First Trust Correlations

ROBT Etf  USD 44.04  0.21  0.47%   
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

Weak diversification

The correlation between First Trust Nasdaq and DJI is 0.37 (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 labor statistics.

Moving together with First Etf

  0.61VGT Vanguard InformationPairCorr
  0.68XLK Technology Select SectorPairCorr
  0.72IYW iShares Technology ETFPairCorr
  0.72CIBR First Trust NASDAQPairCorr
  0.61FTEC Fidelity MSCI InformationPairCorr
  0.85IGV iShares Expanded TechPairCorr
  0.87FDN First Trust DowPairCorr
  0.89IGM iShares Expanded TechPairCorr
  0.89ARKW ARK Next GenerationPairCorr
  0.8EWC iShares MSCI CanadaPairCorr
  0.79BST BlackRock Science TechPairCorr
  0.69WMT Walmart 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   
THNQROBO
BOTZROBO
BOTZTHNQ
UBOTBOTZ
UBOTTHNQ
UBOTROBO
  
High negative correlations   
UBOTIRBO
BOTZIRBO
THNQIRBO
ROBOIRBO

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.