Delaware Small Correlations

DEVLX Fund

USD 61.12 0.61 0.99%

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

Good diversification

The correlation between Delaware Small Cap and DJI is -0.1 (i.e., Good 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 various price indices.

Moving together with Delaware Mutual Fund

0.77	VSIIX	Vanguard Small Cap	Pair Corr
0.71	VISVX	Vanguard Small Cap	Pair Corr
0.8	DFSVX	Us Small Cap	Pair Corr
0.82	DFFVX	Us Targeted Value	Pair Corr
0.9	UBVCX	Undiscovered Managers	Pair Corr
0.9	UBVAX	Undiscovered Managers	Pair Corr
0.9	UBVSX	Undiscovered Managers	Pair Corr
0.86	VSMCX	Invesco Small Cap	Pair Corr
0.77	PMPIX	Precious Metals Ultr	Pair Corr
0.77	PMPSX	Precious Metals Ultr	Pair Corr
0.75	FGPMX	Franklin Gold And	Pair Corr
0.63	FRGOX	Franklin Gold Precious	Pair Corr
0.68	MIDSX	Midas Fund Midas	Pair Corr
0.78	FIJDX	Gold Portfolio Fidelity	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.62	BAC	Bank of America	Pair Corr
0.68	JPM	JPMorgan Chase	Pair Corr

Moving against Delaware Mutual Fund

0.32	PG	Procter Gamble	Pair Corr
0.45	MSFT	Microsoft	Pair Corr
0.4	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	DEVIX	JMCVX	JDPAX	JMVIX	CIPMX	EMGYX	SGRHX	SGRKX	SEFCX	SCSCX
DEVIX		0.93	0.93	0.93	0.77	0.0	0.94	0.8	0.78	0.82	DEVIX
JMCVX	0.93		1.0	1.0	0.68	0.0	0.81	0.7	0.8	0.83	JMCVX
JDPAX	0.93	1.0		1.0	0.69	0.0	0.81	0.71	0.8	0.83	JDPAX
JMVIX	0.93	1.0	1.0		0.69	0.0	0.81	0.7	0.81	0.83	JMVIX
CIPMX	0.77	0.68	0.69	0.69		0.0	0.8	0.95	0.54	0.65	CIPMX
EMGYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	EMGYX
SGRHX	0.94	0.81	0.81	0.81	0.8	0.0		0.84	0.6	0.76	SGRHX
SGRKX	0.8	0.7	0.71	0.7	0.95	0.0	0.84		0.55	0.66	SGRKX
SEFCX	0.78	0.8	0.8	0.81	0.54	0.0	0.6	0.55		0.81	SEFCX
SCSCX	0.82	0.83	0.83	0.83	0.65	0.0	0.76	0.66	0.81		SCSCX
	DEVIX	JMCVX	JDPAX	JMVIX	CIPMX	EMGYX	SGRHX	SGRKX	SEFCX	SCSCX

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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

JDPAX	+ 1.0	JMCVX
JMVIX	+ 1.0	JMCVX
JMVIX	+ 1.0	JDPAX
SGRKX	+ 0.95	CIPMX
SGRHX	+ 0.94	DEVIX
JMCVX	+ 0.93	DEVIX

High negative correlations

SCSCX	- 0.0	EMGYX
SEFCX	- 0.0	EMGYX
SGRKX	- 0.0	EMGYX
SGRHX	- 0.0	EMGYX
EMGYX	- 0.0	CIPMX
EMGYX	- 0.0	JMVIX

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
DEVIX	0.93	0.24	0.16	(0.95)	0.74	(1.13)	2.14	(1.58)	13.17
JMCVX	0.76	0.19	0.14	(1.30)	0.56	(0.85)	1.51	(1.13)	10.50
JDPAX	0.74	0.18	0.13	(1.01)	0.55	(0.85)	1.47	(1.25)	10.17
JMVIX	0.75	0.18	0.13	(1.19)	0.57	(0.86)	1.54	(1.18)	10.29
CIPMX	1.00	0.31	0.33	0.83	0.41	(1.32)	1.35	(1.22)	22.31
EMGYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SGRHX	1.27	0.37	0.21	(0.87)	0.89	(1.50)	1.87	(2.24)	27.14
SGRKX	1.47	0.47	0.32	0.58	0.74	(1.71)	1.88	(2.28)	38.42
SEFCX	0.59	0.00	(0.04)	0.04	1.04	(0.53)	1.10	(1.17)	5.16
SCSCX	0.60	0.05	0.01	0.54	0.79	(0.63)	1.39	(1.44)	3.22

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