First Trust Correlations

FFA Etf  USD 20.80  0.02  0.1%   
The current 90-days correlation between First Trust Enhanced and RiverNorth Flexible Municipalome is 0.31 (i.e., Weak 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

Poor diversification

The correlation between First Trust Enhanced and DJI is 0.78 (i.e., Poor 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

  0.86GRNB VanEck Green BondPairCorr
  0.95FMAR FT Cboe VestPairCorr
  0.93RODM Hartford MultifactorPairCorr
  0.82CRED Columbia ETF TrustPairCorr
  0.97CPSL Calamos LadderedPairCorr
  0.97WINN Harbor Long TermPairCorr
  0.94AIS Tidal Trust IIIPairCorr
  0.91GMET VanEck Vectors ETFPairCorr
  0.89FSIG First Trust ExchangePairCorr
  0.96DVY iShares Select DividendPairCorr
  0.9FBTC Fidelity Wise OriginPairCorr
  0.94GFLW VictoryShares Free CashPairCorr
  0.98DFUS Dimensional Equity ETFPairCorr
  0.9DIHP Dimensional International Low VolatilityPairCorr
  0.89SMCCX DEUTSCHE MID CAPPairCorr
  0.95PJAN Innovator SP 500PairCorr
  0.96VB Vanguard Small CapPairCorr
  0.86FTRI First Trust IndxxPairCorr
  0.96IGM iShares Expanded TechPairCorr
  0.94HKND Humankind BenefitPairCorr
  0.98VOTE TCW Transform 500PairCorr
  0.64NETL Fundamental Income NetPairCorr
  0.93VNLA Janus Henderson ShortPairCorr
  0.95TDEC FT Vest EmergingPairCorr
  0.97VGT Vanguard InformationPairCorr
  0.61MBB iShares MBS ETFPairCorr
  0.97VUG Vanguard Growth IndexPairCorr
  0.96IVOG Vanguard SP MidPairCorr
  0.95PXH Invesco FTSE RAFIPairCorr
  0.97FFEB FT Cboe VestPairCorr
  0.95SPMO Invesco SP 500PairCorr
  0.92SCHD Schwab Dividend EquityPairCorr
  0.89RDOG ALPS REIT DividendPairCorr
  0.95HYEM VanEck Emerging MarketsPairCorr
  0.97FTEC Fidelity MSCI InformationPairCorr
  0.97SCHG Schwab Large CapPairCorr

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  1.47  0.31  0.27  0.41  0.82 
 3.99 
 10.48 
MSFT  0.86  0.33  0.38  0.59  0.00 
 2.33 
 8.85 
UBER  1.61  0.18  0.12  0.34  1.40 
 4.19 
 10.87 
F  1.30  0.17  0.08  0.40  1.40 
 2.69 
 7.46 
T  1.00 (0.02)(0.10) 0.10  1.30 
 2.35 
 5.71 
A  1.50 (0.07) 0.02  0.12  1.79 
 2.58 
 14.01 
CRM  1.30 (0.15)(0.04) 0.06  1.69 
 2.95 
 9.31 
JPM  0.87  0.22  0.18  0.42  0.58 
 2.25 
 6.03 
MRK  1.38  0.11 (0.06)(0.10) 1.96 
 2.88 
 10.58 
XOM  1.12  0.04 (0.06) 0.32  1.38 
 2.40 
 6.28