Kensington Defender Correlations

DFNDX Fund

10.66 0.03 0.28%

The current 90-days correlation between Kensington Defender and Fidelity Advisor Diversified is 0.8 (i.e., Very poor diversification). The correlation of Kensington Defender 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.

Kensington Defender Correlation With Market

Poor diversification

The correlation between Kensington Defender Institutio and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kensington Defender Institutio 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 Kensington Defender Institutional. 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 unemployment.

Moving together with Kensington Mutual Fund

0.77	KADAX	Kensington Active	Pair Corr
0.78	KADCX	Kensington Active	Pair Corr
0.77	KADIX	Kensington Active	Pair Corr
0.77	RIRAX	Capital Income Builder	Pair Corr
0.81	RIREX	Capital Income Builder	Pair Corr
0.79	RIRCX	Capital Income Builder	Pair Corr
0.82	RIRFX	Capital Income Builder	Pair Corr
0.77	CIRCX	Capital Income Builder	Pair Corr
0.79	CIREX	Capital Income Builder	Pair Corr
0.77	RIRBX	Capital Income Builder	Pair Corr
0.82	CAIFX	Capital Income Builder	Pair Corr
0.81	CIRFX	Capital Income Builder	Pair Corr
0.81	CIRAX	Capital Income Builder	Pair Corr
0.77	VTSAX	Vanguard Total Stock	Pair Corr
0.73	VFIAX	Vanguard 500 Index	Pair Corr
0.77	VTSMX	Vanguard Total Stock	Pair Corr
0.77	VSMPX	Vanguard Total Stock	Pair Corr
0.77	VSTSX	Vanguard Total Stock	Pair Corr
0.77	VITSX	Vanguard Total Stock	Pair Corr
0.73	VFINX	Vanguard 500 Index	Pair Corr
0.8	VFFSX	Vanguard 500 Index	Pair Corr
0.82	NTDAX	Nationwide Destination	Pair Corr
0.65	WCPSX	Mobile Telecommunicatio	Pair Corr
0.74	VIPAX	Index Plus Largecap	Pair Corr
0.86	RRTCX	T Rowe Price	Pair Corr
0.89	AMTOX	Ab All Market	Pair Corr
0.74	FLACX	Fidelity Stock Selector	Pair Corr
0.96	MAWAX	Mfs Aggressive Growth	Pair Corr
0.78	PFN	Pimco Income Strategy	Pair Corr
0.82	FRTSX	Franklin Lifesmart 2020	Pair Corr
0.87	MMBDX	Massmutual Premier	Pair Corr
0.72	PHYZX	Prudential High Yield	Pair Corr

Related Correlations Analysis

	FZABX	GUDAX	PGFCX	XHNWX	CFAIX	HIIDX	SCAAX	FPTPX
FZABX		0.0	0.41	0.16	0.66	0.96	-0.15	0.37	FZABX
GUDAX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	GUDAX
PGFCX	0.41	0.0		0.57	0.73	0.51	0.57	0.88	PGFCX
XHNWX	0.16	0.0	0.57		0.55	0.27	0.24	0.38	XHNWX
CFAIX	0.66	0.0	0.73	0.55		0.7	0.23	0.49	CFAIX
HIIDX	0.96	0.0	0.51	0.27	0.7		-0.09	0.45	HIIDX
SCAAX	-0.15	0.0	0.57	0.24	0.23	-0.09		0.7	SCAAX
FPTPX	0.37	0.0	0.88	0.38	0.49	0.45	0.7		FPTPX
	FZABX	GUDAX	PGFCX	XHNWX	CFAIX	HIIDX	SCAAX	FPTPX

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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

HIIDX	+ 0.96	FZABX
FPTPX	+ 0.88	PGFCX
CFAIX	+ 0.73	PGFCX
HIIDX	+ 0.7	CFAIX
FPTPX	+ 0.7	SCAAX
CFAIX	+ 0.66	FZABX

High negative correlations

SCAAX	- 0.15	FZABX
SCAAX	- 0.09	HIIDX
FPTPX	- 0.0	GUDAX
SCAAX	- 0.0	GUDAX
HIIDX	- 0.0	GUDAX
CFAIX	- 0.0	GUDAX

Risk-Adjusted Indicators

There is a big difference between Kensington Mutual Fund performing well and Kensington Defender 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 Kensington Defender'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
FZABX	0.68	(0.15)	0.00	(0.11)	0.00	0.00	1.13	(1.71)	4.32
GUDAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PGFCX	0.22	0.01	(0.35)	0.28	0.22	(0.26)	0.48	(0.48)	1.24
XHNWX	0.14	0.00	(0.30)	0.00	0.20	(0.17)	0.31	(0.46)	1.39
CFAIX	0.24	(0.03)	(0.39)	0.01	0.26	(0.26)	0.44	(0.49)	1.26
HIIDX	0.63	(0.12)	0.00	(0.11)	0.00	0.00	1.26	(1.49)	4.09
SCAAX	0.29	0.00	(0.21)	0.13	0.20	(0.37)	0.79	(0.54)	1.41
FPTPX	0.25	0.01	(0.31)	0.58	0.25	(0.28)	0.52	(0.52)	1.32

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