First Trust/confluence Correlations

FOVAX Fund

USD 23.32 0.16 0.68%

The current 90-days correlation between First Trust/confluence and Leisure Fund Class is -0.1 (i.e., Good diversification). The correlation of First Trust/confluence 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/confluence Correlation With Market

Very poor diversification

The correlation between First Trustconfluence Small and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trustconfluence Small 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 Trustconfluence Small. 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

0.84	FTMAX	Franklin Templeton	Pair Corr
0.86	FTMCX	First Trust Multi	Pair Corr
0.8	FDHIX	First Trust Short	Pair Corr
0.8	FDHCX	First Trust Short	Pair Corr
0.82	FDHAX	First Trust Short	Pair Corr
0.78	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.77	VARCX	First Trust Merger	Pair Corr
0.77	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.91	FOVIX	First Trust/confluence	Pair Corr
0.77	FOVCX	First Trust/confluence	Pair Corr
0.8	FPEIX	First Trust Preferred	Pair Corr
0.8	FPEFX	First Trust Preferred	Pair Corr
0.8	FPECX	First Trust Preferred	Pair Corr
0.81	FPEAX	First Trust Preferred	Pair Corr
0.82	FPERX	First Trust Preferred	Pair Corr
0.89	VSMAX	Vanguard Small Cap	Pair Corr
0.89	VSCIX	Vanguard Small Cap	Pair Corr
0.89	VSCPX	Vanguard Small Cap	Pair Corr
0.89	NAESX	Vanguard Small Cap	Pair Corr
0.88	FSSNX	Fidelity Small Cap	Pair Corr
0.91	DFSTX	Us Small Cap	Pair Corr
0.86	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.86	FTHNX	Fuller Thaler Behavioral	Pair Corr
0.86	PASVX	T Rowe Price	Pair Corr
0.84	PRVIX	T Rowe Price	Pair Corr
0.68	KF	Korea Closed	Pair Corr
0.75	FKRCX	Franklin Gold Precious	Pair Corr
0.75	RSNRX	Victory Global Natural	Pair Corr
0.78	SGGDX	First Eagle Gold	Pair Corr
0.79	EKWAX	Wells Fargo Advantage Steady Growth	Pair Corr
0.8	PSPFX	Global Resources	Pair Corr
0.79	OPGSX	Oppenheimer Gold Spec Steady Growth	Pair Corr
0.78	GOLDX	Gabelli Gold Steady Growth	Pair Corr
0.81	FSAGX	Gold Portfolio Gold Steady Growth	Pair Corr
0.78	UNWPX	World Precious Minerals	Pair Corr
0.73	JAARX	Alternative Asset	Pair Corr
0.85	JGCSX	Janus Global Allocation	Pair Corr
0.7	RAPRX	Cohen Steers Real	Pair Corr

Related Correlations Analysis

	EMQAX	EMQIX	HNRGX	XOEF	HBFBX	GWILX	GOPIX	EBUF	RYFIX	RYLCX
EMQAX		0.99	0.9	0.9	0.8	-0.68	0.83	0.97	0.43	0.31	EMQAX
EMQIX	0.99		0.9	0.93	0.79	-0.7	0.85	0.98	0.48	0.36	EMQIX
HNRGX	0.9	0.9		0.84	0.91	-0.51	0.69	0.87	0.26	0.12	HNRGX
XOEF	0.9	0.93	0.84		0.79	-0.75	0.92	0.94	0.69	0.58	XOEF
HBFBX	0.8	0.79	0.91	0.79		-0.57	0.66	0.78	0.29	0.17	HBFBX
GWILX	-0.68	-0.7	-0.51	-0.75	-0.57		-0.89	-0.72	-0.69	-0.69	GWILX
GOPIX	0.83	0.85	0.69	0.92	0.66	-0.89		0.88	0.76	0.69	GOPIX
EBUF	0.97	0.98	0.87	0.94	0.78	-0.72	0.88		0.55	0.43	EBUF
RYFIX	0.43	0.48	0.26	0.69	0.29	-0.69	0.76	0.55		0.94	RYFIX
RYLCX	0.31	0.36	0.12	0.58	0.17	-0.69	0.69	0.43	0.94		RYLCX
	EMQAX	EMQIX	HNRGX	XOEF	HBFBX	GWILX	GOPIX	EBUF	RYFIX	RYLCX

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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

EMQIX	+ 0.99	EMQAX
EBUF	+ 0.98	EMQIX
EBUF	+ 0.97	EMQAX
EBUF	+ 0.94	XOEF
RYLCX	+ 0.94	RYFIX
XOEF	+ 0.93	EMQIX

High negative correlations

GOPIX	- 0.89	GWILX
GWILX	- 0.75	XOEF
EBUF	- 0.72	GWILX
GWILX	- 0.7	EMQIX
RYLCX	- 0.69	GWILX
RYFIX	- 0.69	GWILX

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust/confluence 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/confluence'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
EMQAX	0.71	0.18	0.13	2.07	0.57	(0.79)	1.92	(1.36)	4.81
EMQIX	0.73	0.13	0.12	0.28	0.59	(0.80)	2.01	(1.24)	4.76
HNRGX	1.00	0.21	0.14	0.50	0.92	(1.09)	2.40	(1.67)	5.75
XOEF	0.63	0.05	0.04	0.13	0.64	(0.68)	1.50	(1.23)	3.00
HBFBX	0.30	0.08	0.07	0.39	0.00	(0.36)	0.78	(0.48)	1.92
GWILX	1.63	(0.80)	0.00	(0.66)	0.00	0.00	1.61	(1.71)	50.83
GOPIX	0.63	0.18	0.12	6.95	0.43	(0.80)	1.86	(1.41)	4.22
EBUF	0.20	0.03	(0.10)	0.26	0.00	(0.21)	0.56	(0.39)	1.20
RYFIX	0.68	(0.07)	(0.08)	0.00	0.91	(0.69)	1.34	(1.61)	4.22
RYLCX	0.65	(0.06)	(0.08)	(0.01)	0.90	(0.64)	1.20	(1.46)	4.02

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