First Trust Correlations

EMLP Etf

USD 36.79 0.40 1.10%

The current 90-days correlation between First Trust North and Global X MLP is 0.96 (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 North and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust North and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust North. 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 economic analysis.

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0.86	MLPA	Global X MLP	Pair Corr
0.96	MLPX	Global X MLP	Pair Corr
0.94	TPYP	Tortoise Capital Series	Pair Corr
0.83	AMZA	InfraCap MLP ETF	Pair Corr
0.87	MLPB	UBS AG London	Pair Corr
0.93	ATMP	Barclays ETN Select	Pair Corr
0.97	ENFR	Alerian Energy Infra	Pair Corr
0.86	AMUB	UBS AG London	Pair Corr
0.69	NRGU	Bank of Montreal	Pair Corr
0.61	PFE	Pfizer Inc	Pair Corr
0.68	CAT	Caterpillar	Pair Corr
0.61	BA	Boeing	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.68	INTC	Intel Aggressive Push	Pair Corr
0.75	BAC	Bank of America Aggressive Push	Pair Corr
0.61	HPQ	HP Inc	Pair Corr
0.66	IBM	International Business	Pair Corr
0.63	CSCO	Cisco Systems Earnings Call Today	Pair Corr
0.76	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	MLPX	MLPA	FXN	FPE	ENFR
MLPX		0.9	0.85	0.71	1.0	MLPX
MLPA	0.9		0.94	0.84	0.91	MLPA
FXN	0.85	0.94		0.82	0.85	FXN
FPE	0.71	0.84	0.82		0.73	FPE
ENFR	1.0	0.91	0.85	0.73		ENFR
	MLPX	MLPA	FXN	FPE	ENFR

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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
MLPX	1.27	0.05	0.00	(0.02)	0.00	0.00	2.20	(2.42)	12.23
MLPA	1.18	0.01	0.00	(0.05)	0.00	0.00	2.31	(2.93)	8.15
FXN	2.02	0.07	0.00	(0.02)	0.00	0.00	3.33	(4.89)	19.43
FPE	0.32	(0.01)	0.00	0.57	0.00	0.00	0.82	(0.80)	3.18
ENFR	1.22	0.05	0.03	(0.01)	1.97	(1.26)	2.13	(2.79)	10.89

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First Trust Correlations

First Trust Correlation With Market

Poor diversification

Moving together with First Etf

Related Correlations Analysis

First Trust Constituents Risk-Adjusted Indicators

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