European Equity Correlations

EEA Fund

USD 8.70 0.02 0.23%

The current 90-days correlation between European Equity Closed and Invesco High Income is -0.01 (i.e., Good diversification). The correlation of European Equity 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.

European Equity Correlation With Market

Average diversification

The correlation between European Equity Closed and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding European Equity Closed 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 European Equity Closed. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with European Fund

0.68

TDF

Templeton Dragon Closed

Pair Corr

Moving against European Fund

0.66	TTP	Tortoise Pipeline And	Pair Corr
0.39	BTCRX	Vest Bitcoin Strategy Steady Growth	Pair Corr
0.34	LGLVX	L Abbett Growth Potential Growth	Pair Corr
0.34	DFFGX	Dfa Short Term	Pair Corr
0.41	MFLLX	Small Pany Growth	Pair Corr
0.37	CPODX	Morgan Stanley Multi Steady Growth	Pair Corr
0.32	TFLAX	Transamerica Floating	Pair Corr
0.31	WUSNX	Allspring Ultra Short	Pair Corr

Related Correlations Analysis

	XFLT-PA	MCR	NNY	IHTA	HYI	CEE	FRRPF	HIO	GDO
XFLT-PA		0.58	-0.67	0.86	0.16	0.52	-0.86	0.5	-0.62	XFLT-PA
MCR	0.58		-0.1	0.38	0.62	0.4	-0.53	0.69	-0.01	MCR
NNY	-0.67	-0.1		-0.82	0.34	-0.22	0.76	-0.25	0.87	NNY
IHTA	0.86	0.38	-0.82		0.0	0.52	-0.86	0.42	-0.83	IHTA
HYI	0.16	0.62	0.34	0.0		0.38	-0.01	0.43	0.32	HYI
CEE	0.52	0.4	-0.22	0.52	0.38		-0.35	0.38	-0.12	CEE
FRRPF	-0.86	-0.53	0.76	-0.86	-0.01	-0.35		-0.47	0.73	FRRPF
HIO	0.5	0.69	-0.25	0.42	0.43	0.38	-0.47		-0.14	HIO
GDO	-0.62	-0.01	0.87	-0.83	0.32	-0.12	0.73	-0.14		GDO
	XFLT-PA	MCR	NNY	IHTA	HYI	CEE	FRRPF	HIO	GDO

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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

GDO	+ 0.87	NNY
IHTA	+ 0.86	XFLT-PA
FRRPF	+ 0.76	NNY
GDO	+ 0.73	FRRPF
HIO	+ 0.69	MCR
HYI	+ 0.62	MCR

High negative correlations

FRRPF	- 0.86	IHTA
FRRPF	- 0.86	XFLT-PA
GDO	- 0.83	IHTA
IHTA	- 0.82	NNY
NNY	- 0.67	XFLT-PA
GDO	- 0.62	XFLT-PA

Risk-Adjusted Indicators

There is a big difference between European Fund performing well and European Equity 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 European Equity'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
XFLT-PA	0.23	0.02	(0.20)	(0.71)	0.23	(0.29)	0.57	(0.48)	1.90
MCR	0.41	0.02	(0.09)	0.25	0.47	(0.48)	0.65	(0.96)	3.56
NNY	0.33	(0.06)	0.00	(0.67)	0.00	0.00	0.62	(0.74)	1.83
IHTA	0.23	0.05	(0.09)	(1.16)	0.25	(0.31)	0.68	(0.27)	2.03
HYI	0.46	0.01	(0.12)	0.13	0.51	(0.51)	0.86	(0.84)	2.59
CEE	1.73	0.37	0.17	1.55	1.42	(2.08)	5.25	(3.06)	14.20
FRRPF	1.20	(0.29)	0.00	(1.26)	0.00	0.00	2.18	(5.27)	14.36
HIO	0.49	0.00	(0.09)	0.09	0.49	(0.77)	1.06	(1.03)	3.35
GDO	0.52	(0.07)	0.00	(0.22)	0.00	0.00	0.97	(1.11)	3.81

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