Select Fund Correlations

ASDEX Fund

USD 133.03 2.38 1.82%

The current 90-days correlation between Select Fund R6 and Gabelli Equity Trust is 0.25 (i.e., Modest diversification). The correlation of Select Fund 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.

Select Fund Correlation With Market

Very poor diversification

The correlation between Select Fund R6 and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Select Fund R6 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 Select Fund R6. 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 services.

Moving together with Select Mutual Fund

0.94	AMGIX	Income Growth	Pair Corr
0.69	AMKIX	Emerging Markets	Pair Corr
0.76	TWACX	Short Term Government	Pair Corr
0.99	TWCCX	Ultra Fund C	Pair Corr
0.96	TWCAX	Select Fund A	Pair Corr
1.0	TWCIX	Select Fund Investor	Pair Corr
0.99	TWCGX	Growth Fund Investor	Pair Corr
0.75	TWARX	Short Term Government	Pair Corr
0.77	TWAVX	Short Term Government	Pair Corr
0.71	TWBIX	Balanced Fund Investor	Pair Corr
0.99	TWGIX	Growth Fund I	Pair Corr
0.8	TWIEX	International Growth	Pair Corr
0.98	TWHIX	Heritage Fund Investor	Pair Corr
0.69	TWMIX	Emerging Markets	Pair Corr
0.67	TWTCX	Intermediate Term Tax	Pair Corr
0.7	TWTIX	Intermediate Term Tax	Pair Corr
0.92	TWSCX	Strategic Allocation	Pair Corr
0.91	TWSAX	Strategic Allocation	Pair Corr
0.92	TWSMX	Strategic Allocation	Pair Corr
0.77	TWUSX	Short Term Government	Pair Corr
0.92	TWVLX	Value Fund Investor	Pair Corr
1.0	TWUIX	Ultra Fund I	Pair Corr
0.78	TWUOX	Short Term Government	Pair Corr
0.82	NPHIX	High Income Fund	Pair Corr
0.96	ANOGX	Small Cap Growth	Pair Corr
0.97	ANOCX	Small Cap Growth	Pair Corr
0.9	ANTUX	Nt Non Intrinsic	Pair Corr
0.79	ANTSX	Nt International Small	Pair Corr
0.91	AOCIX	One Choice Portfolio	Pair Corr
0.91	AOGIX	One Choice Portfolio	Pair Corr
0.91	AOMIX	One Choice Portfolio	Pair Corr
0.91	AOOIX	One Choice 2045	Pair Corr
0.91	AOVIX	One Choice Portfolio Potential Growth	Pair Corr
0.66	BCHIX	California High Yield	Pair Corr
0.92	AREVX	One Choice 2055	Pair Corr
0.91	ARDVX	One Choice 2040	Pair Corr
0.91	ARFVX	One Choice 2050	Pair Corr

Related Correlations Analysis

	TWCIX	PNOYX	HGOYX	PRRAX	HGOSX	HGOAX	MMACX	HHHSX	AMIGX	GAB
TWCIX		0.38	0.78	-0.11	0.81	0.85	0.83	0.7	0.4	0.83	TWCIX
PNOYX	0.38		0.73	-0.21	0.69	0.51	0.39	0.03	0.52	0.54	PNOYX
HGOYX	0.78	0.73		-0.32	1.0	0.88	0.66	0.39	0.44	0.72	HGOYX
PRRAX	-0.11	-0.21	-0.32		-0.31	-0.23	0.16	0.25	0.23	-0.11	PRRAX
HGOSX	0.81	0.69	1.0	-0.31		0.9	0.69	0.43	0.42	0.75	HGOSX
HGOAX	0.85	0.51	0.88	-0.23	0.9		0.71	0.53	0.32	0.73	HGOAX
MMACX	0.83	0.39	0.66	0.16	0.69	0.71		0.9	0.72	0.8	MMACX
HHHSX	0.7	0.03	0.39	0.25	0.43	0.53	0.9		0.66	0.57	HHHSX
AMIGX	0.4	0.52	0.44	0.23	0.42	0.32	0.72	0.66		0.44	AMIGX
GAB	0.83	0.54	0.72	-0.11	0.75	0.73	0.8	0.57	0.44		GAB
	TWCIX	PNOYX	HGOYX	PRRAX	HGOSX	HGOAX	MMACX	HHHSX	AMIGX	GAB

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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

HGOSX	+ 1.0	HGOYX
HGOAX	+ 0.9	HGOSX
HHHSX	+ 0.9	MMACX
HGOAX	+ 0.88	HGOYX
HGOAX	+ 0.85	TWCIX
MMACX	+ 0.83	TWCIX

High negative correlations

PRRAX	- 0.32	HGOYX
HGOSX	- 0.31	PRRAX
HGOAX	- 0.23	PRRAX
PRRAX	- 0.21	PNOYX
GAB	- 0.11	PRRAX
PRRAX	- 0.11	TWCIX

Risk-Adjusted Indicators

There is a big difference between Select Mutual Fund performing well and Select Fund 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 Select Fund'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
TWCIX	0.92	0.05	0.03	0.13	1.08	(0.98)	1.52	(1.79)	14.35
PNOYX	0.55	(0.08)	0.00	(0.07)	0.00	0.00	1.14	(1.20)	3.84
HGOYX	0.94	(0.13)	0.00	(0.09)	0.00	0.00	1.78	(2.29)	7.55
PRRAX	0.54	0.02	(0.02)	(0.26)	0.72	(0.52)	1.16	(1.23)	3.16
HGOSX	0.95	(0.11)	0.00	(0.08)	0.00	0.00	1.78	(2.29)	8.44
HGOAX	0.94	(0.03)	0.00	(2.18)	0.00	0.00	1.78	(2.30)	9.23
MMACX	0.32	0.00	(0.03)	0.04	0.37	(0.34)	0.66	(0.70)	1.76
HHHSX	0.72	0.11	0.10	0.21	0.71	(0.75)	1.48	(1.41)	4.57
AMIGX	0.75	(0.06)	0.00	(0.04)	0.00	0.00	1.21	(1.94)	4.37
GAB	0.62	0.02	0.00	0.09	0.62	(0.75)	1.48	(1.13)	3.62

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