First American Correlations

FSCCX Fund

USD 34.79 0.27 0.77%

The current 90-days correlation between First American Investment and Morgan Stanley India is 0.28 (i.e., Modest diversification). The correlation of First American 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 American Correlation With Market

Very poor diversification

The correlation between First American Investment 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 American Investment 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 American Investment. 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 unemployment.

For more information on how to buy First Mutual Fund please use our How to Invest in First American guide.

Moving together with First Mutual Fund

0.83	TEMRX	Tiaa Cref Emerging	Pair Corr
0.82	TEQLX	Tiaa Cref Emerging	Pair Corr
0.87	EMGRX	Nuveen Small Cap	Pair Corr
0.66	FREAX	Nuveen Real Estate	Pair Corr
0.69	FREGX	Nuveen Real Estate	Pair Corr
0.81	NPSAX	Nuveen Preferred Sec	Pair Corr
0.77	NPSFX	Nuveen Preferred Sec	Pair Corr
0.81	NPSCX	Nuveen Preferred Sec	Pair Corr
0.82	NPSRX	Nuveen Preferred Sec	Pair Corr
0.76	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.69	FRLCX	Nuveen Real Estate	Pair Corr
0.73	FRSLX	Nuveen Mid Cap	Pair Corr
0.75	FAARX	Nuveen All American	Pair Corr
0.81	NQCCX	Nuveen Nwq Large	Pair Corr
0.83	NQCAX	Nuveen Nwq Large	Pair Corr
0.75	FAAWX	Nuveen All American	Pair Corr
0.77	FACSX	Nuveen Mid Cap	Pair Corr
0.74	FACCX	Nuveen All American	Pair Corr
0.83	NQCRX	Nuveen Nwq Large	Pair Corr
0.67	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.76	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.62	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.85	NQGCX	Nuveen Nwq Global	Pair Corr
0.67	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.69	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.63	FAFKX	Nuveen Orado Municipal	Pair Corr
0.85	NQGAX	Nuveen Nwq Global	Pair Corr
0.81	FAFJX	Nuveen Limited Term	Pair Corr
0.85	NQGIX	Nuveen Nwq Global	Pair Corr
0.8	FAMAX	Nuveen Minnesota Int	Pair Corr
0.8	FAMTX	Nuveen Minnesota Int	Pair Corr
1.0	FSCVX	Nuveen Small Cap	Pair Corr
0.92	FSCWX	Nuveen Small Cap	Pair Corr
0.92	FSCAX	Nuveen Small Cap	Pair Corr
0.78	FSEIX	Nuveen Mid Cap	Pair Corr
0.75	FAQIX	Nuveen Dividend Value	Pair Corr
0.69	FARCX	Nuveen Real Estate	Pair Corr
0.78	FASEX	Nuveen Mid Cap	Pair Corr

Related Correlations Analysis

	FMPFX	SAISX	NSCCX	JCE	DBL	CAF	EMF	NCA	IIF
FMPFX		0.35	0.7	0.75	0.16	0.67	0.34	0.29	-0.14	FMPFX
SAISX	0.35		0.86	0.48	-0.23	0.81	0.98	0.84	-0.61	SAISX
NSCCX	0.7	0.86		0.65	-0.15	0.9	0.84	0.74	-0.47	NSCCX
JCE	0.75	0.48	0.65		-0.07	0.73	0.46	0.43	-0.26	JCE
DBL	0.16	-0.23	-0.15	-0.07		-0.22	-0.21	-0.15	0.39	DBL
CAF	0.67	0.81	0.9	0.73	-0.22		0.81	0.7	-0.47	CAF
EMF	0.34	0.98	0.84	0.46	-0.21	0.81		0.88	-0.67	EMF
NCA	0.29	0.84	0.74	0.43	-0.15	0.7	0.88		-0.71	NCA
IIF	-0.14	-0.61	-0.47	-0.26	0.39	-0.47	-0.67	-0.71		IIF
	FMPFX	SAISX	NSCCX	JCE	DBL	CAF	EMF	NCA	IIF

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

EMF	+ 0.98	SAISX
CAF	+ 0.9	NSCCX
NCA	+ 0.88	EMF
NSCCX	+ 0.86	SAISX
NCA	+ 0.84	SAISX
EMF	+ 0.84	NSCCX

High negative correlations

IIF	- 0.71	NCA
IIF	- 0.67	EMF
IIF	- 0.61	SAISX
IIF	- 0.47	CAF
IIF	- 0.47	NSCCX
IIF	- 0.26	JCE

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First American 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 American'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
FMPFX	0.95	(0.01)	(0.01)	0.03	1.12	(1.02)	1.50	(1.85)	7.26
SAISX	0.57	0.14	0.11	0.27	0.76	(0.60)	1.44	(1.25)	3.45
NSCCX	1.00	0.25	0.24	0.25	0.70	(1.21)	2.25	(1.72)	14.57
JCE	0.56	0.01	(0.01)	0.05	0.76	(0.54)	1.10	(1.13)	3.48
DBL	0.28	(0.02)	0.00	(0.18)	0.00	0.00	0.60	(0.47)	2.06
CAF	0.80	0.20	0.20	0.50	0.56	(0.96)	2.28	(1.14)	6.75
EMF	1.00	0.28	0.16	0.49	1.20	(1.10)	2.27	(1.75)	6.11
NCA	0.62	0.10	0.07	(0.61)	0.66	(0.75)	1.58	(1.15)	5.76
IIF	0.69	(0.13)	0.00	(0.17)	0.00	0.00	0.99	(1.64)	5.21

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