First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVAX Fund  USD 26.89  0.10  0.37%   
The current 90-days correlation between First Trust/confluence and Nuveen Small Cap is 0.68 (i.e., Poor diversification). The correlation of First Trust/confluence 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/confluence Correlation With Market

Poor diversification

The correlation between First Trustconfluence Small and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trustconfluence Small 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 Trustconfluence Small. 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 nation.

Moving together with First Mutual Fund

  1.0FOVIX First Trust/confluencePairCorr
  1.0FOVCX First Trust/confluencePairCorr
  0.86VSMAX Vanguard Small CapPairCorr
  0.85VSCIX Vanguard Small CapPairCorr
  0.85VSCPX Vanguard Small CapPairCorr
  0.85NAESX Vanguard Small CapPairCorr
  0.87FSSNX Fidelity Small CapPairCorr
  0.87DFSTX Us Small CapPairCorr
  0.88PASVX T Rowe PricePairCorr
  0.88PRVIX T Rowe PricePairCorr
  0.88TRZVX T Rowe PricePairCorr
  0.88PRSVX T Rowe PricePairCorr
  0.82VSTSX Vanguard Total StockPairCorr
  0.82VSMPX Vanguard Total StockPairCorr
  0.84VITSX Vanguard Total StockPairCorr
  0.8VFFSX Vanguard 500 IndexPairCorr
  0.8VFIAX Vanguard 500 IndexPairCorr
  0.88VINIX Vanguard InstitutionalPairCorr
  0.82VTSAX Vanguard Total StockPairCorr

Moving against First Mutual Fund

  0.64VARBX Vivaldi Merger ArbitragePairCorr
  0.64VARAX Vivaldi Merger ArbitragePairCorr
  0.62VARCX First Trust MergerPairCorr
  0.31FPEIX First Trust PreferredPairCorr
  0.67AGVCX Invesco GovernmentPairCorr
  0.64GILHX Guggenheim LimitedPairCorr
  0.56VUSIX Invesco Quality IncomePairCorr
  0.51NECRX Loomis Sayles EPairCorr
  0.5BORCX Collegeadvantage 529PairCorr
  0.49PYCWX Payden E BondPairCorr
  0.44VTPSX Vanguard Total InterPairCorr
  0.43VTISX Vanguard Total InterPairCorr
  0.43VTSNX Vanguard Total InterPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust/confluence 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/confluence'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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