First Trust Correlations

Etfs . USA . 
Etf . First Trust Multi Manager
MMSC Etf  USD 20.96  0.00  0.00%   
The current 90-days correlation between First Trust Multi and First Trust Exchange Traded is 0.85 (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

Very poor diversification

The correlation between First Trust Multi Manager and DJI is 0.82 (i.e., Very 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

  0.99VBK Vanguard Small CapPairCorr
  0.99IWO iShares Russell 2000PairCorr
  0.98IJT iShares SP SmallPairCorr
  0.98SLYG SPDR SP 600PairCorr
  0.9PBW Invesco WilderHill CleanPairCorr
  0.96JKK iShares MorningstarPairCorr
  0.97VTWG Vanguard Russell 2000PairCorr
  0.99VRTGX Vanguard Russell 2000PairCorr
  0.98VIOG Vanguard SP SmallPairCorr
  0.99ISCG iShares MorningstarPairCorr
  0.69PMBS PIMCO Mortgage BackedPairCorr
  0.98SIXD AIM ETF ProductsPairCorr
  0.83PFFL ETRACS 2xMonthly PayPairCorr
  0.95EFG iShares MSCI EAFEPairCorr
  0.97JHDV John Hancock ExchangePairCorr
  0.88ESGS Columbia SustainablePairCorr
  0.94GPRF Goldman Sachs AccessPairCorr
  0.97EMM Global X FundsPairCorr
  0.9HDV iShares Core HighPairCorr
  0.78XLE Energy Select SectorPairCorr
  0.82KWEB KraneShares CSI ChinaPairCorr
  0.95XV Simplify Exchange TradedPairCorr
  0.95KEMQ KraneShares EmergingPairCorr
  0.96WCMI First Trust ExchangePairCorr
  0.97DARP Tidal Trust IIPairCorr
  0.79DFCF Dimensional ETF TrustPairCorr
  0.94GEMD Goldman Sachs ETFPairCorr
  0.91ERTH Invesco MSCI SustainablePairCorr

Moving against First Etf

  0.98VXX iPath Series BPairCorr
  0.98VIXY ProShares VIX ShortPairCorr
  0.77YCL ProShares Ultra YenPairCorr

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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