Delaware Small Correlations

DCZRX Fund

USD 33.41 0.04 0.12%

The current 90-days correlation between Delaware Small Cap and Vanguard Small Cap Index is 0.17 (i.e., Average diversification). The correlation of Delaware Small 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.

Delaware Small Correlation With Market

Very poor diversification

The correlation between Delaware Small Cap and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delaware Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delaware Small 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 metropolitan statistical area.

Moving together with Delaware Mutual Fund

0.98	OASGX	Optimum Small Mid	Pair Corr
0.97	OASVX	Optimum Small Mid	Pair Corr
0.95	WSGAX	Ivy Small Cap	Pair Corr
0.89	OCLVX	Optimum Large Cap	Pair Corr
0.87	OCLGX	Optimum Large Cap	Pair Corr
0.98	OCSGX	Optimum Small Mid	Pair Corr
0.97	OCSVX	Optimum Small Mid	Pair Corr
0.69	WSTAX	Ivy Science And	Pair Corr
0.64	DMO	Western Asset Mortgage	Pair Corr
0.87	WCEAX	Ivy E Equity	Pair Corr
0.87	OILGX	Optimum Large Cap	Pair Corr
0.81	OILVX	Optimum Large Cap	Pair Corr

Moving against Delaware Mutual Fund

0.62	OCFIX	Optimum Fixed Income	Pair Corr
0.6	DLHCX	Delaware Healthcare	Pair Corr
0.59	DLHIX	Delaware Healthcare	Pair Corr
0.59	DLHAX	Delaware Healthcare	Pair Corr
0.59	DLRHX	Delaware Healthcare	Pair Corr
0.4	IMAAX	Ivy Apollo Multi	Pair Corr
0.33	CXHYX	Delaware National High	Pair Corr
0.32	FTORX	First Investors Tax	Pair Corr
0.31	FTNYX	Delaware Tax Free	Pair Corr
0.62	DPCFX	Delaware Diversified	Pair Corr
0.62	DPRFX	Delaware Diversified	Pair Corr
0.6	OIFIX	Optimum Fixed Income	Pair Corr
0.6	DPDFX	Delaware Diversified	Pair Corr
0.59	DPFFX	Delaware Diversified	Pair Corr
0.39	DMTFX	Delaware Tax Free	Pair Corr
0.37	DPRCX	Delaware Reit	Pair Corr
0.35	DPRRX	Delaware Reit	Pair Corr
0.34	DPREX	Delaware Reit	Pair Corr
0.33	DMUSX	Delaware Tax Free	Pair Corr
0.33	DPRSX	Delaware Reit	Pair Corr
0.33	DPRDX	Real Estate	Pair Corr

Related Correlations Analysis

	VSMAX	PASVX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP
VSMAX		0.95	-0.69	0.0	-0.14	0.56	0.62	-0.05	-0.61	0.63	VSMAX
PASVX	0.95		-0.61	0.0	-0.02	0.53	0.61	-0.06	-0.61	0.68	PASVX
444859BR2	-0.69	-0.61		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.14	-0.02	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	BRRAY
MSTSX	0.56	0.53	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	MSTSX
LBHIX	0.62	0.61	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	LBHIX
ABHYX	-0.05	-0.06	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	ABHYX
SCAXF	-0.61	-0.61	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	SCAXF
VIASP	0.63	0.68	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		VIASP
	VSMAX	PASVX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP

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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

PASVX	+ 0.95	VSMAX
VIASP	+ 0.68	PASVX
LBHIX	+ 0.67	MSTSX
VIASP	+ 0.63	VSMAX
LBHIX	+ 0.62	VSMAX
LBHIX	+ 0.61	PASVX

High negative correlations

VIASP	- 0.8	SCAXF
444859BR2	- 0.69	VSMAX
SCAXF	- 0.61	PASVX
444859BR2	- 0.61	PASVX
SCAXF	- 0.61	VSMAX
LBHIX	- 0.54	444859BR2

Risk-Adjusted Indicators

There is a big difference between Delaware Mutual Fund performing well and Delaware Small 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 Delaware Small'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
VSMAX	0.75	0.15	0.05	1.21	0.68	(0.84)	1.62	(1.25)	5.36
PASVX	0.76	(0.02)	0.02	0.11	0.71	(0.81)	1.74	(1.22)	6.47
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18

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