First Trust Correlations

Etfs . USA . 
Etf . First Trust SSI
FCVT Etf  USD 39.92  0.12  0.30%   
The current 90-days correlation between First Trust SSI and iShares Convertible Bond is 0.84 (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

Poor diversification

The correlation between First Trust SSI and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SSI 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 SSI. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with First Etf

  0.99ICVT iShares Convertible BondPairCorr
  0.99QCON American Century QualityPairCorr
  0.68PMBS PIMCO Mortgage BackedPairCorr
  0.99SIXD AIM ETF ProductsPairCorr
  0.87PFFL ETRACS 2xMonthly PayPairCorr
  0.98CEFD ETRACS Monthly PayPairCorr
  0.98DWCR Arrow DWA Tactical Low VolatilityPairCorr
  0.99QQQ Invesco QQQ TrustPairCorr
  0.69XTWO Bondbloxx ETF TrustPairCorr
  0.72LKOR FlexShares CreditPairCorr
  0.96IBIB iShares TrustPairCorr
  0.99DECW AIM ETF ProductsPairCorr
  0.97IWN iShares Russell 2000PairCorr
  0.87MVLL GraniteShares 2x LongPairCorr
  0.99IVV iShares Core SPPairCorr
  0.96LRNZ Elevation Series TrustPairCorr
  0.86ENOR iShares MSCI NorwayPairCorr
  0.96DCPE DoubleLine Shiller CAPEPairCorr
  0.98SEEM SEI Select EmergingPairCorr
  0.77BBBL BondBloxx ETF TrustPairCorr
  0.98MBCC Northern LightsPairCorr
  0.98VSS Vanguard FTSE AllPairCorr
  0.97NBGX Neuberger Berman ETFPairCorr
  0.95EWQ iShares MSCI FrancePairCorr
  0.98IUSV iShares Core SPPairCorr
  0.99VTWO Vanguard Russell 2000PairCorr
  0.98VWO Vanguard FTSE EmergingPairCorr
  0.97GMAR First Trust ExchangePairCorr
  0.95JAJL Innovator Equity DefinedPairCorr
  0.95PSC Principal Small CapPairCorr
  0.95EWA iShares MSCI AustraliaPairCorr
  0.93ULST SPDR SSgA UltraPairCorr
  0.95EFAA Invesco Actively ManagedPairCorr
  0.71MDEV First Trust ExchangePairCorr
  0.87XOP SPDR SP OilPairCorr

Moving against First Etf

  0.97VXX iPath Series BPairCorr
  0.96VIXY ProShares VIX ShortPairCorr
  0.82YCL ProShares Ultra YenPairCorr

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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