First Trust Correlations

CRPT Etf

USD 24.95 0.27 1.07%

The current 90-days correlation between First Trust SkyBridge and Grayscale Bitcoin Trust is 0.64 (i.e., 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

Modest diversification

The correlation between First Trust SkyBridge and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SkyBridge 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 SkyBridge. 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

0.94	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.93	BITO	ProShares Bitcoin	Pair Corr
0.63	BLOK	Amplify Transformational	Pair Corr
0.67	LEGR	First Trust Indxx	Pair Corr
0.68	BITQ	Bitwise Crypto Industry	Pair Corr
0.64	SPBC	Simplify Equity PLUS	Pair Corr
0.61	DAPP	VanEck Digital Trans	Pair Corr
0.97	USD	ProShares Ultra Semi	Pair Corr
0.96	FNGO	MicroSectors FANG Index	Pair Corr
0.84	NRGU	Bank of Montreal	Pair Corr
0.97	BULZ	MicroSectors Solactive	Pair Corr
0.96	BITS	Global X Blockchain	Pair Corr
0.96	FNGG	Direxion Daily Select	Pair Corr
0.97	DFEN	Direxion Daily Aerospace	Pair Corr
0.92	BA	Boeing	Pair Corr
0.73	INTC	Intel Earnings Call This Week	Pair Corr
0.96	CAT	Caterpillar	Pair Corr
0.89	MMM	3M Company	Pair Corr
0.94	BAC	Bank of America	Pair Corr
0.94	DIS	Walt Disney	Pair Corr
0.89	AA	Alcoa Corp	Pair Corr
0.83	CVX	Chevron Corp	Pair Corr
0.92	IBM	International Business Earnings Call This Week	Pair Corr
0.87	DD	Dupont De Nemours	Pair Corr
0.85	PFE	Pfizer Inc	Pair Corr
0.94	GE	GE Aerospace Earnings Call This Week	Pair Corr

Moving against First Etf

0.68	MCD	McDonalds	Pair Corr
0.5	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	GBTC	BITO	BLCN	LEGR	BITQ	SPBC	BTC	DAPP	CRPT
GBTC		1.0	0.39	0.52	0.55	0.51	0.52	0.45	0.94	GBTC
BITO	1.0		0.38	0.5	0.54	0.5	0.51	0.43	0.93	BITO
BLCN	0.39	0.38		0.93	0.82	0.95	0.91	0.96	0.52	BLCN
LEGR	0.52	0.5	0.93		0.86	0.99	0.88	0.96	0.67	LEGR
BITQ	0.55	0.54	0.82	0.86		0.86	0.78	0.85	0.68	BITQ
SPBC	0.51	0.5	0.95	0.99	0.86		0.92	0.97	0.64	SPBC
BTC	0.52	0.51	0.91	0.88	0.78	0.92		0.91	0.56	BTC
DAPP	0.45	0.43	0.96	0.96	0.85	0.97	0.91		0.61	DAPP
CRPT	0.94	0.93	0.52	0.67	0.68	0.64	0.56	0.61		CRPT
	GBTC	BITO	BLCN	LEGR	BITQ	SPBC	BTC	DAPP	CRPT

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GBTC	1.66	0.45	0.22	1.40	1.40	(2.01)	4.18	(2.78)	9.05
BITO	1.67	0.43	0.20	1.34	1.44	(2.00)	4.17	(2.86)	8.96
BLCN	1.88	0.47	0.19	0.59	1.97	(2.10)	4.88	(3.38)	13.68
LEGR	0.57	0.19	0.22	0.48	0.00	(0.72)	1.55	(0.69)	3.79
BITQ	2.53	1.04	0.37	(4.61)	1.77	(3.21)	5.80	(3.45)	13.99
SPBC	0.72	0.36	0.33	(137.06)	0.00	(0.88)	1.88	(1.02)	4.43
BTC	1.68	0.49	0.20	(5.82)	1.42	(2.08)	4.20	(2.77)	9.00
DAPP	3.06	1.07	0.42	0.86	2.10	(3.88)	7.60	(3.98)	15.37
CRPT	2.85	0.94	0.35	1.13	2.19	(3.70)	6.95	(3.62)	23.12

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