Absolute Convertible Correlations

ARBOX Fund

USD 11.50 0.01 0.09%

The current 90-days correlation between Absolute Convertible and Goldman Sachs Technology is 0.04 (i.e., Significant diversification). The correlation of Absolute Convertible 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.

Absolute Convertible Correlation With Market

Modest diversification

The correlation between Absolute Convertible Arbitrage and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Absolute Convertible Arbitrage 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 Absolute Convertible Arbitrage. 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 Absolute Mutual Fund

0.68

XNXJX

Nuveen New Jersey

Pair Corr

Moving against Absolute Mutual Fund

0.86	ARBIX	Absolute Convertible	Pair Corr
0.6	ACEFX	Absolute Cef Opportu	Pair Corr
0.47	XPPRX	Voya Prime Rate	Pair Corr
0.45	CVSIX	Calamos Market Neutral	Pair Corr
0.44	CVSCX	Calamos Market Neutral	Pair Corr
0.44	CMNIX	Calamos Market Neutral	Pair Corr
0.37	CAPOX	Absolute Capital Opp	Pair Corr
0.36	PSCAX	Palmer Square Ssi	Pair Corr
0.35	ADANX	Aqr Diversified Arbitrage	Pair Corr
0.33	ADAIX	Aqr Diversified Arbitrage	Pair Corr
0.32	QDARX	Aqr Diversified Arbitrage	Pair Corr
0.93	IVNCX	Ivy Global Growth	Pair Corr
0.89	NRMGX	Neuberger Berman Mid	Pair Corr
0.75	VSTCX	Vanguard Strategic	Pair Corr
0.73	FEQIX	Fidelity Equity Income	Pair Corr
0.68	DMA	Destra Multi Alternative	Pair Corr
0.61	CLM	Cornerstone Strategic	Pair Corr
0.56	FSMEX	Medical Equipment And	Pair Corr
0.54	TWN	Taiwan Closed	Pair Corr
0.51	DEVDX	Driehaus Event Driven	Pair Corr
0.49	VWEHX	Vanguard High Yield	Pair Corr
0.48	PHDCX	High Yield Fund	Pair Corr
0.4	DGVCX	Davis Government Bond	Pair Corr
0.84	PJGCX	Prudential Jennison	Pair Corr
0.81	ARKVX	Ark Venture Fund	Pair Corr
0.68	MDLVX	Blackrock Lg Cap	Pair Corr
0.66	JPVZX	Jpmorgan International	Pair Corr

Related Correlations Analysis

	GISTX	JGLTX	PGKCX	BIPIX	TEFQX	JNGTX
GISTX		-0.08	0.36	0.87	-0.44	0.76	GISTX
JGLTX	-0.08		0.73	-0.17	0.7	0.22	JGLTX
PGKCX	0.36	0.73		0.31	0.37	0.61	PGKCX
BIPIX	0.87	-0.17	0.31		-0.64	0.65	BIPIX
TEFQX	-0.44	0.7	0.37	-0.64		-0.07	TEFQX
JNGTX	0.76	0.22	0.61	0.65	-0.07		JNGTX
	GISTX	JGLTX	PGKCX	BIPIX	TEFQX	JNGTX

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

BIPIX	+ 0.87	GISTX
JNGTX	+ 0.76	GISTX
PGKCX	+ 0.73	JGLTX
TEFQX	+ 0.7	JGLTX
JNGTX	+ 0.65	BIPIX
JNGTX	+ 0.61	PGKCX

High negative correlations

TEFQX	- 0.64	BIPIX
TEFQX	- 0.44	GISTX
BIPIX	- 0.17	JGLTX
JGLTX	- 0.08	GISTX
JNGTX	- 0.07	TEFQX

Risk-Adjusted Indicators

There is a big difference between Absolute Mutual Fund performing well and Absolute Convertible 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 Absolute Convertible'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
GISTX	1.45	0.40	0.28	0.22	0.80	(2.25)	2.44	(2.49)	35.16
JGLTX	0.95	(0.04)	(0.02)	0.02	1.53	(0.86)	2.13	(2.69)	5.55
PGKCX	1.12	0.05	0.04	0.10	1.47	(1.10)	2.63	(2.74)	9.45
BIPIX	1.66	0.35	0.17	0.30	1.63	(1.75)	4.26	(2.97)	10.99
TEFQX	1.50	(0.18)	0.00	(0.04)	0.00	0.00	2.85	(4.32)	8.44
JNGTX	1.18	0.19	0.12	0.22	1.27	(1.24)	2.42	(2.70)	19.25

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