First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVCX Fund  USD 21.29  0.28  1.30%   
The current 90-days correlation between First Trust/confluence and Pace Municipal Fixed is 0.19 (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

Very poor diversification

The correlation between First Trustconfluence Small and DJI is 0.8 (i.e., Very poor 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 main economic indicators.

Moving together with First Mutual Fund

  0.68CWAIX First Trust ManagedPairCorr
  0.75FTMAX Franklin TempletonPairCorr
  0.7FTMCX First Trust MultiPairCorr
  0.74FDHIX First Trust ShortPairCorr
  0.75FDHCX First Trust ShortPairCorr
  0.75FDHAX First Trust ShortPairCorr
  1.0FOVIX First Trust/confluencePairCorr
  0.91FOVAX First Trust/confluencePairCorr
  0.71FPEAX First Trust PreferredPairCorr
  0.86VSMAX Vanguard Small CapPairCorr
  0.86VSCIX Vanguard Small CapPairCorr
  0.86VSCPX Vanguard Small CapPairCorr
  0.86NAESX Vanguard Small CapPairCorr
  0.82FSSNX Fidelity Small CapPairCorr
  0.87DFSTX Us Small CapPairCorr
  0.87PASVX T Rowe PricePairCorr
  0.87PRVIX T Rowe PricePairCorr
  0.86TRZVX T Rowe PricePairCorr
  0.87PRSVX T Rowe PricePairCorr
  0.63FSMMX Fs Multi StrategyPairCorr
  0.72BTMPX Ishares Msci EafePairCorr
  0.72BTMKX Blackrock InternationalPairCorr
  0.72MDIIX Blackrock Intern IndexPairCorr
  0.64DIMIX Dreyfus Short IntermPairCorr
  0.81FSDIX Fidelity StrategicPairCorr
  0.78VWWOX VwwoxPairCorr
  0.69MCYIX Mainstay CandriamPairCorr
  0.73ASCZX Alger Smallcap GrowthPairCorr
  0.75SWCGX Schwab MarkettrackPairCorr
  0.69GSFSX Goldman Sachs ShortPairCorr
  0.72PGP Pimco Global StocksplusPairCorr

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.

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