First Trustconfluence Correlations

FOVAX Fund

USD 26.37 0.03 0.11%

The current 90-days correlation between First Trustconfluence and Ashmore Emerging Markets is 0.32 (i.e., Weak diversification). The correlation of First Trustconfluence 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 Trustconfluence Correlation With Market

Poor diversification

The correlation between First Trustconfluence Small and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trustconfluence Small 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 Trustconfluence Small. 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

0.99	FOVIX	First Trustconfluence	Pair Corr
0.99	FOVCX	First Trustconfluence	Pair Corr
0.79	VSMAX	Vanguard Small Cap	Pair Corr
0.79	VSCIX	Vanguard Small Cap	Pair Corr
0.7	VSCPX	Vanguard Small Cap	Pair Corr
0.79	NAESX	Vanguard Small Cap	Pair Corr
0.64	FSSNX	Fidelity Small Cap	Pair Corr
0.86	DFSTX	Us Small Cap	Pair Corr
0.88	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.85	FTHNX	Fuller Thaler Behavioral	Pair Corr

Moving against First Mutual Fund

0.34

CWAIX

First Trust Managed

Pair Corr

Related Correlations Analysis

	EMQAX	EMQIX	HNRGX	XOEF	HBFBX	GWILX	GOPIX	EBUF	RYFIX	RYLCX
EMQAX		0.9	-0.08	0.35	-0.31	0.25	-0.52	0.46	0.1	0.17	EMQAX
EMQIX	0.9		0.05	0.27	-0.22	0.37	-0.41	0.46	0.06	0.11	EMQIX
HNRGX	-0.08	0.05		0.29	0.7	-0.02	0.43	0.48	0.04	-0.47	HNRGX
XOEF	0.35	0.27	0.29		0.16	-0.2	-0.36	0.27	0.75	0.47	XOEF
HBFBX	-0.31	-0.22	0.7	0.16		-0.28	0.63	0.44	-0.23	-0.6	HBFBX
GWILX	0.25	0.37	-0.02	-0.2	-0.28		0.14	0.19	-0.17	-0.07	GWILX
GOPIX	-0.52	-0.41	0.43	-0.36	0.63	0.14		0.09	-0.46	-0.6	GOPIX
EBUF	0.46	0.46	0.48	0.27	0.44	0.19	0.09		-0.17	-0.4	EBUF
RYFIX	0.1	0.06	0.04	0.75	-0.23	-0.17	-0.46	-0.17		0.8	RYFIX
RYLCX	0.17	0.11	-0.47	0.47	-0.6	-0.07	-0.6	-0.4	0.8		RYLCX
	EMQAX	EMQIX	HNRGX	XOEF	HBFBX	GWILX	GOPIX	EBUF	RYFIX	RYLCX

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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

EMQIX	+ 0.9	EMQAX
RYLCX	+ 0.8	RYFIX
RYFIX	+ 0.75	XOEF
HBFBX	+ 0.7	HNRGX
GOPIX	+ 0.63	HBFBX
EBUF	+ 0.48	HNRGX

High negative correlations

RYLCX	- 0.6	GOPIX
RYLCX	- 0.6	HBFBX
GOPIX	- 0.52	EMQAX
RYLCX	- 0.47	HNRGX
RYFIX	- 0.46	GOPIX
GOPIX	- 0.41	EMQIX

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trustconfluence 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 Trustconfluence'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
EMQAX	0.64	(0.06)	0.00	(0.03)	0.00	0.00	1.32	(1.30)	3.65
EMQIX	0.72	(0.16)	0.00	(0.19)	0.00	0.00	1.37	(1.44)	3.61
HNRGX	0.95	0.03	0.00	0.10	1.27	(0.90)	1.76	(1.58)	5.72
XOEF	0.62	(0.05)	(0.06)	0.01	0.90	(0.55)	1.12	(1.15)	3.34
HBFBX	0.29	0.05	(0.02)	0.65	0.24	(0.32)	0.80	(0.55)	1.91
GWILX	1.65	(0.78)	0.00	(0.82)	0.00	0.00	1.60	(1.49)	50.83
GOPIX	0.11	(0.01)	0.00	0.21	0.00	0.00	0.04	(0.04)	2.58
EBUF	0.23	0.00	(0.17)	0.15	0.36	(0.23)	0.56	(0.56)	1.79
RYFIX	0.66	(0.10)	0.00	(0.05)	0.00	0.00	1.26	(1.95)	3.87
RYLCX	0.70	(0.11)	0.00	(0.07)	0.00	0.00	1.31	(1.46)	3.04

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