First Trust Correlations

FDHAX Fund

USD 18.04 0.01 0.06%

The current 90-days correlation between First Trust Short and First Trust Managed is 0.54 (i.e., Very weak 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

Good diversification

The correlation between First Trust Short and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Short 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 Trust Short. 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 nation.

Moving together with First Mutual Fund

0.81	CWAIX	First Trust Managed	Pair Corr
0.95	FTMAX	Franklin Templeton	Pair Corr
0.7	FTMCX	First Trust Multi	Pair Corr
0.72	FDHIX	First Trust Short	Pair Corr
0.72	FDHCX	First Trust Short	Pair Corr
0.7	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.94	VARCX	First Trust Merger	Pair Corr
0.69	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.77	FOVAX	First Trust/confluence	Pair Corr
0.99	FPEIX	First Trust Preferred	Pair Corr
0.99	FPEFX	First Trust Preferred	Pair Corr
0.99	FPECX	First Trust Preferred	Pair Corr
0.99	FPEAX	First Trust Preferred	Pair Corr
0.99	FPERX	First Trust Preferred	Pair Corr
0.71	OOSYX	Oppenheimer Senior	Pair Corr
0.71	OOSIX	Oppenheimer Senior	Pair Corr
0.99	LFRIX	Floating Rate	Pair Corr
0.71	LARCX	Floating Rate	Pair Corr
0.99	LFRRX	Lord Abbett Inv	Pair Corr
0.99	LFRFX	Floating Rate	Pair Corr
0.71	LRRRX	Floating Rate	Pair Corr
0.99	LRRTX	Floating Rate	Pair Corr
0.71	LRRVX	Floating Rate	Pair Corr
0.99	LRRKX	Floating Rate	Pair Corr
0.98	VSTSX	Vanguard Total Stock	Pair Corr
0.98	VSMPX	Vanguard Total Stock	Pair Corr
0.98	VITSX	Vanguard Total Stock	Pair Corr
0.98	VFFSX	Vanguard 500 Index	Pair Corr
0.98	VFIAX	Vanguard 500 Index	Pair Corr
0.98	VTISX	Vanguard Total Inter	Pair Corr
0.98	VTSNX	Vanguard Total Inter	Pair Corr
0.98	VTPSX	Vanguard Total Inter	Pair Corr
0.98	VINIX	Vanguard Institutional	Pair Corr
0.98	VTSAX	Vanguard Total Stock	Pair Corr
0.74	CAXAX	Catalystmap Global Equity	Pair Corr
0.7	SPECX	Alger Spectra	Pair Corr
0.71	MNEAX	Mainstay Conservative Etf	Pair Corr
0.72	SRWAX	Saat Market Growth	Pair Corr

Related Correlations Analysis

	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX
CWAIX		0.71	0.42	0.47	0.47	0.81	0.41	0.71	0.4	0.51	CWAIX
FTMAX	0.71		0.78	0.78	0.78	0.95	0.78	0.9	0.78	0.55	FTMAX
FTMCX	0.42	0.78		0.99	0.99	0.7	0.94	0.7	0.94	0.64	FTMCX
FDHIX	0.47	0.78	0.99		1.0	0.72	0.93	0.7	0.92	0.67	FDHIX
FDHCX	0.47	0.78	0.99	1.0		0.72	0.92	0.7	0.92	0.68	FDHCX
FDHAX	0.81	0.95	0.7	0.72	0.72		0.7	0.94	0.69	0.56	FDHAX
VARBX	0.41	0.78	0.94	0.93	0.92	0.7		0.79	1.0	0.46	VARBX
VARCX	0.71	0.9	0.7	0.7	0.7	0.94	0.79		0.79	0.37	VARCX
VARAX	0.4	0.78	0.94	0.92	0.92	0.69	1.0	0.79		0.45	VARAX
FOVIX	0.51	0.55	0.64	0.67	0.68	0.56	0.46	0.37	0.45		FOVIX
	CWAIX	FTMAX	FTMCX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX

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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
CWAIX	0.12	0.01	(0.63)	(0.25)	0.07	(0.16)	0.31	(0.25)	1.07
FTMAX	0.14	0.03	(0.43)	(0.47)	0.06	(0.15)	0.30	(0.30)	1.23
FTMCX	0.11	0.06	(0.55)	(8.58)	0.00	(0.15)	0.29	(0.16)	0.79
FDHIX	0.11	0.05	(0.76)	1.83	0.00	(0.16)	0.45	(0.11)	0.75
FDHCX	0.10	0.05	(0.96)	2.01	0.00	(0.16)	0.45	(0.06)	0.69
FDHAX	0.11	0.06	(0.67)	(4.64)	0.00	(0.17)	0.46	(0.11)	0.69
VARBX	0.08	0.03	(0.55)	(11.49)	0.00	(0.13)	0.18	(0.09)	0.83
VARCX	0.07	0.02	(0.73)	4.71	0.00	(0.11)	0.19	(0.09)	0.75
VARAX	0.08	0.02	(0.54)	1.63	0.00	(0.13)	0.19	(0.09)	0.85
FOVIX	0.94	0.14	0.00	(1.29)	1.01	(1.00)	2.05	(1.68)	5.96

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First Trust Correlations

First Trust Correlation With Market

Good diversification

Moving together with First Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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