First Trust Correlations
FDHIX Fund | USD 17.89 0.02 0.11% |
The current 90-days correlation between First Trust Short and Blackrock Health Sciences is 0.35 (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
Very weak diversification
The correlation between First Trust Short and DJI is 0.41 (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 Short and DJI in the same portfolio, assuming nothing else is changed.
First |
Moving together with First Mutual Fund
0.71 | CWAIX | First Trust Managed | PairCorr |
0.63 | FTMAX | Franklin Templeton | PairCorr |
0.99 | FDHCX | First Trust Short | PairCorr |
1.0 | FDHAX | First Trust Short | PairCorr |
0.71 | VARBX | Vivaldi Merger Arbitrage | PairCorr |
0.72 | VARCX | First Trust Merger | PairCorr |
0.71 | VARAX | Vivaldi Merger Arbitrage | PairCorr |
0.83 | FPEIX | First Trust Preferred | PairCorr |
0.8 | FPEFX | First Trust Preferred | PairCorr |
0.79 | FPECX | First Trust Preferred | PairCorr |
0.81 | FPEAX | First Trust Preferred | PairCorr |
0.8 | FPERX | First Trust Preferred | PairCorr |
0.8 | OOSYX | Oppenheimer Senior | PairCorr |
0.82 | OOSIX | Oppenheimer Senior | PairCorr |
0.91 | LFRIX | Floating Rate | PairCorr |
0.83 | LARCX | Floating Rate | PairCorr |
0.89 | LFRRX | Lord Abbett Inv | PairCorr |
0.91 | LFRFX | Floating Rate | PairCorr |
0.9 | LRRRX | Floating Rate | PairCorr |
0.86 | LRRTX | Floating Rate | PairCorr |
0.9 | LRRVX | Floating Rate | PairCorr |
0.84 | LRRKX | Floating Rate | PairCorr |
0.64 | GPBFX | Gmo E Plus | PairCorr |
0.76 | WARCX | Wells Fargo Advantage | PairCorr |
0.81 | AIDYX | Diversified Municipal | PairCorr |
0.7 | VGCAX | Vanguard Global Credit | PairCorr |
0.7 | NERIX | Neuberger Berman Emerging | PairCorr |
0.66 | VFIIX | Vanguard Gnma | PairCorr |
Moving against First Mutual Fund
0.74 | PQTAX | Pimco Trends Managed | PairCorr |
0.74 | PQTNX | Pimco Trends Managed | PairCorr |
0.74 | PQTIX | Aa Pimco Tr | PairCorr |
0.34 | GPMFX | Guidepath Managed Futures | PairCorr |
Related Correlations Analysis
0.91 | 0.82 | 0.88 | 0.84 | 0.75 | BHSRX | ||
0.91 | 0.86 | 0.8 | 0.74 | 0.73 | GTHIX | ||
0.82 | 0.86 | 0.86 | 0.76 | 0.59 | HGHYX | ||
0.88 | 0.8 | 0.86 | 0.95 | 0.81 | LYFAX | ||
0.84 | 0.74 | 0.76 | 0.95 | 0.8 | DLRHX | ||
0.75 | 0.73 | 0.59 | 0.81 | 0.8 | PHSTX | ||
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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 | ||
---|---|---|---|---|---|---|---|---|---|---|
BHSRX | 0.63 | 0.06 | 0.12 | 0.04 | 0.72 | 1.32 | 3.74 | |||
GTHIX | 0.75 | (0.01) | 0.00 | (0.09) | 0.00 | 1.25 | 4.99 | |||
HGHYX | 0.70 | (0.05) | 0.00 | 0.24 | 0.00 | 1.41 | 4.37 | |||
LYFAX | 0.62 | (0.02) | 0.09 | 0.03 | 0.75 | 1.22 | 3.27 | |||
DLRHX | 0.66 | (0.01) | 0.09 | (0.02) | 0.80 | 1.30 | 3.41 | |||
PHSTX | 0.66 | 0.01 | 0.00 | (0.04) | 0.00 | 1.34 | 4.12 |