First Trust/confluence Correlations

FOVAX Fund

USD 25.35 0.06 0.24%

The current 90-days correlation between First Trust/confluence and Ashmore Emerging Markets is 0.08 (i.e., Significant 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 -0.1 (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

1.0	FOVIX	First Trust/confluence	Pair Corr
0.9	FOVCX	First Trust/confluence	Pair Corr

Moving against First Mutual Fund

0.78	VARCX	First Trust Merger	Pair Corr
0.77	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.77	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.63	FTMAX	Franklin Templeton	Pair Corr
0.62	CWAIX	First Trust Managed	Pair Corr
0.62	FTMCX	First Trust Multi	Pair Corr
0.56	FPEIX	First Trust Preferred	Pair Corr
0.56	FPECX	First Trust Preferred	Pair Corr
0.56	FPEAX	First Trust Preferred	Pair Corr
0.55	FPEFX	First Trust Preferred	Pair Corr
0.55	FPERX	First Trust Preferred	Pair Corr
0.79	SOIUX	Spirit Of America	Pair Corr
0.61	DNP	Dnp Select Income	Pair Corr
0.56	CDHIX	Calvert Developed Market	Pair Corr
0.56	ISIVX	Voya Stock Index	Pair Corr
0.5	PYTRX	Putman Absolute Return	Pair Corr
0.49	RBHTX	American Funds 2045	Pair Corr
0.48	FXNAX	Fidelity Bond Index	Pair Corr
0.47	FTRGX	Federated Total Return	Pair Corr
0.43	HRACX	Hartford Growth	Pair Corr
0.41	RGOFX	American Funds Income	Pair Corr
0.4	LZUOX	Lazard Strategic Equity	Pair Corr
0.39	FSSNX	Fidelity Small Cap	Pair Corr
0.33	VWNFX	Vanguard Windsor	Pair Corr

Related Correlations Analysis

	EMQIX	EMQAX	XOEF	HNRGX	HBFBX	GOPIX	GWILX	RYFIX	RYLCX	EBUF
EMQIX		0.97	0.79	0.74	0.79	0.92	0.16	-0.17	-0.46	0.93	EMQIX
EMQAX	0.97		0.74	0.73	0.79	0.91	0.11	-0.22	-0.5	0.89	EMQAX
XOEF	0.79	0.74		0.76	0.77	0.78	0.61	0.27	0.01	0.78	XOEF
HNRGX	0.74	0.73	0.76		0.69	0.76	0.49	0.16	-0.17	0.81	HNRGX
HBFBX	0.79	0.79	0.77	0.69		0.78	0.35	-0.26	-0.45	0.85	HBFBX
GOPIX	0.92	0.91	0.78	0.76	0.78		0.15	-0.17	-0.41	0.85	GOPIX
GWILX	0.16	0.11	0.61	0.49	0.35	0.15		0.65	0.55	0.32	GWILX
RYFIX	-0.17	-0.22	0.27	0.16	-0.26	-0.17	0.65		0.87	-0.18	RYFIX
RYLCX	-0.46	-0.5	0.01	-0.17	-0.45	-0.41	0.55	0.87		-0.46	RYLCX
EBUF	0.93	0.89	0.78	0.81	0.85	0.85	0.32	-0.18	-0.46		EBUF
	EMQIX	EMQAX	XOEF	HNRGX	HBFBX	GOPIX	GWILX	RYFIX	RYLCX	EBUF

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EMQAX	+ 0.97	EMQIX
EBUF	+ 0.93	EMQIX
GOPIX	+ 0.92	EMQIX
GOPIX	+ 0.91	EMQAX
EBUF	+ 0.89	EMQAX
RYLCX	+ 0.87	RYFIX

High negative correlations

RYLCX	- 0.5	EMQAX
EBUF	- 0.46	RYLCX
RYLCX	- 0.46	EMQIX
RYLCX	- 0.45	HBFBX
RYLCX	- 0.41	GOPIX
RYFIX	- 0.26	HBFBX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EMQIX	0.60	0.08	0.06	0.23	0.60	(0.74)	1.32	(1.01)	4.11
EMQAX	0.60	0.14	0.05	(0.83)	0.60	(0.73)	1.32	(0.92)	4.05
XOEF	0.53	(0.06)	(0.08)	0.02	0.67	(0.54)	1.12	(0.96)	3.89
HNRGX	0.80	0.06	0.03	0.17	1.00	(0.82)	1.81	(1.56)	5.96
HBFBX	0.24	0.01	(0.16)	0.12	0.20	(0.27)	0.49	(0.49)	1.55
GOPIX	0.63	0.19	0.11	(5.39)	0.43	(0.80)	1.86	(1.41)	4.22
GWILX	0.64	(0.07)	(0.08)	0.01	0.73	(0.75)	1.79	(1.13)	4.69
RYFIX	0.57	(0.11)	0.00	(0.02)	0.00	0.00	1.32	(1.01)	4.63
RYLCX	0.59	(0.16)	0.00	(0.09)	0.00	0.00	1.31	(1.32)	3.57
EBUF	0.17	0.01	(0.14)	0.10	0.21	(0.19)	0.43	(0.32)	1.82

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