First Trust Correlations

VARCX Fund

10.47 0.01 0.1%

The current 90-days correlation between First Trust Merger and Vivaldi Merger Arbitrage is 0.98 (i.e., Almost no diversification). The correlation of First Trust 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 Correlation With Market

Very poor diversification

The correlation between First Trust Merger and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Merger and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in First Trust Merger. 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 services.

Moving together with First Mutual Fund

0.86	FTMAX	Franklin Templeton	Pair Corr
0.86	FTMCX	First Trust Multi	Pair Corr
0.73	FDHIX	First Trust Short	Pair Corr
0.72	FDHCX	First Trust Short	Pair Corr
0.76	FDHAX	First Trust Short	Pair Corr
1.0	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.65	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.75	FOVIX	First Trust/confluence	Pair Corr
0.74	FOVCX	First Trust/confluence	Pair Corr
0.74	FOVAX	First Trust/confluence	Pair Corr
0.75	FPEIX	First Trust Preferred	Pair Corr
0.75	FPEFX	First Trust Preferred	Pair Corr
0.73	FPECX	First Trust Preferred	Pair Corr
0.74	FPEAX	First Trust Preferred	Pair Corr
0.73	FPERX	First Trust Preferred	Pair Corr
0.89	BCLPX	Blckrk Lc Cr	Pair Corr
0.89	BALPX	Blckrk Lc Cr	Pair Corr
0.89	BILPX	Blkrk Lc Cr	Pair Corr
0.83	MERFX	Merger Fund	Pair Corr
0.85	MERIX	Merger Fund	Pair Corr
0.84	HMECX	Highland Merger Arbitrage	Pair Corr
0.85	HMEAX	Highland Merger Arbitrage	Pair Corr
0.63	NHS	Neuberger Berman High	Pair Corr
0.77	RLBAX	American Balanced	Pair Corr
0.77	PAHTX	Prudential Investment	Pair Corr
0.75	EVFCX	Evaluator Conservative	Pair Corr
0.76	BUSIX	Sterling Capital Ultra	Pair Corr
0.87	WTRCX	Ivy E Equity	Pair Corr
0.78	CNPEX	New Perspective	Pair Corr
0.77	VSTSX	Vanguard Total Stock	Pair Corr
0.8	CMEGX	Columbia Moderate 529	Pair Corr
0.79	CNPFX	New Perspective	Pair Corr
0.73	JLJEX	Retirement Living Through	Pair Corr
0.66	EMLDX	Invesco Emerging Markets	Pair Corr

Related Correlations Analysis

	CWAAX	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARAX
CWAAX		1.0	0.7	0.64	0.28	0.21	0.3	0.47	0.38	CWAAX
CWAIX	1.0		0.7	0.64	0.28	0.21	0.3	0.48	0.39	CWAIX
FTMAX	0.7	0.7		0.95	0.74	0.71	0.77	0.88	0.5	FTMAX
FTMCX	0.64	0.64	0.95		0.79	0.74	0.79	0.87	0.4	FTMCX
FDHIX	0.28	0.28	0.74	0.79		0.96	0.96	0.74	0.23	FDHIX
FDHCX	0.21	0.21	0.71	0.74	0.96		0.99	0.72	0.28	FDHCX
FDHAX	0.3	0.3	0.77	0.79	0.96	0.99		0.76	0.31	FDHAX
VARBX	0.47	0.48	0.88	0.87	0.74	0.72	0.76		0.64	VARBX
VARAX	0.38	0.39	0.5	0.4	0.23	0.28	0.31	0.64		VARAX
	CWAAX	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARAX

Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust 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'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
CWAAX	0.06	0.02	(0.55)	4.05	0.00	(0.10)	0.19	(0.10)	0.59
CWAIX	0.06	0.02	(0.49)	(3.98)	0.00	(0.10)	0.19	(0.10)	0.59
FTMAX	0.10	0.01	(0.38)	(0.14)	0.03	(0.12)	0.25	(0.21)	0.71
FTMCX	0.10	0.00	(0.43)	0.17	0.00	(0.12)	0.25	(0.20)	0.66
FDHIX	0.09	0.00	(0.56)	0.31	0.00	(0.14)	0.17	(0.17)	0.78
FDHCX	0.08	(0.01)	(0.65)	(0.35)	0.06	(0.12)	0.17	(0.17)	0.67
FDHAX	0.09	0.00	(0.58)	(0.13)	0.00	(0.14)	0.17	(0.17)	0.78
VARBX	0.10	0.04	(0.24)	(2.11)	0.00	(0.23)	0.10	(0.09)	2.72
VARAX	0.11	0.05	(0.19)	(1.69)	0.00	(0.26)	0.10	(0.10)	2.68

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First Trust Correlations

First Trust Correlation With Market

Very poor diversification

Moving together with First Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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