Axonic Alternative Correlations

Mutual Funds . USA . 
Fund . Axonic Alternative Income
AAIDX Fund  USD 20.08  0.02  0.1%   
The current 90-days correlation between Axonic Alternative Income and Vanguard Total Stock is -0.22 (i.e., Very good diversification). The correlation of Axonic Alternative 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.

Axonic Alternative Correlation With Market

Good diversification

The correlation between Axonic Alternative Income and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axonic Alternative Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Axonic Alternative Income. 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 small area income & poverty estimates.

Moving together with Axonic Mutual Fund

  0.66VTSAX Vanguard Total StockPairCorr
  0.64VFIAX Vanguard 500 IndexPairCorr
  0.65VTSMX Vanguard Total StockPairCorr
  0.65VITSX Vanguard Total StockPairCorr
  0.65VSMPX Vanguard Total StockPairCorr
  0.66VSTSX Vanguard Total StockPairCorr
  0.83VTIAX Vanguard Total InterPairCorr
  0.64VFINX Vanguard 500 IndexPairCorr
  0.64VFFSX Vanguard 500 IndexPairCorr
  0.76WMT Walmart Common Stock Aggressive PushPairCorr
  0.67CAT Caterpillar Sell-off TrendPairCorr
  0.78BAC Bank of AmericaPairCorr
  0.76JPM JPMorgan ChasePairCorr
  0.83MRK Merck CompanyPairCorr
  0.75DD Dupont De NemoursPairCorr
  0.92AA Alcoa Corp Earnings Call This WeekPairCorr
  0.64BA Boeing Sell-off TrendPairCorr
  0.62AXP American ExpressPairCorr

Moving against Axonic Mutual Fund

  0.74XNBHX Neuberger Berman IntPairCorr
  0.71XNXJX Nuveen New JerseyPairCorr
  0.57XDSMX Dreyfus StrategicPairCorr
  0.77HPQ HP IncPairCorr
  0.74T ATT IncPairCorr
  0.64PG Procter Gamble Earnings Call This WeekPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Axonic Mutual Fund performing well and Axonic Alternative 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 Axonic Alternative'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VTSAX  0.55 (0.01)(0.03) 0.08  0.69 
(0.54)
 1.13 
(1.16)
 3.23 
VFIAX  0.52 (0.01)(0.04) 0.08  0.64 
(0.52)
 1.07 
(1.16)
 3.20 
VTSMX  0.55 (0.01)(0.03) 0.08  0.67 
(0.55)
 1.13 
(1.16)
 3.23 
VITSX  0.55 (0.01)(0.03) 0.08  0.67 
(0.55)
 1.13 
(1.15)
 3.23 
VSMPX  0.55 (0.01)(0.03) 0.08  0.67 
(0.55)
 1.13 
(1.15)
 3.24 
VSTSX  0.55 (0.01)(0.03) 0.08  0.69 
(0.54)
 1.13 
(1.16)
 3.24 
VTIAX  0.54  0.07  0.06  0.20  0.46 
(0.60)
 1.14 
(1.09)
 3.82 
VFINX  0.53 (0.01)(0.04) 0.08  0.66 
(0.52)
 1.07 
(1.16)
 3.21 
VFFSX  0.53 (0.01)(0.04) 0.08  0.66 
(0.52)
 1.07 
(1.16)
 3.21 
VBTLX  0.15 (0.02) 0.00 (0.21) 0.00 
 0.00 
 0.21 
(0.31)
 0.92 

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