First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Preferred
FPECX Fund  USD 20.49  0.04  0.19%   
The current 90-days correlation between First Trust Preferred and Allianzgi Convertible Income is 0.46 (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

Significant diversification

The correlation between First Trust Preferred and DJI is 0.06 (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 unemployment.

Moving together with First Mutual Fund

  0.84FTMAX Franklin TempletonPairCorr
  0.8FTMCX First Trust MultiPairCorr
  0.79FDHIX First Trust ShortPairCorr
  0.84FDHCX First Trust ShortPairCorr
  0.83FDHAX First Trust ShortPairCorr
  0.71VARBX Vivaldi Merger ArbitragePairCorr
  0.7VARCX First Trust MergerPairCorr
  0.7VARAX Vivaldi Merger ArbitragePairCorr
  0.74FOVIX First TrustconfluencePairCorr
  0.76FOVCX First TrustconfluencePairCorr
  0.79FOVAX First Trust/confluencePairCorr
  0.94FPEIX First Trust PreferredPairCorr
  0.94FPEFX First Trust PreferredPairCorr
  1.0FPEAX First Trust PreferredPairCorr
  0.94FPERX First Trust PreferredPairCorr
  0.91CPXIX Cohen Steers PrfrdPairCorr
  0.94CPXAX Cohen Steers PreferdPairCorr
  0.96CPXCX Cohen Steers PrefrdPairCorr
  0.92CPRRX Cohen Steers PreferredPairCorr
  0.91CPXZX Cohen Steers PreferredPairCorr
  0.91CPXFX Cohen Steers PreferredPairCorr
  0.91NPSAX Nuveen Preferred SecPairCorr
  0.91NPSCX Nuveen Preferred SecPairCorr
  0.89PPSJX Preferred SecuritiesPairCorr
  0.75BRUFX Bruce Fund BrucePairCorr
  0.79SPGSX State Street PremierPairCorr
  0.86KF Korea ClosedPairCorr
  0.72OGMNX Oppenheimer Gold SpecPairCorr
  0.76ETCGX Eventide GileadPairCorr
  0.7CLDZX Columbia Limited DurationPairCorr
  0.7SAPEX Spectrum AdvisorsPairCorr
  0.85SCLAX Simt Multi AssetPairCorr
  0.8APDKX Artisan InternationalPairCorr
  0.81VEMAX Vanguard Emerging MarketsPairCorr
  0.78APDIX Artisan InternationalPairCorr

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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