Eventide Healthcare Correlations

ETNHX Fund

USD 34.23 0.43 1.27%

The current 90-days correlation between Eventide Healthcare Life and Eventide Gilead Fund is 0.79 (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

1.0	ETAHX	Eventide Healthcare Life	Pair Corr
1.0	ETCHX	Eventide Healthcare Life	Pair Corr
1.0	ETIHX	Eventide Healthcare Life	Pair Corr
0.7	PRHSX	T Rowe Price	Pair Corr
0.7	THISX	T Rowe Price	Pair Corr
0.64	VHCIX	Vanguard Health Care	Pair Corr
0.62	SHISX	Blackrock Health Sciences	Pair Corr
0.61	SHSCX	Blackrock Health Sciences	Pair Corr
0.66	SHSAX	Blackrock Health Sciences	Pair Corr

Related Correlations Analysis

	ETGLX	ETIHX	CPOAX	BFOCX	ETILX
ETGLX		0.05	0.77	0.84	1.0	ETGLX
ETIHX	0.05		-0.41	-0.33	0.04	ETIHX
CPOAX	0.77	-0.41		0.96	0.77	CPOAX
BFOCX	0.84	-0.33	0.96		0.84	BFOCX
ETILX	1.0	0.04	0.77	0.84		ETILX
	ETGLX	ETIHX	CPOAX	BFOCX	ETILX

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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

ETILX	+ 1.0	ETGLX
BFOCX	+ 0.96	CPOAX
BFOCX	+ 0.84	ETGLX
ETILX	+ 0.84	BFOCX
CPOAX	+ 0.77	ETGLX
ETILX	+ 0.77	CPOAX

High negative correlations

CPOAX	- 0.41	ETIHX
BFOCX	- 0.33	ETIHX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ETGLX	0.78	(0.03)	(0.02)	0.09	0.96	(0.84)	1.72	(1.69)	4.81
ETIHX	0.98	(0.20)	0.00	(0.06)	0.00	0.00	1.90	(2.30)	7.56
CPOAX	1.29	0.42	0.38	0.42	0.70	(1.69)	3.17	(1.95)	7.47
BFOCX	1.39	0.24	0.16	0.27	1.59	(1.47)	3.74	(2.69)	8.38
ETILX	0.78	(0.03)	(0.02)	0.09	0.96	(0.84)	1.72	(1.72)	4.80

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