First Trust Correlations

FDHCX Fund

USD 18.17 0.01 0.06%

The current 90-days correlation between First Trust Short and First Trust Managed is 0.37 (i.e., 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

Average diversification

The correlation between First Trust Short and DJI is 0.13 (i.e., Average 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 main economic indicators.

Moving together with First Mutual Fund

0.97	FDHIX	First Trust Short	Pair Corr
0.97	FDHAX	First Trust Short	Pair Corr
0.71	FOVIX	First Trustconfluence	Pair Corr
0.7	FOVCX	First Trustconfluence	Pair Corr
0.71	FOVAX	First Trustconfluence	Pair Corr
0.61	FPERX	First Trust Preferred	Pair Corr
0.91	OOSYX	Oppenheimer Senior	Pair Corr
0.91	OOSIX	Oppenheimer Senior	Pair Corr
0.88	LFRIX	Floating Rate	Pair Corr
0.9	LARCX	Floating Rate	Pair Corr
0.89	LFRRX	Lord Abbett Inv	Pair Corr
0.88	LFRFX	Floating Rate	Pair Corr
0.91	LRRRX	Floating Rate	Pair Corr
0.89	LRRTX	Floating Rate	Pair Corr
0.88	LRRVX	Floating Rate	Pair Corr
0.89	LRRKX	Floating Rate	Pair Corr
0.85	LSHUX	Horizon Spin Off Downward Rally	Pair Corr
0.85	KMKCX	Kinetics Market Oppo	Pair Corr
0.84	KNPYX	Kinetics Paradigm	Pair Corr
0.86	KMKAX	Kinetics Market Oppo	Pair Corr
0.84	LSHCX	Horizon Spin Off Downward Rally	Pair Corr
0.84	WWNPX	Kinetics Paradigm	Pair Corr
0.84	KNPCX	Kinetics Paradigm	Pair Corr
0.85	KNPAX	Kinetics Paradigm	Pair Corr
0.83	FTQGX	Fidelity Focused Stock	Pair Corr
0.84	TNHIX	1290 High Yield	Pair Corr
0.87	WAMIX	Wstcm Credit Select	Pair Corr
0.82	FCNTX	Fidelity Contrafund	Pair Corr

Moving against First Mutual Fund

0.36	VARCX	First Trust Merger	Pair Corr
0.34	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.33	VARBX	Vivaldi Merger Arbitrage	Pair Corr

Related Correlations Analysis

	CWAIX	FTMAX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX	FOVCX
CWAIX		-0.54	0.04	0.1	0.04	-0.44	-0.43	-0.45	0.19	0.2	CWAIX
FTMAX	-0.54		0.45	0.44	0.44	0.6	0.57	0.59	0.34	0.33	FTMAX
FDHIX	0.04	0.45		0.97	1.0	-0.31	-0.34	-0.32	0.72	0.7	FDHIX
FDHCX	0.1	0.44	0.97		0.97	-0.33	-0.36	-0.34	0.71	0.7	FDHCX
FDHAX	0.04	0.44	1.0	0.97		-0.31	-0.34	-0.32	0.73	0.72	FDHAX
VARBX	-0.44	0.6	-0.31	-0.33	-0.31		1.0	1.0	-0.2	-0.2	VARBX
VARCX	-0.43	0.57	-0.34	-0.36	-0.34	1.0		1.0	-0.23	-0.22	VARCX
VARAX	-0.45	0.59	-0.32	-0.34	-0.32	1.0	1.0		-0.21	-0.2	VARAX
FOVIX	0.19	0.34	0.72	0.71	0.73	-0.2	-0.23	-0.21		1.0	FOVIX
FOVCX	0.2	0.33	0.7	0.7	0.72	-0.2	-0.22	-0.2	1.0		FOVCX
	CWAIX	FTMAX	FDHIX	FDHCX	FDHAX	VARBX	VARCX	VARAX	FOVIX	FOVCX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

FDHAX	+ 1.0	FDHIX
VARCX	+ 1.0	VARBX
VARAX	+ 1.0	VARBX
VARAX	+ 1.0	VARCX
FOVCX	+ 1.0	FOVIX
FDHCX	+ 0.97	FDHIX

High negative correlations

FTMAX	- 0.54	CWAIX
VARAX	- 0.45	CWAIX
VARBX	- 0.44	CWAIX
VARCX	- 0.43	CWAIX
VARCX	- 0.36	FDHCX
VARCX	- 0.34	FDHAX

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
CWAIX	0.12	(0.01)	(0.39)	(0.03)	0.18	(0.15)	0.29	(0.29)	1.12
FTMAX	0.14	(0.02)	(0.28)	(0.02)	0.34	(0.14)	0.21	(0.25)	2.17
FDHIX	0.08	0.01	(0.85)	0.51	0.00	(0.12)	0.17	(0.11)	0.95
FDHCX	0.08	0.01	(0.86)	0.76	0.00	(0.12)	0.17	(0.11)	0.72
FDHAX	0.08	0.01	(0.85)	0.48	0.00	(0.12)	0.17	(0.11)	0.89
VARBX	0.18	(0.10)	0.00	(0.62)	0.00	0.00	0.09	(0.09)	6.00
VARCX	0.17	(0.10)	0.00	(0.68)	0.00	0.00	0.09	(0.09)	5.69
VARAX	0.17	(0.10)	0.00	(0.64)	0.00	0.00	0.09	(0.09)	5.86
FOVIX	0.76	(0.03)	(0.02)	0.09	0.74	(0.89)	1.67	(1.29)	5.38
FOVCX	0.77	(0.04)	(0.02)	0.08	0.75	(0.87)	1.65	(1.28)	5.39

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