First Trust Correlations

FFA Etf  USD 20.91  0.11  0.53%   
The current 90-days correlation between First Trust Enhanced and RiverNorth Flexible Municipalome is 0.21 (i.e., Modest 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.

First Trust Correlation With Market

Good diversification

The correlation between First Trust Enhanced and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Enhanced 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 Enhanced. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with First Etf

  0.91JPST JPMorgan Ultra ShortPairCorr
  0.94INTL Main International ETF Low VolatilityPairCorr
  0.94EMC Global X FundsPairCorr
  0.8ERET iShares EnvironmentallyPairCorr
  0.93DIVS SmartETFs DividendPairCorr
  0.95XLF Financial Select Sector Sell-off TrendPairCorr
  0.92LRNZ Elevation Series TrustPairCorr
  0.95PAMC Pacer Lunt MidCapPairCorr
  0.96VOO Vanguard SP 500PairCorr
  0.85VCIT Vanguard Intermediate Sell-off TrendPairCorr
  0.97USXF iShares ESG AdvancedPairCorr
  0.86XONE Bondbloxx Bloomberg OnePairCorr
  0.97KFEB Innovator Small CapPairCorr
  0.79FJP First Trust JapanPairCorr
  0.91GAA Cambria Global AssetPairCorr
  0.92XLY Consumer DiscretionaryPairCorr
  0.96AOR iShares Core GrowthPairCorr
  0.75WCLD WisdomTree Cloud ComPairCorr
  0.91SMCY YieldMax SMCI OptionPairCorr
  0.78NDIV Amplify ETF TrustPairCorr
  0.96GSIB Themes Global SystemPairCorr
  0.83LDUR PIMCO Enhanced LowPairCorr
  0.92FEZ SPDR EURO STOXXPairCorr
  0.96ESGG FlexShares STOXX Global Low VolatilityPairCorr
  0.97TJAN Innovator Equity DefinedPairCorr
  0.93EZU iShares MSCI EurozonePairCorr
  0.95PQJA PGIM Nasdaq 100PairCorr
  0.96VYM Vanguard High DividendPairCorr
  0.95PQDI Principal ExchangePairCorr
  0.79MATH Metalpha TechnologyPairCorr
  0.89ORCX Defiance Daily TargetPairCorr
  0.97NBGX Neuberger Berman ETFPairCorr

Moving against First Etf

  0.93VXX iPath Series BPairCorr
  0.91FNGD MicroSectors FANG Index Potential GrowthPairCorr
  0.6SMI Van EckPairCorr

Related Correlations Analysis

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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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.43  0.30  0.31  0.47  0.58 
 3.99 
 10.48 
MSFT  0.82  0.37  0.50  0.77  0.00 
 2.33 
 8.85 
UBER  1.56  0.10  0.07  0.33  1.35 
 4.19 
 10.87 
F  1.28  0.08  0.03  0.33  1.38 
 2.69 
 7.46 
T  0.97  0.04 (0.10) 0.41  1.16 
 2.35 
 5.71 
A  1.50 (0.13) 0.03  0.16  1.75 
 2.82 
 14.01 
CRM  1.30  0.25 (0.06)(0.23) 1.64 
 2.95 
 9.31 
JPM  0.87  0.17  0.16  0.41  0.47 
 2.25 
 6.03 
MRK  1.39 (0.13)(0.04) 0.12  1.85 
 2.90 
 10.58 
XOM  1.09  0.02 (0.09) 0.32  1.37 
 2.18 
 6.28