First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Short
FDHAX Fund  USD 18.05  0.01  0.06%   
The current 90-days correlation between First Trust Short and Vanguard Information Technology is 0.18 (i.e., Average 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

Modest diversification

The correlation between First Trust Short and DJI is 0.26 (i.e., Modest 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

  0.83OOSYX Oppenheimer SeniorPairCorr
  0.75OOSIX Oppenheimer SeniorPairCorr
  0.73LFRIX Floating RatePairCorr
  0.77LARCX Floating RatePairCorr
  0.73LFRRX Lord Abbett InvPairCorr
  0.67LFRFX Floating RatePairCorr
  0.75LRRRX Floating RatePairCorr
  0.72LRRTX Floating RatePairCorr
  0.78LRRVX Floating RatePairCorr
  0.72LRRKX Floating RatePairCorr
  0.63PFN Pimco Income StrategyPairCorr
  0.8XDSMX Dreyfus StrategicPairCorr
  0.79XNXJX Nuveen New JerseyPairCorr
  0.77NXJ Nuveen New JerseyPairCorr
  0.81XNBHX Neuberger Berman IntPairCorr
  0.67SEFCX Sit International EquityPairCorr
  0.7PRGFX T Rowe PricePairCorr
  0.7NOINX Northern InternationalPairCorr
  0.81CPXIX Cohen Steers PrfrdPairCorr
  0.7JAMRX Janus ResearchPairCorr
  0.76SEDAX Siit Emerging MarketsPairCorr
  0.82RYPNX Royce OpportunityPairCorr
  0.79SVPIX Small Cap ValuePairCorr
  0.7JRAAX Janus ResearchPairCorr
  0.78DMB Bny Mellon MunicipalPairCorr
  0.84OBSOX Oberweis Small CapPairCorr
  0.83FUMBX Fidelity Short TermPairCorr
  0.74USAAX Growth Fund GrowthPairCorr

Related Correlations Analysis


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.

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