First Trust/confluence Correlations

FOVIX Fund

USD 28.36 0.10 0.35%

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 0.73 (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 gross domestic product.

Moving together with First Mutual Fund

1.0	FOVCX	First Trust/confluence	Pair Corr
1.0	FOVAX	First Trust/confluence	Pair Corr
0.86	VSMAX	Vanguard Small Cap	Pair Corr
0.86	VSCIX	Vanguard Small Cap	Pair Corr
0.86	VSCPX	Vanguard Small Cap	Pair Corr
0.86	NAESX	Vanguard Small Cap	Pair Corr
0.87	FSSNX	Fidelity Small Cap	Pair Corr
0.87	DFSTX	Us Small Cap	Pair Corr
0.89	PASVX	T Rowe Price	Pair Corr
0.89	PRVIX	T Rowe Price	Pair Corr
0.89	TRZVX	T Rowe Price	Pair Corr
0.88	PRSVX	T Rowe Price	Pair Corr
0.83	VSTSX	Vanguard Total Stock	Pair Corr
0.83	VSMPX	Vanguard Total Stock	Pair Corr
0.85	VITSX	Vanguard Total Stock	Pair Corr
0.81	VFFSX	Vanguard 500 Index	Pair Corr
0.81	VFIAX	Vanguard 500 Index	Pair Corr
0.88	VINIX	Vanguard Institutional	Pair Corr
0.83	VTSAX	Vanguard Total Stock	Pair Corr

Moving against First Mutual Fund

0.64	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.63	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.61	VARCX	First Trust Merger	Pair Corr
0.67	AGVCX	Invesco Government	Pair Corr
0.64	GILHX	Guggenheim Limited	Pair Corr
0.56	VUSIX	Invesco Quality Income	Pair Corr
0.51	NECRX	Loomis Sayles E	Pair Corr
0.49	BORCX	Collegeadvantage 529	Pair Corr
0.49	PYCWX	Payden E Bond	Pair Corr
0.43	VTISX	Vanguard Total Inter	Pair Corr
0.43	VTSNX	Vanguard Total Inter	Pair Corr
0.43	VTPSX	Vanguard Total Inter	Pair Corr

Related Correlations Analysis

	FMFXX	DVFYX	GCFSX	SBFAX	IVMXX	FIDAX
FMFXX		0.0	0.0	0.0	0.0	0.0	FMFXX
DVFYX	0.0		0.86	0.88	0.0	0.61	DVFYX
GCFSX	0.0	0.86		0.62	0.0	0.28	GCFSX
SBFAX	0.0	0.88	0.62		0.0	0.79	SBFAX
IVMXX	0.0	0.0	0.0	0.0		0.0	IVMXX
FIDAX	0.0	0.61	0.28	0.79	0.0		FIDAX
	FMFXX	DVFYX	GCFSX	SBFAX	IVMXX	FIDAX

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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

SBFAX	+ 0.88	DVFYX
GCFSX	+ 0.86	DVFYX
FIDAX	+ 0.79	SBFAX
SBFAX	+ 0.62	GCFSX
FIDAX	+ 0.61	DVFYX
FIDAX	+ 0.28	GCFSX

High negative correlations

FIDAX	- 0.0	IVMXX
IVMXX	- 0.0	SBFAX
IVMXX	- 0.0	GCFSX
IVMXX	- 0.0	DVFYX
FIDAX	- 0.0	FMFXX
IVMXX	- 0.0	FMFXX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FMFXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DVFYX	0.85	0.03	0.02	(0.33)	1.27	(0.82)	1.65	(2.39)	6.47
GCFSX	0.76	0.06	0.05	(0.50)	1.00	(0.79)	1.80	(2.41)	4.68
SBFAX	0.77	0.00	0.00	0.00	1.15	(0.80)	1.69	(1.92)	5.22
IVMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FIDAX	0.99	(0.13)	0.00	(0.12)	0.00	0.00	2.02	(3.26)	7.13

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