First Trust Correlations

Etfs . USA . 
Etf . First Trust Exchange Traded
MMLG Etf  USD 34.06  0.07  0.21%   
The current 90-days correlation between First Trust Exchange and American Century Quality is 0.95 (i.e., Almost no 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 Exchange Traded and DJI is 0.75 (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 Correlation 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 bureau of economic analysis.

Moving together with First Etf

  1.0VUG Vanguard Growth IndexPairCorr
  1.0IWF iShares Russell 1000 Sell-off TrendPairCorr
  1.0IVW iShares SP 500 Sell-off TrendPairCorr
  1.0SPYG SPDR Portfolio SPPairCorr
  1.0IUSG iShares Core SPPairCorr
  1.0VONG Vanguard Russell 1000PairCorr
  1.0MGK Vanguard Mega CapPairCorr
  1.0VRGWX Vanguard Russell 1000PairCorr
  1.0QQQM Invesco NASDAQ 100 Sell-off TrendPairCorr
  1.0IWY iShares Russell TopPairCorr
  0.96USD ProShares Ultra SemiPairCorr
  0.91GBTC Grayscale Bitcoin TrustPairCorr
  1.0FNGO MicroSectors FANG IndexPairCorr
  0.9BITO ProShares BitcoinPairCorr
  0.96CRPT First Trust SkyBridgePairCorr
  0.84NRGU Bank of MontrealPairCorr
  0.99BULZ MicroSectors SolactivePairCorr
  0.93BITS Global X BlockchainPairCorr
  1.0FNGG Direxion Daily SelectPairCorr
  0.97DFEN Direxion Daily AerospacePairCorr
  0.67EUSB iShares TrustPairCorr
  0.99BUFD FT Cboe VestPairCorr
  0.82KGRN KraneShares MSCI ChinaPairCorr
  0.95BA BoeingPairCorr
  0.72INTC Intel Earnings Call This WeekPairCorr
  0.98BAC Bank of AmericaPairCorr
  0.9MMM 3M CompanyPairCorr
  0.96AXP American ExpressPairCorr
  0.97CSCO Cisco SystemsPairCorr
  0.84PFE Pfizer IncPairCorr
  0.79CVX Chevron CorpPairCorr
  0.96JPM JPMorgan ChasePairCorr

Moving against First Etf

  0.65MCD McDonaldsPairCorr
  0.48PG Procter GamblePairCorr

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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