First Trust Correlations
| DVOL Etf | USD 30.24 0.05 0.17% |
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Trust moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Trust Dorsey moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very poor diversification
The correlation between First Trust Dorsey and NYA is 0.84 (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 Dorsey and NYA in the same portfolio, assuming nothing else is changed.
First |
The ability to find closely correlated positions to First Trust could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace First Trust when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back First Trust - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling First Trust Dorsey to buy it.
Moving together with First Etf
| 0.79 | VTI | Vanguard Total Stock Sell-off Trend | PairCorr |
| 0.78 | SPY | SPDR SP 500 Sell-off Trend | PairCorr |
| 0.76 | IVV | iShares Core SP Sell-off Trend | PairCorr |
| 0.89 | VIG | Vanguard Dividend | PairCorr |
| 0.79 | VV | Vanguard Large Cap | PairCorr |
| 0.85 | RSP | Invesco SP 500 | PairCorr |
| 0.78 | IWB | iShares Russell 1000 | PairCorr |
| 0.77 | ESGU | iShares ESG Aware | PairCorr |
| 0.82 | DFAC | Dimensional Core Equity | PairCorr |
| 0.76 | SPLG | SPDR Portfolio SP Sell-off Trend | PairCorr |
| 0.74 | EWC | iShares MSCI Canada | PairCorr |
| 0.64 | HUM | Humana Inc Financial Report 7th of August 2024 | PairCorr |
| 0.74 | BST | BlackRock Science Tech | PairCorr |
| 0.72 | IRET | Tidal Trust II | PairCorr |
| 0.7 | PFE | Pfizer Inc Financial Report 6th of August 2024 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| MBOX | 0.53 | 0.03 | 0.05 | 0.04 | 0.61 | 1.07 | 2.81 | |||
| DIEM | 0.57 | 0.05 | 0.05 | 0.08 | 0.74 | 1.01 | 3.58 | |||
| MCHI | 0.98 | 0.16 | 0.13 | 0.20 | 1.09 | 2.06 | 7.28 | |||
| DIVD | 0.46 | 0.01 | 0.00 | 0.16 | 0.66 | 0.87 | 2.83 | |||
| DIVG | 0.58 | 0.04 | 0.05 | 0.04 | 0.75 | 1.05 | 3.72 | |||
| DIVI | 0.56 | 0.03 | 0.03 | 0.04 | 0.70 | 1.07 | 2.80 | |||
| DIVL | 0.51 | (0.03) | 0.00 | (0.16) | 0.00 | 0.99 | 3.18 | |||
| DIVO | 0.41 | 0.03 | 0.05 | 0.05 | 0.54 | 0.91 | 2.45 | |||
| DIVP | 0.47 | (0.01) | (0.01) | 0.00 | 0.62 | 1.09 | 3.12 |
Additional Information and Resources on Investing in First Etf
When determining whether First Trust Dorsey is a strong investment it is important to analyze First Trust's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact First Trust's future performance. For an informed investment choice regarding First Etf, refer to the following important reports:Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust Dorsey. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons. You can also try the Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
The market value of First Trust Dorsey is measured differently than its book value, which is the value of First that is recorded on the company's balance sheet. Investors also form their own opinion of First Trust's value that differs from its market value or its book value, called intrinsic value, which is First Trust's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because First Trust's market value can be influenced by many factors that don't directly affect First Trust's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between First Trust's value and its price as these two are different measures arrived at by different means. Investors typically determine if First Trust is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, First Trust's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.