First Trust Correlations

FDHAX Fund

USD 17.92 0.02 0.11%

The current 90-days correlation between First Trust Short and Vivaldi Merger Arbitrage is 0.03 (i.e., Significant 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 Short and DJI is 0.77 (i.e., Poor 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

0.79	FTMAX	Franklin Templeton	Pair Corr
0.81	FTMCX	First Trust Multi	Pair Corr
1.0	FDHIX	First Trust Short	Pair Corr
0.99	FDHCX	First Trust Short	Pair Corr
0.78	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.78	VARCX	First Trust Merger	Pair Corr
0.78	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.79	FOVIX	First Trust/confluence	Pair Corr
0.79	FOVAX	First Trust/confluence	Pair Corr
0.74	FPEIX	First Trust Preferred	Pair Corr
0.74	FPEFX	First Trust Preferred	Pair Corr
0.73	FPECX	First Trust Preferred	Pair Corr
0.73	FPEAX	First Trust Preferred	Pair Corr
0.74	FPERX	First Trust Preferred	Pair Corr
0.8	OOSYX	Oppenheimer Senior	Pair Corr
0.82	OOSIX	Oppenheimer Senior	Pair Corr
0.96	LFRIX	Floating Rate	Pair Corr
0.97	LARCX	Floating Rate	Pair Corr
0.97	LFRRX	Lord Abbett Inv	Pair Corr
0.96	LFRFX	Floating Rate	Pair Corr
0.97	LRRRX	Floating Rate	Pair Corr
0.96	LRRTX	Floating Rate	Pair Corr
0.96	LRRVX	Floating Rate	Pair Corr
0.95	LRRKX	Floating Rate	Pair Corr
0.66	OPGSX	Oppenheimer Gold Spec Steady Growth	Pair Corr
0.67	EKWAX	Wells Fargo Advantage Steady Growth	Pair Corr
0.66	GOLDX	Gabelli Gold Steady Growth	Pair Corr
0.64	FKRCX	Franklin Gold Precious	Pair Corr
0.72	UNWPX	World Precious Minerals	Pair Corr
0.69	UJPIX	Ultrajapan Profund	Pair Corr
0.65	FSAGX	Gold Portfolio Gold Steady Growth	Pair Corr
0.67	SGGDX	First Eagle Gold	Pair Corr
0.69	PSPFX	Global Resources	Pair Corr
0.82	RNGCX	New Economy Fund	Pair Corr

Related Correlations Analysis

	CWAAX	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	VARBX	VARCX	VARAX
CWAAX		1.0	0.7	0.67	0.39	0.29	0.49	0.47	0.48	CWAAX
CWAIX	1.0		0.71	0.67	0.39	0.29	0.5	0.47	0.48	CWAIX
FTMAX	0.7	0.71		1.0	0.8	0.75	0.88	0.87	0.88	FTMAX
FTMCX	0.67	0.67	1.0		0.82	0.77	0.87	0.86	0.87	FTMCX
FDHIX	0.39	0.39	0.8	0.82		0.99	0.78	0.78	0.78	FDHIX
FDHCX	0.29	0.29	0.75	0.77	0.99		0.75	0.75	0.75	FDHCX
VARBX	0.49	0.5	0.88	0.87	0.78	0.75		1.0	1.0	VARBX
VARCX	0.47	0.47	0.87	0.86	0.78	0.75	1.0		1.0	VARCX
VARAX	0.48	0.48	0.88	0.87	0.78	0.75	1.0	1.0		VARAX
	CWAAX	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	VARBX	VARCX	VARAX

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
CWAAX	0.07	0.02	(0.46)	(8.36)	0.00	(0.10)	0.19	(0.10)	0.59
CWAIX	0.06	0.02	(0.39)	(5.39)	0.00	(0.10)	0.19	(0.10)	0.59
FTMAX	0.10	0.00	(0.33)	0.08	0.03	(0.11)	0.25	(0.21)	0.71
FTMCX	0.10	0.00	(0.36)	0.05	0.04	(0.12)	0.25	(0.20)	0.66
FDHIX	0.09	0.00	(0.46)	(0.01)	0.00	(0.14)	0.17	(0.17)	0.78
FDHCX	0.08	(0.01)	(0.54)	(0.08)	0.05	(0.12)	0.17	(0.17)	0.67
VARBX	0.10	0.04	(0.18)	2.21	0.00	(0.24)	0.10	(0.09)	2.72
VARCX	0.10	0.03	(0.23)	0.90	0.00	(0.28)	0.10	(0.10)	2.75
VARAX	0.10	0.03	(0.19)	1.19	0.00	(0.26)	0.10	(0.10)	2.68

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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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