First Trust/confluence Correlations

FOVCX Fund

USD 21.21 0.06 0.28%

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 -0.13 (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 private.

Moving together with First Mutual Fund

0.86	FOVIX	First Trust/confluence	Pair Corr
1.0	FOVAX	First Trust/confluence	Pair Corr

Moving against First Mutual Fund

0.68	VARCX	First Trust Merger	Pair Corr
0.66	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.61	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.49	CWAIX	First Trust Managed	Pair Corr
0.45	FTMCX	First Trust Multi	Pair Corr
0.4	FPECX	First Trust Preferred	Pair Corr
0.38	FPEIX	First Trust Preferred	Pair Corr
0.63	SMPIX	Semiconductor Ultrasector	Pair Corr
0.6	SMPSX	Semiconductor Ultrasector	Pair Corr
0.55	FELIX	Fidelity Advisor Sem	Pair Corr
0.55	FSELX	Fidelity Select Semi	Pair Corr
0.51	JIGAX	Jpmorgan Intrepid Growth	Pair Corr
0.5	RYVYX	Nasdaq 100 2x	Pair Corr
0.5	RYVLX	Nasdaq 100 2x	Pair Corr
0.49	TEMVX	Tiaa Cref Emerging	Pair Corr
0.49	FKTQX	Franklin California Tax	Pair Corr
0.49	FCMQX	Fidelity California	Pair Corr
0.48	ONERX	One Rock Fund	Pair Corr
0.48	PCM	Pcm Fund	Pair Corr
0.41	FTRNX	Fidelity Trend	Pair Corr
0.32	JSIPX	Jpmorgan Smartretirement	Pair Corr

Related Correlations Analysis

	AUNCX	ABIMX	PCMNX	FAARX	AMHIX
AUNCX		0.97	0.99	0.98	0.97	AUNCX
ABIMX	0.97		0.99	1.0	1.0	ABIMX
PCMNX	0.99	0.99		0.99	0.99	PCMNX
FAARX	0.98	1.0	0.99		1.0	FAARX
AMHIX	0.97	1.0	0.99	1.0		AMHIX
	AUNCX	ABIMX	PCMNX	FAARX	AMHIX

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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AUNCX	0.09	0.04	(0.38)	1.08	(0.15)	0.28	(0.09)	0.46
ABIMX	0.16	0.09	0.08	(3.18)	(0.25)	0.43	(0.21)	1.07
PCMNX	0.09	0.05	(0.17)	(10.36)	(0.15)	0.33	(0.08)	0.74
FAARX	0.12	0.06	(0.09)	(3.97)	(0.22)	0.41	(0.10)	0.83
AMHIX	0.15	0.08	(0.01)	(1.92)	(0.23)	0.48	(0.20)	0.94

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