Firsthand Alternative Correlations

Mutual Funds . USA . 
Fund . Firsthand Alternative Energy
ALTEX Fund  USD 12.05  0.39  3.34%   
The current 90-days correlation between Firsthand Alternative and Rock Oak E is 0.41 (i.e., Very weak diversification). The correlation of Firsthand 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.

Firsthand Alternative Correlation With Market

Very poor diversification

The correlation between Firsthand Alternative Energy and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Firsthand Alternative Energy 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 Firsthand Alternative Energy. 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 american community survey.

Moving together with Firsthand Mutual Fund

  0.81GCEJX Goldman Sachs CleanPairCorr
  0.76GCEBX Goldman Sachs CleanPairCorr
  0.81GCEGX Goldman Sachs CleanPairCorr
  0.81GCEPX Goldman Sachs CleanPairCorr
  0.82GCEDX Goldman Sachs CleanPairCorr
  0.81GCEEX Goldman Sachs CleanPairCorr
  0.77VSTSX Vanguard Total StockPairCorr
  0.78VSMPX Vanguard Total StockPairCorr
  0.78VITSX Vanguard Total StockPairCorr
  0.73VFFSX Vanguard 500 IndexPairCorr
  0.74VFIAX Vanguard 500 IndexPairCorr
  0.77VTSAX Vanguard Total StockPairCorr
  0.92VTSNX Vanguard Total InterPairCorr
  0.92VTISX Vanguard Total InterPairCorr
  0.92VTPSX Vanguard Total InterPairCorr
  0.74VINIX Vanguard InstitutionalPairCorr
  0.79MMIEX Mm Sp 500PairCorr
  0.75GTLSX Quantitative LongshortPairCorr
  0.8EPDIX Europac InternationalPairCorr
  0.64CEAMX Short Term BondPairCorr
  0.78DHTAX Diamond Hill SelectPairCorr
  0.9ADVLX Advisory ResearchPairCorr
  0.73PARNX Parnassus Fund InvestorPairCorr
  0.88TRRMX T Rowe PricePairCorr
  0.89FFTMX Fidelity Asset ManagerPairCorr
  0.83FMDRX Franklin Mutual GlobalPairCorr
  0.86WSIAX Wells Fargo StrategicPairCorr
  0.7OAYMX Oakmark Fund AdvisorPairCorr
  0.68WGRITX WgritxPairCorr
  0.84PALAX Allianzgi Global AllPairCorr
  0.71MEMIX Mfs Emerging MarketsPairCorr
  0.87PLHHX Principal Lifetime HybridPairCorr
  0.84FLPSX Fidelity Low PricedPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Firsthand Mutual Fund performing well and Firsthand 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 Firsthand 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
FIRQX  0.16  0.00 (0.24) 0.09  0.11 
(0.16)
 0.34 
(0.36)
 0.85 
CNJFX  0.80  0.08  0.04  0.23  0.75 
(1.00)
 1.79 
(1.54)
 5.40 
QSML  0.81  0.01  0.02  0.08  0.80 
(0.99)
 1.92 
(1.50)
 4.44 
FSYJX  0.68  0.15  0.16  0.32  0.51 
(0.81)
 1.49 
(1.11)
 3.34 
FIRVX  0.22  0.01 (0.12) 0.11  0.19 
(0.24)
 0.48 
(0.44)
 1.20 
FFIDX  0.53  0.03  0.01  0.11  0.64 
(0.53)
 1.38 
(1.19)
 3.70 
FIRSX  0.18  0.01 (0.18) 0.10  0.14 
(0.20)
 0.41 
(0.39)
 1.01 
CAFRX  0.74  0.27  0.25  0.64  0.49 
(0.89)
 2.21 
(1.12)
 4.07 
FVALX  0.30  0.03 (0.08) 1.22  0.25 
(0.40)
 0.68 
(0.50)
 2.18 
RCKSX  0.61  0.06  0.06  0.15  0.55 
(0.68)
 1.27 
(0.97)
 3.77 

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