Correlation Analysis Between First Trust and iShares MSCI

This module allows you to analyze existing cross correlation between First Trust Japan AlphaDEX Fund and iShares MSCI Japan Value ETF. You can compare the effects of market volatilities on First Trust and iShares MSCI and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in First Trust with a short position of iShares MSCI. See also your portfolio center. Please also check ongoing floating volatility patterns of First Trust and iShares MSCI.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

First Trust Japan  
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Risk-Adjusted Performance

Over the last 30 days First Trust Japan AlphaDEX Fund has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite very unfluctuating forward-looking indicators, First Trust is not utilizing all of its potentials. The prevailing stock price disarray, may contribute to short term momentum losses for the insiders.
iShares MSCI Japan  
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Risk-Adjusted Performance

Over the last 30 days iShares MSCI Japan Value ETF has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly stable primary indicators, iShares MSCI is not utilizing all of its potentials. The current stock price fuss, may contribute to near short-term losses for the directors.

First Trust and iShares MSCI Volatility Contrast

First Trust Japan AlphaDEX Fun  vs.  iShares MSCI Japan Value ETF

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  4,801  in First Trust Japan AlphaDEX Fund on August 21, 2019 and sell it today you would earn a total of  8.00  from holding First Trust Japan AlphaDEX Fund or generate 0.17% return on investment over 30 days.

Pair Corralation between First Trust and iShares MSCI

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy1.59%
ValuesDaily Returns

Diversification Opportunities for First Trust and iShares MSCI

First Trust Japan AlphaDEX Fun diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding First Trust Japan AlphaDEX Fun and iShares MSCI Japan Value ETF in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on iShares MSCI Japan and First Trust is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on First Trust Japan AlphaDEX Fund are associated (or correlated) with iShares MSCI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares MSCI Japan has no effect on the direction of First Trust i.e. First Trust and iShares MSCI go up and down completely randomly.
See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.


 
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