First Trust Correlations

FDN Etf

USD 202.22 1.58 0.79%

The current 90-days correlation between First Trust Dow and First Trust Cloud is 0.96 (i.e., Almost no 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 Dow moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Trust Correlation With Market

Significant diversification

The correlation between First Trust Dow and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dow and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with First Etf

0.95	VGT	Vanguard Information	Pair Corr
0.95	XLK	Technology Select Sector	Pair Corr
0.96	IYW	iShares Technology ETF	Pair Corr
0.88	SMH	VanEck Semiconductor ETF	Pair Corr
0.89	SOXX	iShares Semiconductor ETF	Pair Corr
0.87	CIBR	First Trust NASDAQ	Pair Corr
0.95	FTEC	Fidelity MSCI Information	Pair Corr
0.99	IGV	iShares Expanded Tech Sell-off Trend	Pair Corr
0.98	IGM	iShares Expanded Tech	Pair Corr
0.75	ARKC	ARK 21Shares Active	Pair Corr
0.64	FTSL	First Trust Senior	Pair Corr

Moving against First Etf

0.77	XHLF	Bondbloxx ETF Trust	Pair Corr
0.72	UYLD	Angel Oak UltraShort	Pair Corr
0.57	TLT	iShares 20 Year	Pair Corr
0.51	SHNY	Microsectors Gold	Pair Corr
0.46	BABX	GraniteShares 175x Long	Pair Corr
0.46	EUAD	Select STOXX Europe	Pair Corr
0.45	GDXJ	VanEck Junior Gold	Pair Corr
0.39	MCHS	Matthews China Discovery	Pair Corr
0.32	RODM	Hartford Multifactor	Pair Corr
0.95	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.85	UVXY	ProShares Ultra VIX Trending	Pair Corr
0.73	MMKT	Texas Capital Funds	Pair Corr
0.71	IBDR	iShares iBonds Dec	Pair Corr
0.54	SGDM	Sprott Gold Miners	Pair Corr
0.5	BSCS	Invesco BulletShares 2028	Pair Corr
0.47	EVSD	Eaton Vance Short	Pair Corr
0.44	GLTR	abrdn Physical Precious	Pair Corr

Related Correlations Analysis

	SKYY	IGV	PNQI	QTEC	ITA
SKYY		0.99	0.79	0.81	0.57	SKYY
IGV	0.99		0.78	0.8	0.62	IGV
PNQI	0.79	0.78		0.96	0.41	PNQI
QTEC	0.81	0.8	0.96		0.41	QTEC
ITA	0.57	0.62	0.41	0.41		ITA
	SKYY	IGV	PNQI	QTEC	ITA

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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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
SKYY	1.67	(0.41)	(3.40)	2.01	(5.01)	11.66
IGV	1.55	(0.28)	(1.77)	2.12	(3.77)	9.96
PNQI	1.26	(0.20)	(0.97)	2.07	(3.59)	9.05
QTEC	1.57	(0.25)	(0.83)	1.91	(4.02)	10.68
ITA	1.09	(0.05)	(0.33)	2.13	(2.34)	11.66

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