First Trust Correlations

GAPR Etf

39.62 0.09 0.23%

The current 90-days correlation between First Trust Exchange and FT Vest Equity is -0.11 (i.e., Good 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 Exchange Traded and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Exchange Traded and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in First Trust Exchange Traded. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with First Etf

0.61	BUFR	First Trust Cboe	Pair Corr
0.68	BUFD	FT Cboe Vest	Pair Corr
0.63	PJAN	Innovator SP 500	Pair Corr
0.63	PJUL	Innovator SP 500	Pair Corr
0.66	DNOV	FT Cboe Vest	Pair Corr
0.61	AXP	American Express	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.64	IBM	International Business	Pair Corr

Moving against First Etf

0.53	FRHC	Freedom Holding Corp	Pair Corr
0.52	FNGD	MicroSectors FANG Index	Pair Corr
0.6	T	ATT Inc	Pair Corr
0.53	HD	Home Depot	Pair Corr
0.5	VZ	Verizon Communications	Pair Corr
0.43	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.5	0.53	-0.76	0.71	-0.74	0.34	-0.14	-0.69	-0.67	META
MSFT	0.5		0.71	-0.08	-0.1	-0.12	0.57	0.2	-0.49	-0.24	MSFT
UBER	0.53	0.71		-0.38	0.25	-0.53	0.47	0.32	-0.76	-0.34	UBER
F	-0.76	-0.08	-0.38		-0.74	0.78	-0.08	0.24	0.64	0.73	F
T	0.71	-0.1	0.25	-0.74		-0.89	0.01	-0.14	-0.51	-0.48	T
A	-0.74	-0.12	-0.53	0.78	-0.89		-0.21	0.05	0.77	0.51	A
CRM	0.34	0.57	0.47	-0.08	0.01	-0.21		-0.11	-0.56	-0.27	CRM
JPM	-0.14	0.2	0.32	0.24	-0.14	0.05	-0.11		-0.12	0.28	JPM
MRK	-0.69	-0.49	-0.76	0.64	-0.51	0.77	-0.56	-0.12		0.51	MRK
XOM	-0.67	-0.24	-0.34	0.73	-0.48	0.51	-0.27	0.28	0.51		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	+ 0.78	F
MRK	+ 0.77	A
XOM	+ 0.73	F
T	+ 0.71	META
UBER	+ 0.71	MSFT
MRK	+ 0.64	F

High negative correlations

A	- 0.89	T
MRK	- 0.76	UBER
F	- 0.76	META
T	- 0.74	F
A	- 0.74	META
MRK	- 0.69	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	1.32	(0.27)	0.00	(0.20)	0.00	0.00	2.18	(2.72)	13.52
MSFT	0.87	(0.10)	0.00	(0.06)	0.00	0.00	1.85	(2.19)	5.08
UBER	1.45	(0.17)	0.00	23.38	0.00	0.00	3.34	(3.30)	10.91
F	1.47	0.18	0.07	0.91	1.66	(1.67)	3.38	(2.35)	16.30
T	0.98	(0.18)	0.00	(0.37)	0.00	0.00	1.84	(2.32)	6.25
A	1.31	0.33	0.24	0.34	1.03	(1.49)	3.93	(2.15)	11.03
CRM	1.66	(0.08)	0.00	0.67	0.00	0.00	3.22	(3.61)	9.91
JPM	0.91	0.01	0.01	0.07	1.29	(0.87)	1.69	(1.91)	5.76
MRK	1.36	0.32	0.23	0.52	1.00	(1.78)	4.84	(1.73)	11.45
XOM	0.93	0.04	(0.01)	0.37	1.14	(0.87)	1.77	(1.93)	4.63

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