First Trust Correlations

ROBT Etf  USD 42.64  0.03  0.07%   
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 and DJI is 0.6 (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

  0.87VGT Vanguard InformationPairCorr
  0.89XLK Technology Select SectorPairCorr
  0.9IYW iShares Technology ETFPairCorr
  0.82SMH VanEck Semiconductor ETFPairCorr
  0.83SOXX iShares Semiconductor ETFPairCorr
  0.71CIBR First Trust NASDAQPairCorr
  0.87FTEC Fidelity MSCI InformationPairCorr
  0.96IGV iShares Expanded Tech Low VolatilityPairCorr
  0.96FDN First Trust DowPairCorr
  0.96IGM iShares Expanded TechPairCorr
  0.67USD ProShares Ultra SemiPairCorr
  0.79GBTC Grayscale Bitcoin TrustPairCorr
  0.94FNGO MicroSectors FANG IndexPairCorr
  0.66NAIL Direxion Daily Homeb Downward RallyPairCorr
  0.84FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.61GUSH Direxion Daily SPPairCorr
  0.87DUSL Direxion Daily IndusPairCorr
  0.8HPQ HP IncPairCorr
  0.84BAC Bank of America Sell-off TrendPairCorr
  0.86HD Home DepotPairCorr
  0.64MSFT MicrosoftPairCorr
  0.78BA BoeingPairCorr
  0.7DIS Walt DisneyPairCorr
  0.78WMT Walmart Aggressive PushPairCorr
  0.88AXP American Express Sell-off TrendPairCorr
  0.74JPM JPMorgan ChasePairCorr

Moving against First Etf

  0.62TRV The Travelers CompaniesPairCorr
  0.34T ATT Inc Earnings Call This WeekPairCorr

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   
BOTZROBO
BOTZTHNQ
THNQROBO
UBOTROBO
UBOTBOTZ
UBOTTHNQ
  
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.