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.

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

0.71	CWAIX	First Trust Managed	Pair Corr
0.63	FTMAX	Franklin Templeton	Pair Corr
0.99	FDHCX	First Trust Short	Pair Corr
1.0	FDHAX	First Trust Short	Pair Corr
0.71	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.72	VARCX	First Trust Merger	Pair Corr
0.71	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.83	FPEIX	First Trust Preferred	Pair Corr
0.8	FPEFX	First Trust Preferred	Pair Corr
0.79	FPECX	First Trust Preferred	Pair Corr
0.81	FPEAX	First Trust Preferred	Pair Corr
0.8	FPERX	First Trust Preferred	Pair Corr
0.8	OOSYX	Oppenheimer Senior	Pair Corr
0.82	OOSIX	Oppenheimer Senior	Pair Corr
0.91	LFRIX	Floating Rate	Pair Corr
0.83	LARCX	Floating Rate	Pair Corr
0.89	LFRRX	Lord Abbett Inv	Pair Corr
0.91	LFRFX	Floating Rate	Pair Corr
0.9	LRRRX	Floating Rate	Pair Corr
0.86	LRRTX	Floating Rate	Pair Corr
0.9	LRRVX	Floating Rate	Pair Corr
0.84	LRRKX	Floating Rate	Pair Corr
0.64	GPBFX	Gmo E Plus	Pair Corr
0.76	WARCX	Wells Fargo Advantage	Pair Corr
0.81	AIDYX	Diversified Municipal	Pair Corr
0.7	VGCAX	Vanguard Global Credit	Pair Corr
0.7	NERIX	Neuberger Berman Emerging	Pair Corr
0.66	VFIIX	Vanguard Gnma	Pair Corr

Moving against First Mutual Fund

0.74	PQTAX	Pimco Trends Managed	Pair Corr
0.74	PQTNX	Pimco Trends Managed	Pair Corr
0.74	PQTIX	Aa Pimco Tr	Pair Corr
0.34	GPMFX	Guidepath Managed Futures	Pair Corr

Related Correlations Analysis

	BHSRX	GTHIX	HGHYX	LYFAX	DLRHX	PHSTX
BHSRX		0.91	0.82	0.88	0.84	0.75	BHSRX
GTHIX	0.91		0.86	0.8	0.74	0.73	GTHIX
HGHYX	0.82	0.86		0.86	0.76	0.59	HGHYX
LYFAX	0.88	0.8	0.86		0.95	0.81	LYFAX
DLRHX	0.84	0.74	0.76	0.95		0.8	DLRHX
PHSTX	0.75	0.73	0.59	0.81	0.8		PHSTX
	BHSRX	GTHIX	HGHYX	LYFAX	DLRHX	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	(0.70)	1.32	(0.96)	3.74
GTHIX	0.75	(0.01)	0.00	(0.09)	0.00	0.00	1.25	(1.65)	4.99
HGHYX	0.70	(0.05)	0.00	0.24	0.00	0.00	1.41	(1.35)	4.37
LYFAX	0.62	(0.02)	0.09	0.03	0.75	(0.65)	1.22	(1.18)	3.27
DLRHX	0.66	(0.01)	0.09	(0.02)	0.80	(0.76)	1.30	(1.26)	3.41
PHSTX	0.66	0.01	0.00	(0.04)	0.00	0.00	1.34	(1.12)	4.12

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