First Trust/confluence Correlations

FOVIX Fund

USD 28.48 0.36 1.25%

The current 90-days correlation between First Trust/confluence and First American Funds is 0.02 (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

Very poor diversification

The correlation between First Trustconfluence Small and DJI is 0.88 (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 gross domestic product.

Moving together with First Mutual Fund

0.8	FTMAX	Franklin Templeton	Pair Corr
0.77	FTMCX	First Trust Multi	Pair Corr
0.8	FDHIX	First Trust Short	Pair Corr
0.81	FDHCX	First Trust Short	Pair Corr
0.78	FDHAX	First Trust Short	Pair Corr
0.68	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.67	VARCX	First Trust Merger	Pair Corr
0.66	VARAX	Vivaldi Merger Arbitrage	Pair Corr
1.0	FOVCX	First Trust/confluence	Pair Corr
0.88	FOVAX	First Trust/confluence	Pair Corr
0.76	FPEIX	First Trust Preferred	Pair Corr
0.76	FPEFX	First Trust Preferred	Pair Corr
0.76	FPECX	First Trust Preferred	Pair Corr
0.73	FPEAX	First Trust Preferred	Pair Corr
0.76	FPERX	First Trust Preferred	Pair Corr
0.91	VSMAX	Vanguard Small Cap	Pair Corr
0.91	VSCIX	Vanguard Small Cap	Pair Corr
0.91	VSCPX	Vanguard Small Cap	Pair Corr
0.91	NAESX	Vanguard Small Cap	Pair Corr
0.88	FSSNX	Fidelity Small Cap	Pair Corr
0.91	DFSTX	Us Small Cap	Pair Corr
0.91	PASVX	T Rowe Price	Pair Corr
0.91	PRVIX	T Rowe Price	Pair Corr
0.91	TRZVX	T Rowe Price	Pair Corr
0.84	PRSVX	T Rowe Price	Pair Corr
0.87	ASG	Liberty All Star	Pair Corr
0.77	IIF	Morgan Stanley India	Pair Corr
0.81	CII	Blackrock Enhanced	Pair Corr
0.77	IFN	India Closed	Pair Corr
0.86	ETV	Eaton Vance Tax	Pair Corr
0.65	CLM	Cornerstone Strategic	Pair Corr
0.67	CRF	Cornerstone Strategic	Pair Corr
0.9	USA	Liberty All Star	Pair Corr
0.84	ETY	Eaton Vance Tax	Pair Corr
0.83	NFJ	Virtus Dividend Interest	Pair Corr
0.8	PGP	Pimco Global Stocksplus	Pair Corr
0.82	GFRIX	Goldman Sachs High	Pair Corr

Related Correlations Analysis

	FGVXX	FPPXX	FGXXX	FPUXX	FGZXX	FPZXX	FYRXX	FHELX	FHEKX
FGVXX		1.0	1.0	1.0	1.0	0.96	1.0	0.0	0.0	FGVXX
FPPXX	1.0		1.0	1.0	1.0	0.96	1.0	0.0	0.0	FPPXX
FGXXX	1.0	1.0		1.0	1.0	0.96	1.0	0.0	0.0	FGXXX
FPUXX	1.0	1.0	1.0		1.0	0.96	1.0	0.0	0.0	FPUXX
FGZXX	1.0	1.0	1.0	1.0		0.96	1.0	0.0	0.0	FGZXX
FPZXX	0.96	0.96	0.96	0.96	0.96		0.96	0.0	0.0	FPZXX
FYRXX	1.0	1.0	1.0	1.0	1.0	0.96		0.0	0.0	FYRXX
FHELX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	FHELX
FHEKX	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		FHEKX
	FGVXX	FPPXX	FGXXX	FPUXX	FGZXX	FPZXX	FYRXX	FHELX	FHEKX

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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

FPPXX	+ 1.0	FGVXX
FGXXX	+ 1.0	FGVXX
FPUXX	+ 1.0	FGVXX
FGZXX	+ 1.0	FGVXX
FYRXX	+ 1.0	FGVXX
FGXXX	+ 1.0	FPPXX

High negative correlations

FHEKX	- 0.0	FHELX
FHEKX	- 0.0	FYRXX
FHELX	- 0.0	FYRXX
FHEKX	- 0.0	FPZXX
FHELX	- 0.0	FPZXX
FHEKX	- 0.0	FGZXX

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	Maximum Drawdown
FGVXX	0.03	1.01
FPPXX	0.03	1.01
FGXXX	0.03	1.01
FPUXX	0.03	1.01
FGZXX	0.03	1.01
FPZXX	0.03	1.01
FYRXX	0.03	1.01
FHELX	0.00	0.00
FHEKX	0.00	0.00

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