First Trust Correlations

Etfs . USA . 
Etf . First Trust NASDAQ
CIBR Etf  USD 74.21  0.16  0.22%   
The current 90-days correlation between First Trust NASDAQ and Amplify ETF Trust 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 NASDAQ and DJI is 0.65 (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.
  
Build AI portfolio with First Etf
Check out Trending Equities 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

  0.96VGT Vanguard InformationPairCorr
  0.96XLK Technology Select Sector Sell-off TrendPairCorr
  0.96IYW iShares Technology ETFPairCorr
  0.94SMH VanEck Semiconductor ETFPairCorr
  0.94SOXX iShares Semiconductor ETFPairCorr
  0.96FTEC Fidelity MSCI InformationPairCorr
  0.98IGV iShares Expanded Tech Low VolatilityPairCorr
  0.99FDN First Trust DowPairCorr
  0.97IGM iShares Expanded TechPairCorr
  0.91USD ProShares Ultra SemiPairCorr
  0.86GBTC Grayscale Bitcoin TrustPairCorr
  0.98FNGO MicroSectors FANG IndexPairCorr
  0.85BITO ProShares BitcoinPairCorr
  0.92CRPT First Trust SkyBridgePairCorr
  0.79NRGU Bank of MontrealPairCorr
  0.95BULZ MicroSectors SolactivePairCorr
  0.87BITS Global X BlockchainPairCorr
  0.98FNGG Direxion Daily SelectPairCorr
  0.92DFEN Direxion Daily AerospacePairCorr
  0.82DD Dupont De NemoursPairCorr
  0.88AA Alcoa CorpPairCorr
  0.97MSFT MicrosoftPairCorr
  0.96DIS Walt DisneyPairCorr
  0.93JPM JPMorgan ChasePairCorr
  0.9BA BoeingPairCorr
  0.86MMM 3M CompanyPairCorr
  0.72CVX Chevron CorpPairCorr
  0.96CSCO Cisco SystemsPairCorr

Moving against First Etf

  0.64MCD McDonaldsPairCorr
  0.55KO Coca Cola Earnings Call This WeekPairCorr
  0.4PG 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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