First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Short
FDHCX Fund  USD 18.06  0.01  0.06%   
The current 90-days correlation between First Trust Short and Western Asset High is 0.74 (i.e., Poor 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 0.2 (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 main economic indicators.

Moving together with First Mutual Fund

  0.62FTMAX Franklin TempletonPairCorr
  0.97FTMCX First Trust MultiPairCorr
  0.99FDHIX First Trust ShortPairCorr
  1.0FDHAX First Trust ShortPairCorr
  0.95VARBX Vivaldi Merger ArbitragePairCorr
  0.94VARCX First Trust MergerPairCorr
  0.94VARAX Vivaldi Merger ArbitragePairCorr
  0.73FOVIX First Trust/confluencePairCorr
  0.72FOVCX First Trust/confluencePairCorr
  0.73FOVAX First Trust/confluencePairCorr
  0.97FPEIX First Trust PreferredPairCorr
  0.97FPEFX First Trust PreferredPairCorr
  0.96FPECX First Trust PreferredPairCorr
  0.96FPEAX First Trust PreferredPairCorr
  0.97FPERX First Trust PreferredPairCorr
  0.98OOSYX Oppenheimer SeniorPairCorr
  0.98OOSIX Oppenheimer SeniorPairCorr
  0.98LFRIX Floating RatePairCorr
  0.98LARCX Floating RatePairCorr
  0.98LFRRX Lord Abbett InvPairCorr
  0.98LFRFX Floating RatePairCorr
  0.99LRRRX Floating RatePairCorr
  0.98LRRTX Floating RatePairCorr
  0.98LRRVX Floating RatePairCorr
  0.98LRRKX Floating RatePairCorr
  0.81PDI Pimco Dynamic IncomePairCorr
  0.93FTCAX Templeton Strained BondPairCorr
  0.91FLDZX Franklin Low DurationPairCorr
  0.97TLLPX Tiaa Cref LifecyclePairCorr
  0.96LGCFX Lord Abbett GlobalPairCorr

Moving against First Mutual Fund

  0.95USPIX Profunds UltrashortPairCorr
  0.93UIPIX Ultrashort Mid CapPairCorr
  0.92USPSX Profunds UltrashortPairCorr
  0.86TCTGX Transamerica CleartrackPairCorr
  0.86TCTJX Transamerica CleartrackPairCorr
  0.85TDKTX Cleartrack 2015 ClassPairCorr
  0.85TCSUX Cleartrack 2020 ClassPairCorr

Related Correlations Analysis

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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.

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