First Trust Correlations

Etfs . USA . 
Etf . First Trust Exchange Traded
QSPT Etf  USD 27.06  0.39  1.42%   
The current 90-days correlation between First Trust Exchange and First Trust Exchange Traded 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. 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 Exchange Traded and DJI is 0.67 (i.e., Poor 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 Your Equity Center 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 american community survey.

Moving together with First Etf

  0.98BUFR First Trust CboePairCorr
  0.97BUFD FT Cboe VestPairCorr
  0.97PSEP Innovator SP 500PairCorr
  0.94PJAN Innovator SP 500PairCorr
  0.97PJUL Innovator SP 500PairCorr
  0.97PAUG Innovator Equity PowerPairCorr
  0.98DNOV FT Cboe VestPairCorr
  0.8PMAY Innovator SP 500PairCorr
  0.95PJUN Innovator SP 500PairCorr
  0.76WGMI Valkyrie Bitcoin MinersPairCorr
  0.85BAC Bank of America Aggressive PushPairCorr
  0.78WMT WalmartPairCorr
  0.83HD Home DepotPairCorr
  0.64MSFT MicrosoftPairCorr

Moving against First Etf

  0.55PMBS PIMCO Mortgage BackedPairCorr
  0.47FXY Invesco CurrencySharesPairCorr
  0.46AMPD Tidal Trust IIPairCorr
  0.36INOV Innovator ETFs TrustPairCorr
  0.67TRV The Travelers CompaniesPairCorr
  0.6VZ Verizon CommunicationsPairCorr
  0.46JNJ Johnson JohnsonPairCorr
  0.39KO Coca Cola Aggressive PushPairCorr
  0.34XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.33PG Procter GamblePairCorr

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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