First Trust Correlations

CWAIX Fund

USD 20.65 0.01 0.05%

The current 90-days correlation between First Trust Managed and First Trustconfluence Small is -0.1 (i.e., Good 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

Poor diversification

The correlation between First Trust Managed and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Managed and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in First Trust Managed. 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

0.99	CWAAX	First Trust Managed	Pair Corr
0.71	FTMAX	Franklin Templeton	Pair Corr
0.64	FTMCX	First Trust Multi	Pair Corr
0.84	FPEIX	First Trust Preferred	Pair Corr
0.84	FPEFX	First Trust Preferred	Pair Corr
0.85	FPECX	First Trust Preferred	Pair Corr
0.85	FPEAX	First Trust Preferred	Pair Corr
0.84	FPERX	First Trust Preferred	Pair Corr
0.97	VWITX	Vanguard Intermediate-ter	Pair Corr
0.73	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.98	AFTEX	Tax Exempt Bond	Pair Corr
0.97	AFTFX	Tax Exempt Bond	Pair Corr
0.65	TEBCX	Tax Exempt Bond	Pair Corr
0.7	TEAFX	Tax Exempt Bond	Pair Corr
0.7	TFEBX	Tax Exempt Bond	Pair Corr
0.97	FLTMX	Fidelity Intermediate	Pair Corr
0.97	GSMUX	Goldman Sachs Dynamic	Pair Corr
0.99	GSMIX	Goldman Sachs Dynamic	Pair Corr
0.87	NHS	Neuberger Berman High	Pair Corr
0.7	SRJYX	Jpmorgan Smartretirement	Pair Corr
0.66	VSQRX	Invesco Global Respons	Pair Corr
0.82	NWAOX	Nationwide Bny Mellon	Pair Corr
0.83	AMFCX	American Mutual	Pair Corr
0.75	FEHIX	First Eagle High	Pair Corr
0.7	PAANX	Pimco All Asset	Pair Corr
0.89	PDEZX	Prudential Jennison	Pair Corr
0.67	BALFX	American Balanced	Pair Corr
0.86	PTSAX	Total Return	Pair Corr

Related Correlations Analysis

	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX
FTMAX		0.96	0.76	0.75	0.79	0.88	0.87	0.88	0.84	FTMAX
FTMCX	0.96		0.81	0.78	0.82	0.86	0.85	0.86	0.85	FTMCX
FDHIX	0.76	0.81		0.97	0.96	0.75	0.74	0.75	0.77	FDHIX
FDHCX	0.75	0.78	0.97		0.99	0.75	0.75	0.75	0.76	FDHCX
FDHAX	0.79	0.82	0.96	0.99		0.78	0.78	0.78	0.79	FDHAX
VARBX	0.88	0.86	0.75	0.75	0.78		1.0	1.0	0.76	VARBX
VARCX	0.87	0.85	0.74	0.75	0.78	1.0		1.0	0.75	VARCX
VARAX	0.88	0.86	0.75	0.75	0.78	1.0	1.0		0.75	VARAX
FOVIX	0.84	0.85	0.77	0.76	0.79	0.76	0.75	0.75		FOVIX
	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX

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
FTMAX	0.10	0.01	(0.18)	(0.12)	0.03	(0.11)	0.25	(0.21)	0.71
FTMCX	0.10	0.00	(0.23)	0.05	0.06	(0.12)	0.25	(0.20)	0.66
FDHIX	0.09	0.00	(0.29)	(0.21)	0.02	(0.14)	0.17	(0.17)	0.78
FDHCX	0.08	(0.01)	(0.35)	(0.43)	0.05	(0.12)	0.17	(0.17)	0.67
FDHAX	0.09	0.00	(0.30)	(0.18)	0.00	(0.14)	0.17	(0.17)	0.78
VARBX	0.10	0.04	0.02	(1.09)	0.00	(0.24)	0.10	(0.09)	2.72
VARCX	0.10	0.03	(0.03)	(1.66)	0.00	(0.28)	0.10	(0.10)	2.75
VARAX	0.10	0.04	0.00	(1.22)	0.00	(0.26)	0.10	(0.10)	2.68
FOVIX	0.88	0.08	0.05	0.49	0.77	(1.09)	2.51	(1.56)	5.20

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First Trust Correlations

First Trust Correlation With Market

Poor diversification

Moving together with First Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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