First Trust Correlations

MMSC Etf

USD 20.93 0.22 1.06%

The current 90-days correlation between First Trust Multi and First Trust Exchange Traded is 0.82 (i.e., Very poor 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 Multi Manager and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Multi Manager 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 Multi Manager. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with First Etf

0.63	PBW	Invesco WilderHill Clean	Pair Corr
0.64	PULS	PGIM Ultra Short	Pair Corr
0.62	CVX	Chevron Corp	Pair Corr
0.62	CAT	Caterpillar	Pair Corr
0.61	CSCO	Cisco Systems	Pair Corr
0.66	IBM	International Business	Pair Corr

Moving against First Etf

0.6	MPAY	Exchange Traded Concepts	Pair Corr
0.45	BITI	ProShares Trust	Pair Corr
0.6	MCD	McDonalds	Pair Corr
0.36	TRV	The Travelers Companies	Pair Corr
0.33	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	MMLG	ILDR	AFSM	XPND	MDEV
MMLG		0.64	0.95	0.99	0.56	MMLG
ILDR	0.64		0.58	0.63	0.26	ILDR
AFSM	0.95	0.58		0.96	0.72	AFSM
XPND	0.99	0.63	0.96		0.61	XPND
MDEV	0.56	0.26	0.72	0.61		MDEV
	MMLG	ILDR	AFSM	XPND	MDEV

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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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MMLG	0.73	0.21	0.17	0.58	0.23	(0.94)	2.08	(0.98)	5.14
ILDR	0.76	0.39	0.29	3.56	0.00	(1.01)	2.33	(0.86)	5.97
AFSM	0.77	0.01	(0.03)	0.22	0.70	(0.86)	1.53	(1.43)	5.06
XPND	0.67	0.17	0.11	0.49	0.25	(0.79)	1.86	(0.98)	4.92
MDEV	0.71	(0.09)	(0.15)	0.08	0.83	(0.73)	2.01	(1.66)	4.55

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