First Trust Correlations
| FEX Etf | USD 95.52 0.67 0.71% |
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 Large 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.
Almost no diversification
The correlation between First Trust Large and NYA is 0.95 (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 Large and NYA in the same portfolio, assuming nothing else is changed.
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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 Large to buy it.
Moving together with First Etf
| 0.98 | VTI | Vanguard Total Stock | PairCorr |
| 0.94 | SPY | SPDR SP 500 | PairCorr |
| 0.98 | IVV | iShares Core SP | PairCorr |
| 0.87 | VIG | Vanguard Dividend | PairCorr |
| 0.93 | VV | Vanguard Large Cap | PairCorr |
| 0.96 | RSP | Invesco SP 500 | PairCorr |
| 0.98 | IWB | iShares Russell 1000 | PairCorr |
| 0.97 | ESGU | iShares ESG Aware | PairCorr |
| 0.99 | DFAC | Dimensional Core Equity | PairCorr |
| 0.98 | SPLG | SPDR Portfolio SP | PairCorr |
| 0.95 | VTV | Vanguard Value Index | PairCorr |
| 0.83 | VUG | Vanguard Growth Index | PairCorr |
| 1.0 | VO | Vanguard Mid Cap | PairCorr |
| 0.93 | VEA | Vanguard FTSE Developed | PairCorr |
| 0.92 | VB | Vanguard Small Cap | PairCorr |
| 0.72 | VWO | Vanguard FTSE Emerging | PairCorr |
| 0.73 | HPQ | HP Inc Financial Report 4th of June 2024 | PairCorr |
Moving against First Etf
| 0.41 | BA | Boeing Financial Report 24th of July 2024 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AFIF | 0.13 | 0.01 | (0.32) | 0.22 | 0.00 | 0.33 | 0.56 | |||
| ADME | 0.56 | 0.01 | (0.01) | 0.08 | 0.50 | 1.17 | 3.29 | |||
| 444859BR2 | 0.74 | 0.13 | 0.04 | (1.87) | 1.06 | 2.45 | 9.07 | |||
| AQUI | 0.60 | 0.29 | 0.00 | 6.64 | 0.00 | 0.00 | 20.00 | |||
| BRRAY | 1.03 | 0.09 | 0.00 | (0.10) | 0.00 | 0.00 | 35.79 | |||
| MSTSX | 0.50 | 0.01 | 0.00 | 0.08 | 0.63 | 1.07 | 3.20 | |||
| ABHYX | 0.15 | (0.01) | (0.20) | (0.02) | 0.22 | 0.34 | 1.38 | |||
| LBHIX | 0.20 | (0.02) | (0.19) | 0.01 | 0.21 | 0.48 | 0.98 | |||
| VIASP | 1.27 | 0.03 | 0.02 | 0.09 | 1.85 | 2.59 | 13.41 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in First Trust without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Theme RatingsDetermine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |
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Already Invested in First Trust Large?
The danger of trading First Trust Large is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of First Trust is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than First Trust. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile First Trust Large is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether First Trust Large offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of First Trust's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of First Trust Large Etf. Outlined below are crucial reports that will aid in making a well-informed decision on First Trust Large Etf: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust Large. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in income. Note that the First Trust Large information on this page should be used as a complementary analysis to other First Trust's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
The market value of First Trust Large 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.