First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVIX Fund  USD 24.00  0.21  0.87%   
The current 90-days correlation between First Trust/confluence and Ashmore Emerging Markets is 0.16 (i.e., Average 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 0.89 (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 gross domestic product.

Moving together with First Mutual Fund

  0.81FTMAX Franklin TempletonPairCorr
  0.81FTMCX First Trust MultiPairCorr
  0.86FDHIX First Trust ShortPairCorr
  0.85FDHCX First Trust ShortPairCorr
  0.85FDHAX First Trust ShortPairCorr
  0.79VARBX Vivaldi Merger ArbitragePairCorr
  0.79VARCX First Trust MergerPairCorr
  0.79VARAX Vivaldi Merger ArbitragePairCorr
  0.79FOVCX First Trust/confluencePairCorr
  0.93FOVAX First Trust/confluencePairCorr
  0.82FPEIX First Trust PreferredPairCorr
  0.81FPEFX First Trust PreferredPairCorr
  0.74FPECX First Trust PreferredPairCorr
  0.76FPEAX First Trust PreferredPairCorr
  0.81FPERX First Trust PreferredPairCorr
  0.92VSMAX Vanguard Small CapPairCorr
  0.92VSCIX Vanguard Small CapPairCorr
  0.92VSCPX Vanguard Small CapPairCorr
  0.92NAESX Vanguard Small CapPairCorr
  0.9FSSNX Fidelity Small CapPairCorr
  0.94DFSTX Us Small CapPairCorr
  0.94FTHSX Fuller Thaler BehavioralPairCorr
  0.94FTHNX Fuller Thaler BehavioralPairCorr
  0.89PASVX T Rowe PricePairCorr
  0.89PRVIX T Rowe PricePairCorr
  0.82FSMMX Fs Multi StrategyPairCorr
  0.78BTMPX Ishares Msci EafePairCorr
  0.84BTMKX Blackrock InternationalPairCorr
  0.84MDIIX Blackrock Intern IndexPairCorr
  0.7SPMPX Invesco Steelpath MlpPairCorr
  0.7MLPNX Oppenheimer Steelpath MlpPairCorr
  0.7MLPMX Oppenheimer Steelpath MlpPairCorr
  0.7SPMJX Invesco Steelpath MlpPairCorr
  0.83DEBIX Shelton Tactical CreditPairCorr
  0.9VGIIX Jpmorgan Growth AndPairCorr
  0.89RPMMX Reinhart Mid CapPairCorr
  0.92ENHRX Cullen Enhanced EquityPairCorr
  0.8PGLRX Putnam Global EquityPairCorr

Related Correlations Analysis


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.

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