First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Preferred
FPEIX Fund  USD 20.53  0.04  0.20%   
The current 90-days correlation between First Trust Preferred and Vanguard High Yield Tax Exempt is 0.26 (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

Significant diversification

The correlation between First Trust Preferred and DJI is 0.01 (i.e., Significant 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

  0.96CWAIX First Trust ManagedPairCorr
  0.95FTMAX Franklin TempletonPairCorr
  0.95FTMCX First Trust MultiPairCorr
  0.83FDHIX First Trust ShortPairCorr
  0.79FDHCX First Trust ShortPairCorr
  0.79FDHAX First Trust ShortPairCorr
  0.9VARBX Vivaldi Merger ArbitragePairCorr
  0.9VARCX First Trust MergerPairCorr
  0.9VARAX Vivaldi Merger ArbitragePairCorr
  0.98FPEFX First Trust PreferredPairCorr
  1.0FPECX First Trust PreferredPairCorr
  1.0FPEAX First Trust PreferredPairCorr
  0.98FPERX First Trust PreferredPairCorr
  0.93CPXIX Cohen Steers PrfrdPairCorr
  0.93CPXAX Cohen Steers PreferdPairCorr
  0.92CPXCX Cohen Steers PrefrdPairCorr
  0.92CPRRX Cohen Steers PreferredPairCorr
  0.94CPXZX Cohen Steers PreferredPairCorr
  0.94CPXFX Cohen Steers PreferredPairCorr
  0.82PRFCX Preferred SecuritiesPairCorr
  0.87PPSIX Preferred SecuritiesPairCorr
  0.89PPSAX Preferred SecuritiesPairCorr
  0.87PPSJX Preferred SecuritiesPairCorr
  0.94XDSMX Dreyfus StrategicPairCorr
  0.92XNXJX Nuveen New JerseyPairCorr
  0.93NXJ Nuveen New JerseyPairCorr
  0.9XNBHX Neuberger Berman IntPairCorr
  0.88DIAYX Diamond Hill LongPairCorr
  0.9TBLDX T Rowe PricePairCorr
  0.8MPGVX Mondrian Global EquityPairCorr
  0.83PAROX T Rowe PricePairCorr
  0.75QGBLX Quantified GlobalPairCorr

Moving against First Mutual Fund

  0.77FOVCX First Trust/confluencePairCorr
  0.75FOVIX First TrustconfluencePairCorr
  0.75FOVAX First Trust/confluencePairCorr
  0.48PCF Putnam High IncomePairCorr

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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