Eventide Healthcare Correlations

Mutual Funds . USA . 
Fund . Eventide Healthcare Life
ETAHX Fund  USD 34.84  0.88  2.59%   
The current 90-days correlation between Eventide Healthcare Life and Ab Small Cap is 0.67 (i.e., Poor diversification). The correlation of Eventide Healthcare 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.

Eventide Healthcare Correlation With Market

Poor diversification

The correlation between Eventide Healthcare Life and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Healthcare Life 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 Eventide Healthcare Life. 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 rate.

Moving together with Eventide Mutual Fund

  1.0ETCHX Eventide Healthcare LifePairCorr
  1.0ETIHX Eventide Healthcare LifePairCorr
  1.0ETNHX Eventide Healthcare LifePairCorr
  0.7PRHSX T Rowe PricePairCorr
  0.71THISX T Rowe PricePairCorr
  0.64VHCIX Vanguard Health CarePairCorr
  0.66SHISX Blackrock Health SciencesPairCorr
  0.66SHSCX Blackrock Health SciencesPairCorr
  0.66SHSAX Blackrock Health SciencesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Healthcare 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 Eventide Healthcare'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.

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