First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Short
FDHIX Fund  USD 18.15  0.01  0.06%   
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

Good diversification

The correlation between First Trust Short and DJI is -0.04 (i.e., Good 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 gross domestic product.

Moving together with First Mutual Fund

  0.93FTMAX Franklin TempletonPairCorr
  0.91FTMCX First Trust MultiPairCorr
  1.0FDHCX First Trust ShortPairCorr
  1.0FDHAX First Trust ShortPairCorr
  0.85VARBX Vivaldi Merger ArbitragePairCorr
  0.83VARCX First Trust MergerPairCorr
  0.84VARAX Vivaldi Merger ArbitragePairCorr
  0.76FOVAX First Trust/confluencePairCorr
  0.8FPEIX First Trust PreferredPairCorr
  0.73FPEFX First Trust PreferredPairCorr
  0.71FPECX First Trust PreferredPairCorr
  0.78FPEAX First Trust PreferredPairCorr
  0.7FPERX First Trust PreferredPairCorr
  0.79OOSYX Oppenheimer SeniorPairCorr
  0.79OOSIX Oppenheimer SeniorPairCorr
  0.97LFRIX Floating RatePairCorr
  0.96LARCX Floating RatePairCorr
  0.95LFRRX Lord Abbett InvPairCorr
  0.96LFRFX Floating RatePairCorr
  0.94LRRRX Floating RatePairCorr
  0.96LRRTX Floating RatePairCorr
  0.96LRRVX Floating RatePairCorr
  0.95LRRKX Floating RatePairCorr
  0.81FSMMX Fs Multi StrategyPairCorr
  0.79BTMPX Ishares Msci EafePairCorr
  0.8BTMKX Blackrock InternationalPairCorr
  0.79MDIIX Blackrock Intern IndexPairCorr
  0.84SPMPX Invesco Steelpath Mlp Steady GrowthPairCorr
  0.84MLPNX Oppenheimer Steelpath Mlp Steady GrowthPairCorr
  0.83MLPMX Oppenheimer Steelpath MlpPairCorr
  0.84SPMJX Invesco Steelpath MlpPairCorr
  0.72FSELX Fidelity Select SemiPairCorr
  0.77VEIGX Vanguard Global EsgPairCorr
  0.79TTIPX Tiaa Cref LifecyclePairCorr
  0.92KHYCX Deutsche High IncomePairCorr
  0.79MPIEX Mondrian InternationalPairCorr

Moving against First Mutual Fund

  0.44FOVCX First TrustconfluencePairCorr
  0.36FOVIX First TrustconfluencePairCorr

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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