First Trust Correlations

DMAY Etf

USD 41.20 0.06 0.15%

The current 90-days correlation between First Trust Exchange and FT Cboe Vest is 0.98 (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. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust Exchange Traded and DJI is 0.81 (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 Exchange Traded 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 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 nation.

Moving together with First Etf

1.0	BUFR	First Trust Cboe	Pair Corr
0.99	BUFD	FT Cboe Vest	Pair Corr
0.97	PSEP	Innovator SP 500	Pair Corr
0.98	PJAN	Innovator SP 500	Pair Corr
1.0	PJUL	Innovator SP 500	Pair Corr
1.0	PAUG	Innovator Equity Power	Pair Corr
0.93	DNOV	FT Cboe Vest	Pair Corr
1.0	PMAY	Innovator SP 500	Pair Corr
1.0	PJUN	Innovator SP 500	Pair Corr
0.72	NVDL	GraniteShares 15x Long	Pair Corr
0.71	NVDX	T Rex 2X	Pair Corr
0.7	NVDU	Direxion Daily NVDA	Pair Corr
0.95	FNGU	MicroSectors FANG Index	Pair Corr
0.96	WEBL	Direxion Daily Dow	Pair Corr
0.62	FBL	GraniteShares 15x Long	Pair Corr
0.9	BITX	Volatility Shares Trust	Pair Corr
0.88	DIS	Walt Disney	Pair Corr
0.93	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.76	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.86	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.95	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.84	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.69	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.79	HD	Home Depot	Pair Corr
0.88	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.93	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr

Moving against First Etf

0.51	WTID	UBS ETRACS	Pair Corr
0.31	INOV	Innovator ETFs Trust	Pair Corr
0.82	KO	Coca Cola Aggressive Push	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.37	-0.17	-0.12	0.53	0.26	0.66	0.45	-0.41	0.18	META
MSFT	0.37		-0.44	-0.05	0.36	0.16	0.25	0.15	0.13	-0.66	MSFT
UBER	-0.17	-0.44		0.06	-0.67	0.12	-0.53	-0.43	0.37	0.44	UBER
F	-0.12	-0.05	0.06		0.21	-0.47	0.32	0.54	-0.35	0.34	F
T	0.53	0.36	-0.67	0.21		-0.26	0.89	0.83	-0.73	-0.09	T
A	0.26	0.16	0.12	-0.47	-0.26		-0.26	-0.46	0.57	-0.08	A
CRM	0.66	0.25	-0.53	0.32	0.89	-0.26		0.92	-0.84	0.14	CRM
JPM	0.45	0.15	-0.43	0.54	0.83	-0.46	0.92		-0.87	0.18	JPM
MRK	-0.41	0.13	0.37	-0.35	-0.73	0.57	-0.84	-0.87		-0.31	MRK
XOM	0.18	-0.66	0.44	0.34	-0.09	-0.08	0.14	0.18	-0.31		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

JPM	+ 0.92	CRM
CRM	+ 0.89	T
JPM	+ 0.83	T
CRM	+ 0.66	META
MRK	+ 0.57	A
JPM	+ 0.54	F

High negative correlations

MRK	- 0.87	JPM
MRK	- 0.84	CRM
MRK	- 0.73	T
T	- 0.67	UBER
XOM	- 0.66	MSFT
CRM	- 0.53	UBER

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	1.17	0.27	0.15	0.67	1.17	(1.37)	3.22	(1.87)	8.02
MSFT	0.84	0.03	(0.01)	0.16	1.47	(0.79)	1.83	(1.57)	8.14
UBER	1.84	(0.29)	0.00	(0.14)	0.00	0.00	2.69	(5.35)	20.41
F	1.39	(0.13)	(0.04)	0.01	2.12	(1.42)	2.53	(2.79)	11.21
T	0.98	0.12	0.03	0.67	1.05	(1.07)	2.36	(1.99)	6.74
A	1.22	(0.01)	(0.05)	0.08	1.47	(1.30)	2.71	(2.41)	9.02
CRM	1.47	0.42	0.30	0.41	1.03	(1.71)	3.59	(1.93)	13.87
JPM	1.01	0.06	0.12	0.14	0.92	(1.19)	1.73	(1.42)	15.87
MRK	0.95	(0.21)	0.00	(0.78)	0.00	0.00	2.00	(2.17)	5.18
XOM	0.90	0.01	(0.05)	0.14	1.16	(0.98)	1.83	(1.96)	6.06

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