First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Short
FDHAX Fund  USD 18.12  0.02  0.11%   
The current 90-days correlation between First Trust Short and Tax Managed International Equity 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 poor diversification

The correlation between First Trust Short and DJI is 0.88 (i.e., Very 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

  0.92FTMAX Franklin TempletonPairCorr
  0.98FDHIX First Trust ShortPairCorr
  1.0FDHCX First Trust ShortPairCorr
  0.87VARBX Vivaldi Merger ArbitragePairCorr
  0.87VARCX First Trust MergerPairCorr
  0.86VARAX Vivaldi Merger ArbitragePairCorr
  0.83FOVAX First Trust/confluencePairCorr
  0.9FPEIX First Trust PreferredPairCorr
  0.86FPERX First Trust PreferredPairCorr
  0.88OOSYX Oppenheimer SeniorPairCorr
  0.91OOSIX Oppenheimer SeniorPairCorr
  0.97LFRIX Floating RatePairCorr
  0.97LARCX Floating RatePairCorr
  0.96LFRRX Lord Abbett InvPairCorr
  0.96LFRFX Floating RatePairCorr
  0.96LRRRX Floating RatePairCorr
  0.97LRRTX Floating RatePairCorr
  0.96LRRVX Floating RatePairCorr
  0.96LRRKX Floating RatePairCorr
  0.75SMPIX Semiconductor UltrasectorPairCorr
  0.79SMPSX Semiconductor UltrasectorPairCorr
  0.84UJPIX Ultrajapan ProfundPairCorr
  0.88PMPIX Precious Metals Ultr Steady GrowthPairCorr
  0.91FGPMX Franklin Gold And Steady GrowthPairCorr
  0.88PMPSX Precious Metals Ultr Steady GrowthPairCorr
  0.82RMQAX Monthly RebalancePairCorr
  0.82RMQHX Monthly RebalancePairCorr
  0.9FRGOX Franklin Gold Precious Steady GrowthPairCorr
  0.91FGADX Franklin Gold Precious Steady GrowthPairCorr
  0.9MRSAX Mfs Research InternaPairCorr
  0.77LIFFX Lord Abbett InflationPairCorr
  0.9LICSX Lord Abbett IntlPairCorr
  0.9NWAMX Nationwide MellonPairCorr
  0.92LMCPX Lord Abbett MidPairCorr
  0.99FCSIX Nuveen High IncomePairCorr
  0.72DMBIX Dreyfus Amt FreePairCorr
  0.89KGDIX Deutsche Global SmallPairCorr
  0.89LMIAX Columbia Amt FreePairCorr

Related Correlations Analysis


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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