First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Preferred
FPEIX Fund  USD 20.54  0.03  0.15%   
The current 90-days correlation between First Trust Preferred and Global Gold Fund is 0.2 (i.e., Modest 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

Very weak diversification

The correlation between First Trust Preferred and DJI is 0.42 (i.e., Very weak 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

  0.9CWAIX First Trust ManagedPairCorr
  0.84FTMAX Franklin TempletonPairCorr
  0.91FTMCX First Trust MultiPairCorr
  0.77FDHIX First Trust ShortPairCorr
  0.71FDHCX First Trust ShortPairCorr
  0.73FDHAX First Trust ShortPairCorr
  0.85VARBX Vivaldi Merger ArbitragePairCorr
  0.84VARCX First Trust MergerPairCorr
  0.84VARAX Vivaldi Merger ArbitragePairCorr
  0.89FPEFX First Trust PreferredPairCorr
  0.89FPECX First Trust PreferredPairCorr
  0.87FPEAX First Trust PreferredPairCorr
  0.87FPERX First Trust PreferredPairCorr
  0.87CPXIX Cohen Steers PrfrdPairCorr
  0.85CPXAX Cohen Steers PreferdPairCorr
  0.85CPXCX Cohen Steers PrefrdPairCorr
  0.87CPRRX Cohen Steers PreferredPairCorr
  0.85CPXFX Cohen Steers PreferredPairCorr
  0.88PRFCX Preferred SecuritiesPairCorr
  0.84PPSIX Preferred SecuritiesPairCorr
  0.96PPSAX Preferred SecuritiesPairCorr
  0.82PPSJX Preferred SecuritiesPairCorr
  0.69PMPIX Precious Metals UltrPairCorr
  0.69PMPSX Precious Metals UltrPairCorr
  0.77FGPMX Franklin Gold AndPairCorr
  0.79FRGOX Franklin Gold PreciousPairCorr
  0.76MIDSX Midas Fund MidasPairCorr
  0.71FIJDX Gold Portfolio FidelityPairCorr
  0.93RYSOX Sp 500 FundPairCorr
  0.87MAPTX Matthews Pacific TigerPairCorr
  0.82JARTX Janus Forty FundPairCorr
  0.77TIHYX Tiaa-cref High-yieldPairCorr
  0.77CIGRX Calamos InternationalPairCorr
  0.82TIOCX Transamerica InflationPairCorr

Moving against First Mutual Fund

  0.66FOVCX First Trust/confluencePairCorr
  0.65FOVAX First Trust/confluencePairCorr
  0.6FOVIX First Trust/confluencePairCorr

Related Correlations Analysis


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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