Eventide Multi-asset Correlations

ETIMX Fund

USD 15.03 0.06 0.40%

The current 90-days correlation between Eventide Multi Asset and American Balanced Fund is 0.8 (i.e., Very poor diversification). The correlation of Eventide Multi-asset 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 Multi-asset Correlation With Market

Poor diversification

The correlation between Eventide Multi Asset Income and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Multi Asset Income 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 Multi Asset Income. 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 population.

Moving together with Eventide Mutual Fund

1.0	ETAMX	Eventide Multi Asset	Pair Corr
0.92	ETAGX	Eventide Gilead	Pair Corr
0.87	ETAEX	Eventide Exponential Steady Growth	Pair Corr
0.98	ETADX	Eventide Global Dividend	Pair Corr
1.0	ETCMX	Eventide Multi Asset	Pair Corr
0.92	ETCGX	Eventide Gilead	Pair Corr
0.87	ETCEX	Eventide Exponential Steady Growth	Pair Corr
0.98	ETCDX	Eventide Global Dividend	Pair Corr
0.92	ETGLX	Eventide Gilead	Pair Corr
0.87	ETIEX	Eventide Exponential Steady Growth	Pair Corr
0.98	ETIDX	Eventide Global Dividend	Pair Corr
0.92	ETILX	Eventide Gilead	Pair Corr
0.91	ETLIX	Eventide Large Cap	Pair Corr
0.9	ETLCX	Eventide Large Cap	Pair Corr
0.91	ETLAX	Eventide Large Cap	Pair Corr
0.91	ETLNX	Eventide Large Cap	Pair Corr
1.0	ETNMX	Eventide Multi Asset	Pair Corr
0.87	ETNEX	Eventide Exponential Steady Growth	Pair Corr
0.98	ETNDX	Eventide Global Dividend	Pair Corr
0.85	FBONX	American Funds American	Pair Corr
0.85	FBAFX	American Funds American	Pair Corr
0.91	ABALX	American Balanced	Pair Corr
0.9	BALCX	American Balanced	Pair Corr
0.91	BALFX	American Balanced	Pair Corr
0.9	RLBCX	American Balanced	Pair Corr
0.9	RLBBX	American Balanced	Pair Corr
0.91	CLBAX	American Balanced	Pair Corr

Moving against Eventide Mutual Fund

0.46	ETCRX	Eventide Core Bond	Pair Corr
0.44	ETIRX	Eventide Core Bond	Pair Corr
0.43	ETARX	Eventide Core Bond	Pair Corr
0.32	ETCBX	Eventide Limitedterm Bond	Pair Corr
0.45	ETNRX	Eventide Core Bond	Pair Corr
0.4	HLDCX	Hartford Emerging	Pair Corr
0.38	HLDIX	Hartford Emerging	Pair Corr
0.37	HLDRX	Hartford Emerging	Pair Corr
0.37	HLDAX	Hartford Emerging	Pair Corr
0.35	HLDTX	Hartford Emerging	Pair Corr

Related Correlations Analysis

	BALFX	RLBFX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP
BALFX		1.0	-0.64	0.0	-0.33	0.89	0.72	0.18	-0.25	0.25	BALFX
RLBFX	1.0		-0.65	0.0	-0.33	0.89	0.72	0.17	-0.26	0.26	RLBFX
444859BR2	-0.64	-0.65		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.33	-0.33	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	BRRAY
MSTSX	0.89	0.89	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	MSTSX
LBHIX	0.72	0.72	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	LBHIX
ABHYX	0.18	0.17	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	ABHYX
SCAXF	-0.25	-0.26	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	SCAXF
VIASP	0.25	0.26	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		VIASP
	BALFX	RLBFX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP

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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

RLBFX	+ 1.0	BALFX
MSTSX	+ 0.89	BALFX
MSTSX	+ 0.89	RLBFX
LBHIX	+ 0.72	BALFX
LBHIX	+ 0.72	RLBFX
LBHIX	+ 0.67	MSTSX

High negative correlations

VIASP	- 0.8	SCAXF
444859BR2	- 0.65	RLBFX
444859BR2	- 0.64	BALFX
LBHIX	- 0.54	444859BR2
MSTSX	- 0.53	444859BR2
MSTSX	- 0.45	BRRAY

Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Multi-asset 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 Multi-asset'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
BALFX	0.37	(0.02)	(0.14)	0.08	0.45	(0.38)	0.72	(0.91)	2.11
RLBFX	0.36	(0.02)	(0.14)	0.08	0.44	(0.38)	0.74	(0.90)	2.14
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18

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