First Trust Correlations

Mutual Funds . USA . 
Fund . First Trust Preferred
FPEFX Fund  USD 19.92  0.01  0.05%   
The current 90-days correlation between First Trust Preferred and Great West Goldman Sachs is 0.27 (i.e., Modest 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 Preferred and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Preferred 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 Preferred. 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 census.

Moving together with First Mutual Fund

  0.84CWAIX First Trust ManagedPairCorr
  0.82FDHIX First Trust ShortPairCorr
  0.76FDHCX First Trust ShortPairCorr
  0.8FDHAX First Trust ShortPairCorr
  0.81VARBX Vivaldi Merger ArbitragePairCorr
  0.77VARCX First Trust MergerPairCorr
  0.81VARAX Vivaldi Merger ArbitragePairCorr
  0.96FPEIX First Trust PreferredPairCorr
  1.0FPECX First Trust PreferredPairCorr
  1.0FPEAX First Trust PreferredPairCorr
  1.0FPERX First Trust PreferredPairCorr
  0.93CPXIX Cohen Steers PrfrdPairCorr
  0.97CPXAX Cohen Steers PreferdPairCorr
  0.94CPXCX Cohen Steers PrefrdPairCorr
  0.97CPRRX Cohen Steers PreferredPairCorr
  0.97CPXZX Cohen Steers PreferredPairCorr
  0.97CPXFX Cohen Steers PreferredPairCorr
  0.92PRFCX Preferred SecuritiesPairCorr
  0.91PPSIX Preferred SecuritiesPairCorr
  0.81PPSAX Preferred SecuritiesPairCorr
  0.71VGTSX Vanguard Total InterPairCorr
  0.71VTIAX Vanguard Total InterPairCorr
  0.78FSGIX Federated Gov SecPairCorr
  0.83PSJIX Short Term IncomePairCorr
  0.8FHMIX Federated Hermes ConPairCorr
  0.77FAGHX FaghxPairCorr

Related Correlations Analysis

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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   
AGGWX
+ 1.0
FRGOX
GLDAX
+ 1.0
FRGOX
AGGWX
+ 1.0
FEGOX
GLDAX
+ 1.0
FEGOX
UIPMX
+ 1.0
FEGOX
GLDAX
+ 1.0
AGGWX
  
High negative correlations   
FEGOX
- 0.57
MXKJX
UIPMX
- 0.56
MXKJX
AGGWX
- 0.56
MXKJX
GLDAX
- 0.55
MXKJX
QGLDX
- 0.55
MXKJX
FRGOX
- 0.55
MXKJX

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.

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