First Trust AAA CMBS ETF (CAAA) — Stock Correlations & Overview
Over the past year, CAAA has moved most closely with FTCB, HISF, UCON. Explore the stocks most correlated and inversely correlated with CAAA below, along with its price, financials, and company profile.
Stocks correlated with CAAA
Correlation of daily returns. Higher positive values move with CAAA; negative values move opposite it. Informational only, not investment advice.
Most correlated with CAAA
| Symbol | Company | Correlation |
|---|---|---|
| FTCB | First Trust Core Investment Grade ETF | 0.72 |
| HISF | First Trust Exchange-Traded Fund IV First Trust High Income Strategic Focus ETF | 0.71 |
| UCON | First Trust Smith Unconstrained Bond ETF | 0.70 |
| FIXD | First Trust Exchange-Traded Fund VIII First Trust Smith Opportunistic Fixed Income ETF | 0.69 |
| MGOV | First Trust Intermediate Government Opportunities ETF | 0.68 |
Most inversely correlated with CAAA
| Symbol | Company | Correlation |
|---|---|---|
| TYO | Direxion Daily 7-10 Year Treasury Bear 3X ETF | -0.63 |
| PST | ProShares Trust UltraShort Lehman 7-10 Year Treasury | -0.61 |
| TBX | ProShares Short 7-10 Year Treasury | -0.58 |
| TBT | ProShares Trust UltraShort Lehman 20+ Year Treasury | -0.56 |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X ETF | -0.56 |
Frequently asked questions about CAAA correlations
- Which stocks are most correlated with CAAA?
- Based on one year of daily returns, the stocks most correlated with First Trust AAA CMBS ETF (CAAA) are FTCB (0.72), HISF (0.71) and UCON (0.70). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with CAAA?
- Over the past year, the stocks most inversely correlated with First Trust AAA CMBS ETF (CAAA) are TYO (-0.63), PST (-0.61) and TBX (-0.58). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these CAAA correlations calculated?
- We compute the correlation of daily returns between CAAA and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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