First Trust/confluence Correlations

FOVAX Fund  USD 26.51  0.35  1.34%   
The current 90-days correlation between First Trust/confluence and First Trust Managed is 0.13 (i.e., Average diversification). The correlation of First Trust/confluence 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/confluence Correlation With Market

Good diversification

The correlation between First Trustconfluence Small 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 Trustconfluence Small 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 Trustconfluence Small. 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

  0.69CWAIX First Trust ManagedPairCorr
  0.77FTMAX Franklin TempletonPairCorr
  0.73FTMCX First Trust MultiPairCorr
  0.75FDHIX First Trust ShortPairCorr
  0.78FDHCX First Trust ShortPairCorr
  0.77FDHAX First Trust ShortPairCorr
  0.61VARBX Vivaldi Merger ArbitragePairCorr
  0.91FOVIX First Trust/confluencePairCorr
  0.91FOVCX First Trust/confluencePairCorr
  0.75FPEIX First Trust PreferredPairCorr
  0.73FPEFX First Trust PreferredPairCorr
  0.73FPECX First Trust PreferredPairCorr
  0.73FPEAX First Trust PreferredPairCorr
  0.74FPERX First Trust PreferredPairCorr
  0.84VSMAX Vanguard Small CapPairCorr
  0.84VSCIX Vanguard Small CapPairCorr
  0.84VSCPX Vanguard Small CapPairCorr
  0.84NAESX Vanguard Small CapPairCorr
  0.81FSSNX Fidelity Small CapPairCorr
  0.85DFSTX Us Small CapPairCorr
  0.84PASVX T Rowe PricePairCorr
  0.89PRVIX T Rowe PricePairCorr
  0.84TRZVX T Rowe PricePairCorr
  0.84PRSVX T Rowe PricePairCorr
  0.64FSMMX Fs Multi StrategyPairCorr
  0.75BTMPX Ishares Msci EafePairCorr
  0.75BTMKX Blackrock InternationalPairCorr
  0.73MDIIX Blackrock Intern IndexPairCorr
  0.67DIMIX Dreyfus Short IntermPairCorr
  0.8FSDIX Fidelity StrategicPairCorr
  0.8VWWOX VwwoxPairCorr
  0.72MCYIX Mainstay CandriamPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust/confluence 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/confluence'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
CWAIX  0.12  0.01 (0.63)(0.25) 0.07 
 0.31 
 1.07 
FTMAX  0.14  0.03 (0.43)(0.47) 0.06 
 0.30 
 1.23 
FTMCX  0.11  0.05 (0.52)(1.61) 0.00 
 0.29 
 0.79 
FDHIX  0.11  0.04 (0.68) 0.55  0.00 
 0.45 
 0.75 
FDHCX  0.11  0.06 (0.70)(3.67) 0.00 
 0.45 
 0.69 
FDHAX  0.11  0.06 (0.67)(4.64) 0.00 
 0.46 
 0.69 
VARBX  0.08  0.03 (0.58)(3.18) 0.00 
 0.18 
 0.83 
VARCX  0.07  0.02 (0.73) 4.71  0.00 
 0.19 
 0.75 
VARAX  0.08  0.02 (0.57) 2.81  0.00 
 0.19 
 0.85 
FOVIX  0.96 (0.06)(0.04) 0.08  1.08 
 2.05 
 5.96