First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Preferred
FPEIX Fund  USD 19.95  0.02  0.10%   
The current 90-days correlation between First Trust Preferred and Qs Small Capitalization is 0.04 (i.e., Significant diversification). The correlation of First Trust 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 Correlation With Market

Good diversification

The correlation between First Trust Preferred and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Preferred 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 Trust Preferred. 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

  0.78CWAIX First Trust ManagedPairCorr
  0.95FTMAX Franklin TempletonPairCorr
  0.99FTMCX First Trust MultiPairCorr
  0.99FDHIX First Trust ShortPairCorr
  0.99FDHCX First Trust ShortPairCorr
  0.99FDHAX First Trust ShortPairCorr
  0.95VARBX Vivaldi Merger ArbitragePairCorr
  0.94VARCX First Trust MergerPairCorr
  0.94VARAX Vivaldi Merger ArbitragePairCorr
  0.72FOVIX First Trust/confluencePairCorr
  0.71FOVCX First Trust/confluencePairCorr
  0.74FOVAX First Trust/confluencePairCorr
  1.0FPEFX First Trust PreferredPairCorr
  1.0FPECX First Trust PreferredPairCorr
  0.99FPEAX First Trust PreferredPairCorr
  1.0FPERX First Trust PreferredPairCorr
  0.99CPXIX Cohen Steers PrfrdPairCorr
  1.0CPXAX Cohen Steers PreferdPairCorr
  0.99CPXCX Cohen Steers PrefrdPairCorr
  0.99CPRRX Cohen Steers PreferredPairCorr
  0.99CPXZX Cohen Steers PreferredPairCorr
  0.99CPXFX Cohen Steers PreferredPairCorr
  0.99PRFCX Preferred SecuritiesPairCorr
  1.0PPSIX Preferred SecuritiesPairCorr
  1.0PPSAX Preferred SecuritiesPairCorr
  0.8GAAKX Gmo Alternative AlloPairCorr
  0.81GAAGX Gmo Alternative AlloPairCorr
  0.73GPBFX Gmo E PlusPairCorr
  0.99FMSDX Fidelity Advisor MultiPairCorr
  0.88KNGLX Cboe Vest SpPairCorr
  0.95QTSSX Quantified TacticalPairCorr
  0.96VWINX Vanguard Wellesley IncomePairCorr
  0.96XHYIX Western Asset HighPairCorr
  0.97OAAIX Oppenheimer AggrssvPairCorr

Moving against First Mutual Fund

  0.35GPMFX Guidepath Managed FuturesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust 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'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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