First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVIX Fund  USD 24.63  0.17  0.70%   
The current 90-days correlation between First Trust/confluence and Dana Large Cap is 0.03 (i.e., Significant 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 gross domestic product.

Moving together with First Mutual Fund

  0.83FTMAX Franklin TempletonPairCorr
  0.85FTMCX First Trust MultiPairCorr
  0.76FDHIX First Trust ShortPairCorr
  0.73FDHCX First Trust ShortPairCorr
  0.77FDHAX First Trust ShortPairCorr
  0.76VARBX Vivaldi Merger ArbitragePairCorr
  0.75VARCX First Trust MergerPairCorr
  0.75VARAX Vivaldi Merger ArbitragePairCorr
  1.0FOVCX First Trust/confluencePairCorr
  1.0FOVAX First Trust/confluencePairCorr
  0.8FPEIX First Trust PreferredPairCorr
  0.8FPEFX First Trust PreferredPairCorr
  0.78FPECX First Trust PreferredPairCorr
  0.78FPEAX First Trust PreferredPairCorr
  0.8FPERX First Trust PreferredPairCorr
  0.89VSMAX Vanguard Small CapPairCorr
  0.89VSCIX Vanguard Small CapPairCorr
  0.89VSCPX Vanguard Small CapPairCorr
  0.89NAESX Vanguard Small CapPairCorr
  0.88FSSNX Fidelity Small CapPairCorr
  0.87DFSTX Us Small CapPairCorr
  0.84FTHSX Fuller Thaler BehavioralPairCorr
  0.84FTHNX Fuller Thaler BehavioralPairCorr
  0.85PASVX T Rowe PricePairCorr
  0.83PRVIX T Rowe PricePairCorr
  0.8WHIAX Ivy High IncomePairCorr
  0.81IVHIX Ivy High IncomePairCorr
  0.8IHIFX Ivy High IncomePairCorr
  0.8WRHIX Ivy High IncomePairCorr
  0.8WHIYX Ivy High IncomePairCorr
  0.9XDIAX Nuveen Dow 30PairCorr
  0.67VWIUX Vanguard Intermediate-terPairCorr
  0.85AAMIX Absolute Capital AssetPairCorr
  0.86DGINX Dgi BalancedPairCorr

Moving against First Mutual Fund

  0.33ERH Allspring Utilities AndPairCorr

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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