Conestoga Micro Correlations

CMCMX Fund

USD 8.32 0.07 0.85%

The current 90-days correlation between Conestoga Micro Cap and Conestoga Micro Cap is 1.0 (i.e., No risk reduction). The correlation of Conestoga Micro 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.

Conestoga Micro Correlation With Market

Poor diversification

The correlation between Conestoga Micro Cap and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Conestoga Micro Cap 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 Conestoga Micro Cap. 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 population.

Moving together with Conestoga Mutual Fund

1.0	CMIRX	Conestoga Micro Cap	Pair Corr
0.92	CCASX	Conestoga Small Cap	Pair Corr
0.92	CCALX	Conestoga Small Cap	Pair Corr
0.76	CCMMX	Conestoga Mid Cap	Pair Corr
0.77	CCMAX	Columbia Large Cap	Pair Corr
0.89	CCSMX	Conestoga Smid Cap	Pair Corr
0.89	CCSGX	Conestoga Smid Cap	Pair Corr
0.88	VSGAX	Vanguard Small Cap	Pair Corr
0.88	VSGIX	Vanguard Small Cap	Pair Corr
0.88	VISGX	Vanguard Small Cap	Pair Corr
0.9	VEXPX	Vanguard Explorer	Pair Corr
0.9	VEXRX	Vanguard Explorer	Pair Corr
0.89	JGMIX	Janus Triton	Pair Corr
0.89	JGMRX	Janus Triton	Pair Corr
0.89	JGMAX	Janus Triton	Pair Corr
0.89	JGMCX	Janus Triton	Pair Corr
0.89	JGMNX	Janus Triton	Pair Corr
0.83	SMAPX	Salient Mlp Energy	Pair Corr
0.85	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.8	BFTHX	Baron Fifth Avenue	Pair Corr
0.85	KMKNX	Kinetics Market Oppo	Pair Corr
0.82	DFMAX	Davidson Multi Cap	Pair Corr
0.79	FSKAX	Fidelity Total Market	Pair Corr
0.88	WWLAX	Westwood Largecap Value	Pair Corr
0.83	VIMAX	Vanguard Mid Cap	Pair Corr
0.82	TRLCX	Tiaa-cref Large-cap	Pair Corr
0.73	CGFFX	Growth Fund	Pair Corr
0.89	RYRSX	Russell 2000 2x Steady Growth	Pair Corr
0.78	WCPSX	Mobile Telecommunicatio	Pair Corr
0.61	MFJBX	Mfs Lifetime 2060	Pair Corr

Moving against Conestoga Mutual Fund

0.63	NHS	Neuberger Berman High	Pair Corr
0.35	VGYAX	Vanguard Global Wellesley	Pair Corr

Related Correlations Analysis

	CMIRX	CCMAX	CCSMX	BALFX	VFIAX	FSELX	AMEIX	FBALX	RNGHX
CMIRX		0.76	0.89	0.58	0.72	0.42	0.74	0.76	0.58	CMIRX
CCMAX	0.76		0.87	0.78	0.7	0.43	0.7	0.83	0.64	CCMAX
CCSMX	0.89	0.87		0.83	0.89	0.6	0.89	0.95	0.79	CCSMX
BALFX	0.58	0.78	0.83		0.87	0.8	0.86	0.95	0.91	BALFX
VFIAX	0.72	0.7	0.89	0.87		0.83	1.0	0.94	0.95	VFIAX
FSELX	0.42	0.43	0.6	0.8	0.83		0.83	0.74	0.92	FSELX
AMEIX	0.74	0.7	0.89	0.86	1.0	0.83		0.93	0.95	AMEIX
FBALX	0.76	0.83	0.95	0.95	0.94	0.74	0.93		0.89	FBALX
RNGHX	0.58	0.64	0.79	0.91	0.95	0.92	0.95	0.89		RNGHX
	CMIRX	CCMAX	CCSMX	BALFX	VFIAX	FSELX	AMEIX	FBALX	RNGHX

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Risk-Adjusted Indicators

There is a big difference between Conestoga Mutual Fund performing well and Conestoga Micro 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 Conestoga Micro'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
CMIRX	1.15	(0.03)	0.02	0.11	1.25	(1.32)	2.41	(2.25)	7.59
CCMAX	0.63	(0.02)	(0.05)	0.11	0.77	(0.64)	1.42	(1.46)	3.90
CCSMX	0.76	0.03	0.04	0.15	0.88	(0.79)	1.79	(1.45)	5.35
BALFX	0.37	(0.02)	(0.14)	0.10	0.42	(0.39)	0.72	(0.91)	2.11
VFIAX	0.55	0.10	(0.04)	(4.14)	0.66	(0.56)	1.17	(1.31)	3.84
FSELX	1.60	0.00	(0.05)	0.10	2.41	(1.57)	3.39	(4.38)	9.85
AMEIX	0.56	0.10	(0.03)	(6.78)	0.69	(0.61)	1.12	(1.55)	3.88
FBALX	0.38	0.00	(0.11)	0.13	0.41	(0.42)	0.86	(1.02)	2.47
RNGHX	0.67	0.07	(0.05)	1.48	0.97	(0.68)	1.47	(1.97)	4.07

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