Braddock Multi-strategy Correlations

BDKNX Fund

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The current 90-days correlation between Braddock Multi Strategy and Hennessy Equity And is -0.02 (i.e., Good diversification). The correlation of Braddock Multi-strategy 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.

Braddock Multi-strategy Correlation With Market

Poor diversification

The correlation between Braddock Multi Strategy Income and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Braddock Multi Strategy Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. 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 BRADDOCK Mutual Fund

0.81	ROBAX	Robinson Tax Advantaged	Pair Corr
0.79	ROBCX	Robinson Tax Advantaged	Pair Corr
0.81	ROBNX	Robinson Tax Advantaged	Pair Corr
0.82	BDKAX	Braddock Multi Strategy	Pair Corr
0.62	RBNNX	Robinson Opportunistic	Pair Corr
0.84	PONAX	Pimco Income	Pair Corr
0.84	PONCX	Pimco Income	Pair Corr
0.85	PIPNX	Pimco Income	Pair Corr
0.84	PONRX	Pimco Income	Pair Corr
0.85	PONPX	Pimco Incme Fund	Pair Corr
0.85	PIINX	Pimco Income	Pair Corr
0.85	PIMIX	Pimco Income	Pair Corr
0.84	LBNDX	Lord Abbett Bond	Pair Corr
0.83	FSTAX	Fidelity Advisor Str	Pair Corr
0.83	FSRIX	Fidelity Advisor Str	Pair Corr
0.71	PDI	Pimco Dynamic Income	Pair Corr
0.77	PAAEX	Putnam Dynamic Asset	Pair Corr
0.82	LEHAX	Blackrock Lifepath Esg	Pair Corr
0.78	NEWCX	New World Fund	Pair Corr
0.68	TWCCX	Ultra Fund C	Pair Corr
0.78	PJFQX	Prudential Jennison	Pair Corr
0.83	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	HHMAX	The Hartford Municipal	Pair Corr
0.72	WBREOX	Wilmington Trust Ret	Pair Corr
0.85	FTEIX	Fidelity Total Inter	Pair Corr
0.85	FHYEX	Fidelity Freedom Blend	Pair Corr
0.81	IKSTX	American Independence	Pair Corr
0.79	ALVDX	Large Pany Value	Pair Corr
0.72	GGZPX	Goldman Sachs Flexible	Pair Corr

Moving against BRADDOCK Mutual Fund

0.83	TCTGX	Transamerica Cleartrack	Pair Corr
0.41	USPSX	Profunds Ultrashort Potential Growth	Pair Corr
0.87	UIPIX	Ultrashort Mid Cap	Pair Corr
0.83	TCSUX	Cleartrack 2020 Class	Pair Corr
0.82	TDKTX	Cleartrack 2015 Class	Pair Corr
0.82	TCTJX	Transamerica Cleartrack	Pair Corr
0.71	CESGX	Coho Relative Value	Pair Corr
0.39	USPIX	Profunds Ultrashort	Pair Corr

Related Correlations Analysis

	HDIVX	HDTVX	HDQVX	ETNCX	BNY	SABA	FCT	PFCOX	FTF	HEIFX
HDIVX		1.0	1.0	0.84	0.52	-0.8	0.96	0.9	0.89	0.91	HDIVX
HDTVX	1.0		1.0	0.84	0.52	-0.8	0.96	0.9	0.89	0.91	HDTVX
HDQVX	1.0	1.0		0.84	0.52	-0.8	0.96	0.9	0.89	0.91	HDQVX
ETNCX	0.84	0.84	0.84		0.66	-0.74	0.76	0.87	0.84	0.67	ETNCX
BNY	0.52	0.52	0.52	0.66		-0.32	0.42	0.65	0.56	0.47	BNY
SABA	-0.8	-0.8	-0.8	-0.74	-0.32		-0.8	-0.71	-0.79	-0.67	SABA
FCT	0.96	0.96	0.96	0.76	0.42	-0.8		0.84	0.83	0.9	FCT
PFCOX	0.9	0.9	0.9	0.87	0.65	-0.71	0.84		0.9	0.81	PFCOX
FTF	0.89	0.89	0.89	0.84	0.56	-0.79	0.83	0.9		0.75	FTF
HEIFX	0.91	0.91	0.91	0.67	0.47	-0.67	0.9	0.81	0.75		HEIFX
	HDIVX	HDTVX	HDQVX	ETNCX	BNY	SABA	FCT	PFCOX	FTF	HEIFX

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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

HDTVX	+ 1.0	HDIVX
HDQVX	+ 1.0	HDIVX
HDQVX	+ 1.0	HDTVX
FCT	+ 0.96	HDIVX
FCT	+ 0.96	HDTVX
FCT	+ 0.96	HDQVX

High negative correlations

FCT	- 0.8	SABA
SABA	- 0.8	HDQVX
SABA	- 0.8	HDTVX
SABA	- 0.8	HDIVX
FTF	- 0.79	SABA
SABA	- 0.74	ETNCX

Risk-Adjusted Indicators

There is a big difference between BRADDOCK Mutual Fund performing well and Braddock Multi-strategy 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 Braddock Multi-strategy'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
HDIVX	0.61	0.15	0.19	0.32	0.42	(0.71)	1.24	(0.90)	7.70
HDTVX	0.62	0.15	0.19	0.32	0.40	(0.72)	1.28	(0.89)	7.64
HDQVX	0.62	0.15	0.19	0.32	0.42	(0.70)	1.22	(0.84)	7.71
ETNCX	0.07	0.01	(0.17)	0.29	0.00	(0.16)	0.24	(0.12)	0.59
BNY	0.36	(0.01)	(0.08)	(0.16)	0.44	(0.43)	0.69	(0.69)	2.56
SABA	0.49	(0.08)	0.00	(0.38)	0.00	0.00	0.85	(1.05)	3.55
FCT	0.41	0.09	0.13	0.39	0.20	(0.53)	0.85	(0.70)	6.13
PFCOX	0.13	0.00	(0.14)	0.03	0.10	(0.15)	0.31	(0.30)	0.81
FTF	0.31	0.04	0.02	0.23	0.27	(0.37)	0.66	(0.67)	1.68
HEIFX	0.58	0.22	0.33	0.49	0.00	(0.75)	0.86	(0.70)	14.21

Braddock Multi-strategy Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Braddock Multi-strategy mutual fund to make a market-neutral strategy. Peer analysis of Braddock Multi-strategy could also be used in its relative valuation, which is a method of valuing Braddock Multi-strategy by comparing valuation metrics with similar companies.

Henderson Dividend Income Janus Henderson Div Janus Henderson Div Eaton Vance North BlackRock New York Saba Capital Income First Trust Senior Pfg American Funds Franklin Templeton Limited Hennessy Equity And American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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