First Trust Correlations

FDHCX Fund

USD 18.13 0.01 0.06%

The current 90-days correlation between First Trust Short and Financials Ultrasector Profund is 0.33 (i.e., 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

Modest diversification

The correlation between First Trust Short and DJI is 0.28 (i.e., Modest 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 manufacturing.

Moving together with First Mutual Fund

0.78	OOSYX	Oppenheimer Senior	Pair Corr
0.69	OOSIX	Oppenheimer Senior	Pair Corr
0.95	LFRIX	Floating Rate	Pair Corr
0.95	LARCX	Floating Rate	Pair Corr
0.78	LFRRX	Lord Abbett Inv	Pair Corr
0.95	LFRFX	Floating Rate	Pair Corr
0.93	LRRRX	Floating Rate	Pair Corr
0.95	LRRTX	Floating Rate	Pair Corr
0.79	LRRVX	Floating Rate	Pair Corr
0.93	LRRKX	Floating Rate	Pair Corr
0.61	RSNRX	Victory Global Natural	Pair Corr
0.61	RSNYX	Victory Global Natural	Pair Corr
0.61	RGNCX	Victory Global Natural	Pair Corr
0.8	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.79	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.8	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.62	TLOTX	Transamerica Large Value	Pair Corr
0.65	TLAFX	Transamerica Large Core	Pair Corr
0.73	CDCRX	Copeland Risk Managed	Pair Corr
0.65	TLARX	Transamerica Large Core	Pair Corr
0.69	ASGTX	Transamerica Small Cap	Pair Corr
0.74	CDGRX	Copeland Risk Managed	Pair Corr
0.92	PPIAX	Deutsche Short Duration	Pair Corr
0.61	TRV	The Travelers Companies	Pair Corr
0.67	WMT	Walmart Common Stock	Pair Corr
0.69	MRK	Merck Company	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr

Moving against First Mutual Fund

0.58	MSFT	Microsoft	Pair Corr
0.47	HPQ	HP Inc	Pair Corr
0.46	PG	Procter Gamble	Pair Corr
0.4	HD	Home Depot	Pair Corr

Related Correlations Analysis

	FNPIX	FIKBX	MCBXX	RMBLX	VFAIX	GCFSX
FNPIX		0.89	0.0	0.8	0.99	0.77	FNPIX
FIKBX	0.89		0.0	0.91	0.93	0.89	FIKBX
MCBXX	0.0	0.0		0.0	0.0	0.0	MCBXX
RMBLX	0.8	0.91	0.0		0.88	0.96	RMBLX
VFAIX	0.99	0.93	0.0	0.88		0.85	VFAIX
GCFSX	0.77	0.89	0.0	0.96	0.85		GCFSX
	FNPIX	FIKBX	MCBXX	RMBLX	VFAIX	GCFSX

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

VFAIX	+ 0.99	FNPIX
GCFSX	+ 0.96	RMBLX
VFAIX	+ 0.93	FIKBX
RMBLX	+ 0.91	FIKBX
FIKBX	+ 0.89	FNPIX
GCFSX	+ 0.89	FIKBX

High negative correlations

GCFSX	- 0.0	MCBXX
VFAIX	- 0.0	MCBXX
RMBLX	- 0.0	MCBXX
MCBXX	- 0.0	FIKBX
MCBXX	- 0.0	FNPIX

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
FNPIX	0.98	(0.06)	(0.02)	0.01	1.41	(0.97)	1.80	(2.56)	5.80
FIKBX	0.77	0.08	0.07	0.12	0.95	(0.84)	1.70	(1.63)	7.06
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RMBLX	1.02	0.18	0.13	0.21	1.13	(1.15)	3.00	(1.58)	7.72
VFAIX	0.67	(0.03)	(0.03)	0.02	0.97	(0.67)	1.34	(1.72)	4.27
GCFSX	0.52	0.07	0.08	0.13	0.54	(0.61)	1.39	(1.04)	3.52

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