First Trust Correlations

FDHAX Fund

USD 18.12 0.01 0.06%

The current 90-days correlation between First Trust Short and First Trust Managed is 0.2 (i.e., Modest 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

Very weak diversification

The correlation between First Trust Short and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Short 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 Short. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with First Mutual Fund

0.76	FTMAX	Franklin Templeton	Pair Corr
0.75	FTMCX	First Trust Multi	Pair Corr
1.0	FDHIX	First Trust Short	Pair Corr
0.98	FDHCX	First Trust Short	Pair Corr
0.68	FPEIX	First Trust Preferred	Pair Corr
0.68	FPEFX	First Trust Preferred	Pair Corr
0.65	FPECX	First Trust Preferred	Pair Corr
0.67	FPEAX	First Trust Preferred	Pair Corr
0.66	FPERX	First Trust Preferred	Pair Corr
0.7	OOSYX	Oppenheimer Senior	Pair Corr
0.75	OOSIX	Oppenheimer Senior	Pair Corr
0.88	LFRIX	Floating Rate	Pair Corr
0.89	LARCX	Floating Rate	Pair Corr
0.89	LFRRX	Lord Abbett Inv	Pair Corr
0.87	LFRFX	Floating Rate	Pair Corr
0.88	LRRRX	Floating Rate	Pair Corr
0.88	LRRTX	Floating Rate	Pair Corr
0.88	LRRVX	Floating Rate	Pair Corr
0.88	LRRKX	Floating Rate	Pair Corr
0.73	BRUFX	Bruce Fund Bruce	Pair Corr
0.72	SPGSX	State Street Premier	Pair Corr
0.74	KF	Korea Closed	Pair Corr
0.75	RRTBX	Trowe Price Retirement	Pair Corr
0.76	IRGMX	Voya Retirement Moderate	Pair Corr
0.76	MIEAX	Mm Sp 500	Pair Corr
0.65	PSPFX	Global Resources	Pair Corr

Related Correlations Analysis

	CWAIX	FTMAX	FTMCX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX
CWAIX		0.86	0.85	0.5	0.58	0.58	0.57	0.57	-0.65	CWAIX
FTMAX	0.86		1.0	0.7	0.76	0.61	0.61	0.6	-0.58	FTMAX
FTMCX	0.85	1.0		0.7	0.75	0.6	0.6	0.6	-0.57	FTMCX
FDHCX	0.5	0.7	0.7		0.98	0.19	0.18	0.18	-0.06	FDHCX
FDHAX	0.58	0.76	0.75	0.98		0.27	0.26	0.26	-0.18	FDHAX
VARBX	0.58	0.61	0.6	0.19	0.27		1.0	1.0	-0.53	VARBX
VARCX	0.57	0.61	0.6	0.18	0.26	1.0		1.0	-0.53	VARCX
VARAX	0.57	0.6	0.6	0.18	0.26	1.0	1.0		-0.53	VARAX
FOVIX	-0.65	-0.58	-0.57	-0.06	-0.18	-0.53	-0.53	-0.53		FOVIX
	CWAIX	FTMAX	FTMCX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX

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

FTMCX	+ 1.0	FTMAX
VARCX	+ 1.0	VARBX
VARAX	+ 1.0	VARBX
VARAX	+ 1.0	VARCX
FDHAX	+ 0.98	FDHCX
FTMAX	+ 0.86	CWAIX

High negative correlations

FOVIX	- 0.65	CWAIX
FOVIX	- 0.58	FTMAX
FOVIX	- 0.57	FTMCX
FOVIX	- 0.53	VARAX
FOVIX	- 0.53	VARCX
FOVIX	- 0.53	VARBX

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust Mutual Fund 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
CWAIX	0.09	0.00	(0.39)	0.00	0.00	(0.14)	0.30	(0.15)	0.70
FTMAX	0.11	0.00	(0.29)	0.08	0.09	(0.11)	0.21	(0.21)	0.55
FTMCX	0.10	0.00	(0.32)	0.06	0.07	(0.11)	0.21	(0.20)	0.53
FDHCX	0.08	0.00	(0.43)	0.03	0.00	(0.12)	0.17	(0.22)	0.83
FDHAX	0.09	0.00	(0.40)	0.06	0.00	(0.14)	0.17	(0.17)	0.84
VARBX	0.18	(0.07)	0.00	12.43	0.00	0.00	0.09	(0.09)	0.27
VARCX	0.16	(0.07)	0.00	(4.46)	0.00	0.00	0.18	(0.09)	0.28
VARAX	0.17	(0.07)	0.00	11.59	0.00	0.00	0.18	(0.09)	0.28
FOVIX	0.76	(0.14)	0.00	(0.07)	0.00	0.00	1.64	(1.56)	4.59

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