First Trust Correlations

Etfs . USA . 
Etf . First Trust Mid
FNX Etf  USD 126.15  0.22  0.17%   
The current 90-days correlation between First Trust Mid and First Trust Small is 0.96 (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

Almost no diversification

The correlation between First Trust Mid and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Mid 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 Mid. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with First Etf

  0.98VO Vanguard Mid CapPairCorr
  0.98VXF Vanguard Extended MarketPairCorr
  1.0IJH iShares Core SPPairCorr
  0.99IWR iShares Russell MidPairCorr
  1.0MDY SPDR SP MIDCAPPairCorr
  0.95FV First Trust DorseyPairCorr
  1.0IVOO Vanguard SP MidPairCorr
  0.99JHMM John Hancock MultifactorPairCorr
  0.99BBMC JPMorgan BetaBuilders MidPairCorr
  0.99XMMO Invesco SP MidCapPairCorr
  0.98SLYG SPDR SP 600PairCorr
  0.96KRMA Global X ConsciousPairCorr
  0.95SPY SPDR SP 500 Aggressive PushPairCorr
  0.95IVV iShares Core SPPairCorr
  0.97SLYV SPDR SP 600PairCorr
  0.93IGV iShares Expanded TechPairCorr
  0.75IXN iShares Global TechPairCorr
  0.79CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.75HPQ HP IncPairCorr
  0.87WMT Walmart Aggressive PushPairCorr
  0.9CSCO Cisco Systems Aggressive PushPairCorr
  0.97AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.62XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.76TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.9CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.77HD Home DepotPairCorr
  0.85INTC Intel Fiscal Year End 23rd of January 2025 PairCorr

Moving against First Etf

  0.7TLT iShares 20 Year Sell-off TrendPairCorr
  0.73MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.71PFE Pfizer Inc Fiscal Year End 4th of February 2025 PairCorr
  0.59BA Boeing Fiscal Year End 29th of January 2025 PairCorr

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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