First Trust Correlations

QQEW Etf

USD 126.16 2.55 2.06%

The current 90-days correlation between First Trust NASDAQ and First Trust NASDAQ 100 is 0.88 (i.e., Very poor 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

Poor diversification

The correlation between First Trust NASDAQ 100 and DJI is 0.66 (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 100 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 100. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with First Etf

0.81	VUG	Vanguard Growth Index	Pair Corr
0.78	IWF	iShares Russell 1000	Pair Corr
0.85	IVW	iShares SP 500	Pair Corr
0.85	SPYG	SPDR Portfolio SP	Pair Corr
0.84	IUSG	iShares Core SP	Pair Corr
0.79	VONG	Vanguard Russell 1000	Pair Corr
0.8	MGK	Vanguard Mega Cap	Pair Corr
0.79	VRGWX	Vanguard Russell 1000	Pair Corr
0.86	QQQM	Invesco NASDAQ 100	Pair Corr
0.76	IWY	iShares Russell Top	Pair Corr
0.71	HPQ	HP Inc	Pair Corr
0.78	AXP	American Express	Pair Corr
0.88	WMT	Walmart	Pair Corr
0.61	DD	Dupont De Nemours	Pair Corr
0.76	BAC	Bank of America Aggressive Push	Pair Corr

Moving against First Etf

0.41

TRV

The Travelers Companies

Pair Corr

Related Correlations Analysis

	QQXT	QTEC	QQQE	FTC	FTA
QQXT		0.73	0.9	0.72	0.67	QQXT
QTEC	0.73		0.96	0.96	0.68	QTEC
QQQE	0.9	0.96		0.93	0.72	QQQE
FTC	0.72	0.96	0.93		0.75	FTC
FTA	0.67	0.68	0.72	0.75		FTA
	QQXT	QTEC	QQQE	FTC	FTA

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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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
QQXT	0.65	(0.01)	(0.06)	1.29	(1.40)	3.19
QTEC	1.34	(0.07)	(0.10)	1.91	(3.38)	7.06
QQQE	0.87	(0.04)	(0.08)	1.63	(2.03)	4.40
FTC	1.11	(0.05)	(0.09)	2.23	(2.50)	6.00
FTA	0.71	0.00	(0.03)	1.26	(1.40)	3.38

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