Mid Cap Correlations

Mutual Funds . USA . 
Fund . Mid Cap Value
AMVRX Fund  USD 17.36  0.19  1.11%   
The current 90-days correlation between Mid Cap Value and Value Fund R is 0.96 (i.e., Almost no diversification). The correlation of Mid Cap 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.

Mid Cap Correlation With Market

Very poor diversification

The correlation between Mid Cap Value and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mid Cap Value 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 Mid Cap Value. 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 metropolitan statistical area.

Moving together with Mid Mutual Fund

  0.87AMDVX Mid Cap ValuePairCorr
  0.76AMEIX Equity GrowthPairCorr
  0.82AMGIX Income GrowthPairCorr
  0.82TWADX Value Fund APairCorr
  0.69TWCCX Ultra Fund CPairCorr
  0.73TWCAX Select Fund APairCorr
  0.7TWCIX Select Fund InvestorPairCorr
  0.69TWCGX Growth Fund InvestorPairCorr
  1.0AMVYX Mid Cap ValuePairCorr
  0.72TWBIX Balanced Fund InvestorPairCorr
  1.0AMVGX Mid Cap ValuePairCorr
  0.78TWEAX Equity IncomePairCorr
  0.9TWEIX Equity IncomePairCorr
  0.69TWCUX Ultra Fund InvestorPairCorr
  0.69TWGIX Growth Fund IPairCorr
  0.78TWHIX Heritage Fund InvestorPairCorr
  0.72TWRCX Growth Fund CPairCorr
  0.8TWSCX Strategic AllocationPairCorr
  0.8TWSAX Strategic Allocation:PairCorr
  0.8TWSMX Strategic AllocationPairCorr
  0.73TWSIX Select Fund IPairCorr
  0.82TWVLX Value Fund InvestorPairCorr
  0.72TWUAX Ultra Fund APairCorr
  0.72TWUIX Ultra Fund IPairCorr
  0.65NPHIX High Income FundPairCorr

Moving against Mid Mutual Fund

  0.43CDBCX Diversified BondPairCorr
  0.33TWGAX International GrowthPairCorr
  0.33TWIEX International GrowthPairCorr
  0.45ANTUX Nt Non IntrinsicPairCorr

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   
PSIAX
+ 0.96
ERSMX
PSIAX
+ 0.94
JDERX
JDERX
+ 0.91
AVURX
ERSMX
+ 0.9
AVURX
ERSMX
+ 0.9
JDERX
PSIAX
+ 0.89
AVURX
  
High negative correlations   
FGBRX
- 0.78
JDERX
PSIAX
- 0.73
FGBRX
FGBRX
- 0.66
AVURX
FGBRX
- 0.63
ERSMX

Risk-Adjusted Indicators

There is a big difference between Mid Mutual Fund performing well and Mid Cap 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 Mid Cap'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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