First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Short
FDHIX Fund  USD 18.05  0.01  0.06%   
The current 90-days correlation between First Trust Short and Glg Intl Small is 0.57 (i.e., Very weak 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 0.57 (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 gross domestic product.

Moving together with First Mutual Fund

  0.75CWAIX First Trust ManagedPairCorr
  0.96FTMAX Franklin TempletonPairCorr
  0.99FTMCX First Trust MultiPairCorr
  1.0FDHCX First Trust ShortPairCorr
  1.0FDHAX First Trust ShortPairCorr
  0.95VARBX Vivaldi Merger ArbitragePairCorr
  0.94VARCX First Trust MergerPairCorr
  0.94VARAX Vivaldi Merger ArbitragePairCorr
  0.75FOVIX First Trust/confluencePairCorr
  0.74FOVCX First Trust/confluencePairCorr
  0.75FOVAX First Trust/confluencePairCorr
  0.99FPEIX First Trust PreferredPairCorr
  0.99FPEFX First Trust PreferredPairCorr
  0.99FPECX First Trust PreferredPairCorr
  0.99FPEAX First Trust PreferredPairCorr
  0.99FPERX First Trust PreferredPairCorr
  0.99OOSYX Oppenheimer SeniorPairCorr
  0.99OOSIX Oppenheimer SeniorPairCorr
  0.99LFRIX Floating RatePairCorr
  0.99LARCX Floating RatePairCorr
  0.99LFRRX Lord Abbett InvPairCorr
  0.99LFRFX Floating RatePairCorr
  0.99LRRRX Floating RatePairCorr
  0.99LRRTX Floating RatePairCorr
  0.99LRRVX Floating RatePairCorr
  0.99LRRKX Floating RatePairCorr
  0.98VSTSX Vanguard Total StockPairCorr
  0.98VSMPX Vanguard Total StockPairCorr
  0.98VITSX Vanguard Total StockPairCorr
  0.98VFFSX Vanguard 500 IndexPairCorr
  0.98VFIAX Vanguard 500 IndexPairCorr
  0.98VTISX Vanguard Total InterPairCorr
  0.98VTSNX Vanguard Total InterPairCorr
  0.98VTPSX Vanguard Total InterPairCorr
  0.98VINIX Vanguard InstitutionalPairCorr
  0.98VTSAX Vanguard Total StockPairCorr
  0.98CAXAX Catalystmap Global EquityPairCorr
  0.98SPECX Alger SpectraPairCorr
  0.99MNEAX Mainstay Conservative EtfPairCorr

Related Correlations Analysis

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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.

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