First Trust Correlations

FDHIX Fund

USD 18.14 0.01 0.06%

The current 90-days correlation between First Trust Short and T Rowe Price is 0.42 (i.e., Very weak 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 poor diversification

The correlation between First Trust Short and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Short 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 Short. 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

0.98	FDHCX	First Trust Short	Pair Corr
0.98	FDHAX	First Trust Short	Pair Corr
0.86	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.85	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.83	FOVIX	First Trust/confluence	Pair Corr
0.83	FOVCX	First Trust/confluence	Pair Corr
0.83	FOVAX	First Trust/confluence	Pair Corr
0.79	FPECX	First Trust Preferred	Pair Corr
0.86	FPERX	First Trust Preferred	Pair Corr
0.88	OOSYX	Oppenheimer Senior	Pair Corr
0.91	OOSIX	Oppenheimer Senior	Pair Corr
0.97	LFRIX	Floating Rate	Pair Corr
0.95	LARCX	Floating Rate	Pair Corr
0.96	LFRRX	Lord Abbett Inv	Pair Corr
0.96	LFRFX	Floating Rate	Pair Corr
0.94	LRRRX	Floating Rate	Pair Corr
0.94	LRRTX	Floating Rate	Pair Corr
0.94	LRRVX	Floating Rate	Pair Corr
0.97	LRRKX	Floating Rate	Pair Corr
0.89	EKWDX	Wells Fargo Advantage	Pair Corr
0.89	NDCAX	Nationwide Investor	Pair Corr
0.7	PRVDX	Versatile Bond Portfolio	Pair Corr
0.81	EVGRX	Evaluator Growth Rms	Pair Corr
0.88	TRZZX	T Rowe Price	Pair Corr
0.81	QMORX	Aqr Large Cap	Pair Corr
0.84	MGOSX	Victory Munder Mid	Pair Corr
0.86	SDVGX	Sit Dividend Growth	Pair Corr
0.86	RYVFX	Royce Small Cap	Pair Corr
0.8	ATGYX	Aquila Three Peaks	Pair Corr
0.86	VSORX	Victory Sycamore Small	Pair Corr
0.91	AILLX	Aristotle Funds Series	Pair Corr
0.88	BEMIX	Brandes Emerging Markets	Pair Corr
0.81	TEBRX	Teberg Fund	Pair Corr
0.75	CHY	Calamos Convertible And	Pair Corr
0.89	FESMX	First Eagle Smid	Pair Corr
0.87	TRZLX	T Rowe Price	Pair Corr

Moving against First Mutual Fund

0.35

CISGX

Touchstone Sands Capital

Pair Corr

Related Correlations Analysis

	ELBAX	RBESX	ARTFX	SGYAX	FGCIX	PRFHX
ELBAX		0.96	0.89	0.91	0.86	0.75	ELBAX
RBESX	0.96		0.9	0.92	0.85	0.73	RBESX
ARTFX	0.89	0.9		0.98	0.83	0.81	ARTFX
SGYAX	0.91	0.92	0.98		0.83	0.8	SGYAX
FGCIX	0.86	0.85	0.83	0.83		0.65	FGCIX
PRFHX	0.75	0.73	0.81	0.8	0.65		PRFHX
	ELBAX	RBESX	ARTFX	SGYAX	FGCIX	PRFHX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ELBAX	0.18	0.04	(0.18)	0.90	0.00	(0.23)	0.46	(0.31)	0.92
RBESX	0.16	0.04	(0.20)	0.35	0.00	(0.25)	0.44	(0.23)	1.36
ARTFX	0.09	0.01	(0.59)	0.22	0.00	(0.18)	0.22	(0.11)	0.66
SGYAX	0.12	0.02	(0.36)	0.38	0.00	(0.26)	0.57	(0.14)	0.87
FGCIX	0.07	0.00	(0.77)	2.49	0.01	(0.14)	0.20	(0.10)	0.49
PRFHX	0.09	0.00	(0.57)	0.08	0.00	(0.15)	0.27	(0.18)	0.81

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