Eventide Multi-asset Correlations

ETIMX Fund

USD 15.12 0.09 0.60%

The current 90-days correlation between Eventide Multi Asset and Victory Rs Small is 0.48 (i.e., Very weak 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

Almost no diversification

The correlation between Eventide Multi Asset Income and DJI is 0.9 (i.e., Almost no 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 state.

Moving together with Eventide Mutual Fund

0.85	ETARX	Eventide Core Bond	Pair Corr
1.0	ETAMX	Eventide Multi Asset	Pair Corr
0.93	ETAGX	Eventide Gilead	Pair Corr
0.98	ETADX	Eventide Global Dividend	Pair Corr
0.95	ETABX	Eventide Limited Term	Pair Corr
0.83	ETCRX	Eventide Core Bond	Pair Corr
1.0	ETCMX	Eventide Multi Asset	Pair Corr
0.93	ETCGX	Eventide Gilead	Pair Corr
0.98	ETCDX	Eventide Global Dividend	Pair Corr
0.94	ETGLX	Eventide Gilead	Pair Corr
0.98	ETIDX	Eventide Global Dividend	Pair Corr
0.95	ETIBX	Eventide Limited Term	Pair Corr
0.87	ETIRX	Eventide Core Bond	Pair Corr
0.94	ETILX	Eventide Gilead	Pair Corr
1.0	ETNMX	Eventide Multi Asset	Pair Corr
0.98	ETNDX	Eventide Global Dividend	Pair Corr
0.95	ETNBX	Eventide Limited Term	Pair Corr
0.85	ETNRX	Eventide Core Bond	Pair Corr
0.92	ABALX	American Balanced	Pair Corr
0.92	BALCX	American Balanced	Pair Corr
0.92	BALFX	American Balanced	Pair Corr
0.97	FBONX	American Funds American	Pair Corr
0.97	FBAFX	American Funds American	Pair Corr
0.92	RLBCX	American Balanced	Pair Corr
0.92	RLBBX	American Balanced	Pair Corr
0.92	CLBAX	American Balanced	Pair Corr
0.92	CLBEX	American Balanced	Pair Corr
0.92	RLBFX	American Balanced	Pair Corr

Related Correlations Analysis

	ETNMX	NCZ	HIX	ARMZX	VKI	XFLT	TEPFX	TSSCX	MFVZX	RSEGX
ETNMX		0.91	0.79	0.93	0.83	-0.32	0.92	0.73	0.76	0.63	ETNMX
NCZ	0.91		0.87	0.93	0.77	-0.5	0.94	0.84	0.82	0.62	NCZ
HIX	0.79	0.87		0.84	0.69	-0.47	0.88	0.87	0.65	0.5	HIX
ARMZX	0.93	0.93	0.84		0.79	-0.44	0.96	0.85	0.8	0.55	ARMZX
VKI	0.83	0.77	0.69	0.79		-0.38	0.81	0.74	0.48	0.41	VKI
XFLT	-0.32	-0.5	-0.47	-0.44	-0.38		-0.57	-0.68	-0.31	0.21	XFLT
TEPFX	0.92	0.94	0.88	0.96	0.81	-0.57		0.91	0.73	0.49	TEPFX
TSSCX	0.73	0.84	0.87	0.85	0.74	-0.68	0.91		0.54	0.32	TSSCX
MFVZX	0.76	0.82	0.65	0.8	0.48	-0.31	0.73	0.54		0.63	MFVZX
RSEGX	0.63	0.62	0.5	0.55	0.41	0.21	0.49	0.32	0.63		RSEGX
	ETNMX	NCZ	HIX	ARMZX	VKI	XFLT	TEPFX	TSSCX	MFVZX	RSEGX

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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

TEPFX	+ 0.96	ARMZX
TEPFX	+ 0.94	NCZ
ARMZX	+ 0.93	ETNMX
ARMZX	+ 0.93	NCZ
TEPFX	+ 0.92	ETNMX
NCZ	+ 0.91	ETNMX

High negative correlations

TSSCX	- 0.68	XFLT
TEPFX	- 0.57	XFLT
XFLT	- 0.5	NCZ
XFLT	- 0.47	HIX
XFLT	- 0.44	ARMZX
XFLT	- 0.38	VKI

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
ETNMX	0.41	0.13	0.17	0.39	0.00	(0.48)	0.96	(0.67)	5.26
NCZ	0.66	0.11	0.11	0.24	0.52	(0.78)	1.38	(1.31)	4.02
HIX	0.51	0.05	(0.03)	(12.89)	0.61	(0.60)	1.19	(1.00)	2.77
ARMZX	0.04	0.01	0.00	(0.57)	0.00	0.00	0.11	0.00	0.44
VKI	0.42	0.10	0.03	(0.90)	0.39	(0.51)	1.00	(0.91)	2.68
XFLT	0.85	(0.27)	0.00	(1.02)	0.00	0.00	1.61	(1.81)	5.35
TEPFX	0.04	0.02	0.00	8.59	0.00	0.00	0.10	0.00	0.21
TSSCX	0.06	0.01	(0.47)	0.63	0.00	(0.13)	0.21	(0.07)	0.57
MFVZX	0.42	0.04	(0.04)	1.40	0.41	(0.49)	0.96	(0.84)	2.19
RSEGX	1.01	0.01	0.02	0.08	1.14	(1.08)	1.87	(2.02)	5.54

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