First Trust Correlations

FCAL Etf

USD 49.43 0.07 0.14%

The current 90-days correlation between First Trust California and Trust For Professional is 0.52 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust California moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Modest diversification

The correlation between First Trust California and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust California and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust California. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with First Etf

0.99	CMF	iShares California Muni	Pair Corr
0.99	PWZ	Invesco California AMT	Pair Corr
0.84	USD	ProShares Ultra Semi	Pair Corr
0.9	BULZ	MicroSectors Solactive	Pair Corr
0.88	FNGO	MicroSectors FANG Index	Pair Corr
0.87	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.88	FNGG	Direxion Daily Select	Pair Corr
0.88	TECL	Direxion Daily Technology	Pair Corr
0.78	BITS	Global X Blockchain	Pair Corr
0.72	SATO	Invesco Alerian Galaxy	Pair Corr
0.92	SECT	Main Sector Rotation	Pair Corr
0.88	AIBU	Direxion Shares ETF	Pair Corr
0.92	QGRD	Horizon Nasdaq 100	Pair Corr
0.87	HAP	VanEck Natural Resources	Pair Corr
0.89	RFMZ	RiverNorth Flexible	Pair Corr
0.98	AVMU	Avantis Core Municipal	Pair Corr
0.85	SGDJ	Sprott Junior Gold	Pair Corr
0.84	IWO	iShares Russell 2000	Pair Corr
0.97	YFYA	Listed Funds Trust	Pair Corr
0.88	THRO	iShares Thematic Rotation	Pair Corr
0.62	CQQQ	Invesco China Technology	Pair Corr
0.97	SHV	iShares Short Treasury	Pair Corr
0.91	TSLP	Kurv Yield Premium	Pair Corr
0.91	VGT	Vanguard Information	Pair Corr
0.93	EAGG	iShares ESG Aggregate	Pair Corr
0.92	IVW	iShares SP 500	Pair Corr
0.62	MDBX	MDBX	Pair Corr
0.99	HMOP	Hartford Municipal	Pair Corr
0.9	CRTC	Xtrackers National	Pair Corr
0.96	XCEM	Columbia EM Core Potential Growth	Pair Corr
0.9	HFGM	Unlimited HFGM Global	Pair Corr
0.97	VNLA	Janus Henderson Short	Pair Corr
0.81	XSEP	FT Cboe Vest	Pair Corr
0.89	TSMX	Direxion Daily TSM	Pair Corr
0.79	FTXR	First Trust Nasdaq	Pair Corr

Moving against First Etf

0.4

GBTC

Grayscale Bitcoin Trust

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.12	0.24	-0.73	0.74	-0.72	-0.06	-0.47	-0.57	-0.57	META
MSFT	0.12		0.35	0.28	-0.43	0.37	0.18	0.12	0.24	0.12	MSFT
UBER	0.24	0.35		-0.11	0.08	-0.17	-0.02	0.38	-0.31	0.08	UBER
F	-0.73	0.28	-0.11		-0.76	0.8	0.27	0.47	0.61	0.7	F
T	0.74	-0.43	0.08	-0.76		-0.92	-0.23	-0.38	-0.59	-0.52	T
A	-0.72	0.37	-0.17	0.8	-0.92		0.24	0.43	0.69	0.6	A
CRM	-0.06	0.18	-0.02	0.27	-0.23	0.24		-0.18	0.04	0.12	CRM
JPM	-0.47	0.12	0.38	0.47	-0.38	0.43	-0.18		0.03	0.69	JPM
MRK	-0.57	0.24	-0.31	0.61	-0.59	0.69	0.04	0.03		0.35	MRK
XOM	-0.57	0.12	0.08	0.7	-0.52	0.6	0.12	0.69	0.35		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

A	+ 0.8	F
T	+ 0.74	META
XOM	+ 0.7	F
MRK	+ 0.69	A
XOM	+ 0.69	JPM
MRK	+ 0.61	F

High negative correlations

A	- 0.92	T
T	- 0.76	F
F	- 0.73	META
A	- 0.72	META
MRK	- 0.59	T
XOM	- 0.57	META

First Trust Competition 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
META	1.28	(0.43)	0.00	(0.40)	0.00	0.00	1.87	(2.72)	13.52
MSFT	0.78	(0.09)	0.00	(0.05)	0.00	0.00	1.85	(1.98)	5.08
UBER	1.43	(0.05)	(0.03)	0.01	1.81	(1.55)	3.34	(2.71)	9.09
F	1.38	0.15	0.11	0.17	1.46	(1.62)	3.66	(1.73)	16.30
T	0.97	(0.18)	0.00	(0.67)	0.00	0.00	1.84	(2.32)	6.25
A	1.30	0.24	0.18	0.25	1.07	(1.46)	3.82	(2.15)	11.03
CRM	1.55	0.01	0.01	0.08	2.21	(1.47)	3.59	(3.61)	9.91
JPM	0.86	(0.02)	(0.01)	0.05	1.30	(0.79)	1.67	(1.91)	5.76
MRK	1.22	0.15	0.10	0.30	1.14	(1.48)	1.80	(2.36)	11.45
XOM	0.88	0.16	0.09	0.63	1.04	(0.87)	1.78	(1.93)	4.71

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