicroSectors Gold Miners	Pair Corr
0.74	JNUG	Direxion Daily Junior	Pair Corr
0.85	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.82	KO	Coca Cola	Pair Corr
0.69	MCD	McDonalds	Pair Corr
0.62	GE	GE Aerospace	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.61	IBM	International Business	Pair Corr
0.54	CVX	Chevron Corp	Pair Corr
0.47	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	FDN	QCLN	ARKQ	CARZ	DHDG	Z	MBCC	MBBB
FDN		0.58	0.88	0.7	0.93	0.87	0.87	-0.31	FDN
QCLN	0.58		0.84	0.78	0.47	0.32	0.24	-0.78	QCLN
ARKQ	0.88	0.84		0.82	0.78	0.69	0.6	-0.63	ARKQ
CARZ	0.7	0.78	0.82		0.75	0.44	0.56	-0.43	CARZ
DHDG	0.93	0.47	0.78	0.75		0.84	0.94	-0.07	DHDG
Z	0.87	0.32	0.69	0.44	0.84		0.83	-0.04	Z
MBCC	0.87	0.24	0.6	0.56	0.94	0.83		0.13	MBCC
MBBB	-0.31	-0.78	-0.63	-0.43	-0.07	-0.04	0.13		MBBB
	FDN	QCLN	ARKQ	CARZ	DHDG	Z	MBCC	MBBB

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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

MBCC	+ 0.94	DHDG
DHDG	+ 0.93	FDN
ARKQ	+ 0.88	FDN
Z	+ 0.87	FDN
MBCC	+ 0.87	FDN
ARKQ	+ 0.84	QCLN

High negative correlations

MBBB	- 0.78	QCLN
MBBB	- 0.63	ARKQ
MBBB	- 0.43	CARZ
MBBB	- 0.31	FDN
MBBB	- 0.07	DHDG
MBBB	- 0.04	Z

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
FDN	1.13	(0.08)	0.00	(0.15)	0.00	0.00	1.82	(2.98)	6.34
QCLN	1.58	(0.22)	0.00	(0.32)	0.00	0.00	2.25	(3.17)	9.45
ARKQ	1.83	(0.07)	0.00	(0.12)	0.00	0.00	3.44	(4.01)	11.12
CARZ	1.32	(0.02)	0.00	(0.10)	0.00	0.00	2.09	(2.91)	7.18
DHDG	0.43	(0.02)	0.00	(0.12)	0.00	0.00	0.87	(0.94)	2.86
Z	1.90	(0.05)	0.00	(0.10)	0.00	0.00	3.23	(4.38)	14.24
MBCC	0.76	(0.02)	0.00	(0.09)	0.00	0.00	1.34	(2.25)	4.26
MBBB	0.25	0.01	0.24	0.10	0.26	(0.27)	0.52	(0.51)	1.48

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