Davis Opportunity Correlations

DGOYX Fund

USD 50.63 0.56 1.12%

The current 90-days correlation between Davis Opportunity and Davis International Fund is 0.47 (i.e., Very weak diversification). The correlation of Davis Opportunity 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.

Davis Opportunity Correlation With Market

Good diversification

The correlation between Davis Opportunity Fund and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Opportunity Fund 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 Davis Opportunity Fund. 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 manufacturing.

Moving together with Davis Mutual Fund

0.68	DILCX	Davis International	Pair Corr
0.68	DILAX	Davis International	Pair Corr
0.69	DILYX	Davis International	Pair Corr
0.92	RPFGX	Davis Financial	Pair Corr
0.96	RPFCX	Davis Appreciation Income	Pair Corr
1.0	RPEAX	Davis Opportunity	Pair Corr
0.99	DNVYX	Davis New York	Pair Corr
0.99	NYVCX	Davis New York	Pair Corr
0.99	NYVBX	Davis New York	Pair Corr
0.99	NYVRX	Davis New York	Pair Corr
0.99	NYVTX	Davis New York	Pair Corr
0.96	DCSCX	Davis Appreciation Income	Pair Corr
0.96	DCSYX	Davis Appreciation Income	Pair Corr
0.95	DVFYX	Davis Financial	Pair Corr
0.95	DFFCX	Davis Financial	Pair Corr
0.83	DGFAX	Davis Global	Pair Corr
1.0	DGOCX	Davis Opportunity	Pair Corr
0.93	VTSAX	Vanguard Total Stock	Pair Corr
0.97	VFIAX	Vanguard 500 Index	Pair Corr
0.93	VTSMX	Vanguard Total Stock	Pair Corr
0.98	VITSX	Vanguard Total Stock	Pair Corr
0.93	VSMPX	Vanguard Total Stock	Pair Corr
0.93	VSTSX	Vanguard Total Stock	Pair Corr
0.97	VFINX	Vanguard 500 Index	Pair Corr
0.93	VFFSX	Vanguard 500 Index	Pair Corr
0.93	VINIX	Vanguard Institutional	Pair Corr
0.93	VIIIX	Vanguard Institutional	Pair Corr
0.84	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	LSHAX	Horizon Spin Off Downward Rally	Pair Corr
0.84	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	SPMPX	Invesco Steelpath Mlp	Pair Corr

Moving against Davis Mutual Fund

0.71	DGVCX	Davis Government Bond	Pair Corr
0.56	RFBAX	Davis Government Bond	Pair Corr
0.46	DGVYX	Davis Government Bond	Pair Corr
0.36	DRECX	Davis Real Estate	Pair Corr
0.32	DREYX	Davis Real Estate	Pair Corr

Related Correlations Analysis

	DILCX	DILAX	RPFGX	RPFCX	RPFRX	RFBAX	DREYX	DRECX	NYVCX
DILCX		1.0	0.49	0.45	-0.23	-0.38	-0.32	-0.35	0.72	DILCX
DILAX	1.0		0.49	0.46	-0.23	-0.38	-0.33	-0.35	0.72	DILAX
RPFGX	0.49	0.49		0.93	-0.35	-0.61	-0.33	-0.37	0.88	RPFGX
RPFCX	0.45	0.46	0.93		-0.26	-0.52	-0.27	-0.31	0.93	RPFCX
RPFRX	-0.23	-0.23	-0.35	-0.26		0.65	0.83	0.83	-0.31	RPFRX
RFBAX	-0.38	-0.38	-0.61	-0.52	0.65		0.62	0.64	-0.59	RFBAX
DREYX	-0.32	-0.33	-0.33	-0.27	0.83	0.62		1.0	-0.36	DREYX
DRECX	-0.35	-0.35	-0.37	-0.31	0.83	0.64	1.0		-0.39	DRECX
NYVCX	0.72	0.72	0.88	0.93	-0.31	-0.59	-0.36	-0.39		NYVCX
	DILCX	DILAX	RPFGX	RPFCX	RPFRX	RFBAX	DREYX	DRECX	NYVCX

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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

DILAX	+ 1.0	DILCX
DRECX	+ 1.0	DREYX
RPFCX	+ 0.93	RPFGX
NYVCX	+ 0.93	RPFCX
NYVCX	+ 0.88	RPFGX
DREYX	+ 0.83	RPFRX

High negative correlations

RFBAX	- 0.61	RPFGX
NYVCX	- 0.59	RFBAX
RFBAX	- 0.52	RPFCX
NYVCX	- 0.39	DRECX
RFBAX	- 0.38	DILAX
RFBAX	- 0.38	DILCX

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Opportunity 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 Davis Opportunity'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
DILCX	1.19	0.22	0.03	(0.49)	1.64	(1.18)	3.00	(2.40)	11.02
DILAX	1.19	0.22	0.03	(0.49)	1.60	(1.18)	2.96	(2.42)	11.02
RPFGX	0.80	0.05	0.11	0.16	0.51	(0.97)	1.85	(1.40)	7.59
RPFCX	0.55	0.11	(0.02)	(1.08)	0.56	(0.60)	1.13	(1.18)	4.01
RPFRX	0.70	0.01	(0.10)	0.21	0.80	(0.74)	1.36	(1.30)	4.08
RFBAX	0.06	(0.01)	(0.60)	0.51	0.06	(0.22)	0.20	(0.20)	0.59
DREYX	0.69	(0.01)	(0.11)	0.09	0.81	(0.75)	1.34	(1.33)	3.52
DRECX	0.69	(0.01)	(0.12)	0.07	0.81	(0.74)	1.35	(1.32)	3.54
NYVCX	0.71	0.12	(0.01)	(0.68)	0.82	(0.73)	1.79	(1.61)	4.58

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