First Trust Correlations

TDIV Etf  USD 76.12  0.97  1.26%   
The current 90-days correlation between First Trust NASDAQ and First Trust NASDAQ 100 Technology is 0.87 (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

Significant diversification

The correlation between First Trust NASDAQ and DJI is 0.02 (i.e., Significant 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 World Market Map 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 gross domestic product.

Moving together with First Etf

  0.88VGT Vanguard InformationPairCorr
  0.91XLK Technology Select SectorPairCorr
  0.9IYW iShares Technology ETFPairCorr
  0.86SMH VanEck Semiconductor ETFPairCorr
  0.89SOXX iShares Semiconductor ETFPairCorr
  0.69CIBR First Trust NASDAQPairCorr
  0.88FTEC Fidelity MSCI InformationPairCorr
  0.88IGV iShares Expanded Tech Low VolatilityPairCorr
  0.88FDN First Trust DowPairCorr
  0.93IGM iShares Expanded TechPairCorr
  0.72USD ProShares Ultra SemiPairCorr
  0.71GBTC Grayscale Bitcoin TrustPairCorr
  0.88FNGO MicroSectors FANG IndexPairCorr
  0.82FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.83DUSL Direxion Daily IndusPairCorr
  0.68BAC Bank of America Aggressive PushPairCorr
  0.71BA BoeingPairCorr
  0.64WMT WalmartPairCorr
  0.75AXP American ExpressPairCorr
  0.79JPM JPMorgan Chase Sell-off TrendPairCorr

Moving against First Etf

  0.5TRV The Travelers CompaniesPairCorr
  0.34PG Procter GamblePairCorr

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   
FXLQTEC
RDVYQTEC
FXLRDVY
DGRWRDVY
DGRWQTEC
FXLDGRW
  
High negative correlations   
MDIVFXL

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.