First Trustconfluence Correlations

FOVIX Fund

USD 33.50 0.09 0.27%

The current 90-days correlation between First Trustconfluence and Towpath Technology is 0.54 (i.e., Very weak diversification). The correlation of First Trustconfluence 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 Trustconfluence Correlation With Market

Poor diversification

The correlation between First Trustconfluence Small and DJI is 0.79 (i.e., 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

1.0	FOVCX	First Trustconfluence	Pair Corr
1.0	FOVAX	First Trustconfluence	Pair Corr
0.7	VSMAX	Vanguard Small Cap	Pair Corr
0.7	VSCIX	Vanguard Small Cap	Pair Corr
0.7	VSCPX	Vanguard Small Cap	Pair Corr
0.7	NAESX	Vanguard Small Cap	Pair Corr
0.78	FSSNX	Fidelity Small Cap	Pair Corr
0.77	DFSTX	Us Small Cap	Pair Corr
0.77	PASVX	T Rowe Price	Pair Corr
0.77	PRVIX	T Rowe Price	Pair Corr
0.76	TRZVX	T Rowe Price	Pair Corr
0.77	PRSVX	T Rowe Price	Pair Corr

Related Correlations Analysis

	TOWTX	CMTFX	MTCCX	USTCX	PGKCX	BIPIX	GISTX
TOWTX		0.86	0.87	0.8	0.88	-0.03	0.77	TOWTX
CMTFX	0.86		0.99	0.97	0.99	-0.13	0.97	CMTFX
MTCCX	0.87	0.99		0.98	0.99	-0.15	0.97	MTCCX
USTCX	0.8	0.97	0.98		0.96	-0.11	0.99	USTCX
PGKCX	0.88	0.99	0.99	0.96		-0.18	0.96	PGKCX
BIPIX	-0.03	-0.13	-0.15	-0.11	-0.18		-0.2	BIPIX
GISTX	0.77	0.97	0.97	0.99	0.96	-0.2		GISTX
	TOWTX	CMTFX	MTCCX	USTCX	PGKCX	BIPIX	GISTX

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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

MTCCX	+ 0.99	CMTFX
PGKCX	+ 0.99	CMTFX
PGKCX	+ 0.99	MTCCX
GISTX	+ 0.99	USTCX
USTCX	+ 0.98	MTCCX
USTCX	+ 0.97	CMTFX

High negative correlations

GISTX	- 0.2	BIPIX
BIPIX	- 0.18	PGKCX
BIPIX	- 0.15	MTCCX
BIPIX	- 0.13	CMTFX
BIPIX	- 0.11	USTCX
BIPIX	- 0.03	TOWTX

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trustconfluence 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 Trustconfluence'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
TOWTX	0.60	(0.10)	0.00	(0.01)	0.00	0.00	1.12	(1.68)	3.71
CMTFX	0.96	(0.04)	(0.02)	0.08	1.41	(0.94)	1.96	(2.56)	6.08
MTCCX	0.85	(0.01)	0.00	0.11	1.16	(0.88)	2.11	(2.31)	5.97
USTCX	0.90	0.04	0.03	0.15	1.22	(0.86)	2.39	(2.53)	6.28
PGKCX	1.03	(0.01)	0.00	0.11	1.56	(1.00)	2.27	(2.67)	6.29
BIPIX	1.51	(0.24)	0.00	(0.02)	0.00	0.00	3.10	(3.98)	11.89
GISTX	0.86	0.03	0.02	0.15	1.21	(0.88)	2.20	(2.10)	5.44

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