Global Opportunities Correlations

GBPAX Fund

USD 11.45 0.09 0.79%

The current 90-days correlation between Global Opportunities and Fznopx is 0.13 (i.e., Average diversification). The correlation of Global Opportunities 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.

Global Opportunities Correlation With Market

Significant diversification

The correlation between Global Opportunities Fund and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global Opportunities Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Global Opportunities Fund. 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 nation.

Moving together with Global Mutual Fund

0.94	SRUAX	Spectrum Fund Adviser	Pair Corr
0.94	SRUIX	Spectrum Fund Instit	Pair Corr
0.96	QNTAX	Quantex Fund Adviser	Pair Corr
0.96	QNTIX	Quantex Fund Institu	Pair Corr
0.62	IFAAX	Infrastructure Fund	Pair Corr
0.62	IFAIX	Infrastructure Fund	Pair Corr
0.96	BLNIX	Balanced Fund Instit	Pair Corr
1.0	BLNAX	Balanced Fund Adviser	Pair Corr
0.96	FLCGX	Quantex Fund Retail	Pair Corr
0.96	FLDOX	Dividend Opportunities	Pair Corr
0.96	FLDGX	Dynamic Growth	Pair Corr
0.96	FLDFX	Balanced Fund Retail	Pair Corr
0.97	FLFGX	Global Opportunities	Pair Corr
0.96	FLMIX	Muirfield Fund Insti	Pair Corr
0.96	FLMFX	Muirfield Fund Retail	Pair Corr
1.0	FLMAX	Muirfield Fund Adviser	Pair Corr
0.64	FLRUX	Infrastructure Fund	Pair Corr
0.98	FLSPX	Spectrum Fund Retail	Pair Corr
0.95	DVOIX	Dividend Opportunities	Pair Corr
0.98	DVOAX	Dividend Opportunities	Pair Corr
1.0	GBPIX	Global Opportunities	Pair Corr
0.96	DYGIX	Dynamic Growth	Pair Corr
0.96	DYGAX	Dynamic Growth	Pair Corr
0.86	RIRAX	Capital Income Builder	Pair Corr
0.85	RIREX	Capital Income Builder	Pair Corr
0.85	RIRCX	Capital Income Builder	Pair Corr
0.85	RIRFX	Capital Income Builder	Pair Corr
0.86	CIRCX	Capital Income Builder	Pair Corr
0.85	CIREX	Capital Income Builder	Pair Corr
0.86	RIRBX	Capital Income Builder	Pair Corr
0.85	CAIFX	Capital Income Builder	Pair Corr
0.85	CIRFX	Capital Income Builder	Pair Corr
0.85	CIRAX	Capital Income Builder	Pair Corr

Moving against Global Mutual Fund

0.91	NTG	Tortoise Mlp Closed	Pair Corr
0.9	TTP	Tortoise Pipeline And	Pair Corr
0.81	GAEGX	Columbia Large Cap	Pair Corr
0.75	IIRFX	Voya Russia Fund	Pair Corr
0.71	IWRFX	Voya Russia Fund	Pair Corr
0.71	LETRX	Voya Russia Fund	Pair Corr
0.54	USSBX	Short Term Bond	Pair Corr
0.44	WUSMX	Ultra Short Term	Pair Corr

Related Correlations Analysis

	FZNOPX	FWNHTX	MFTFX	FABWX	HDCAX	FUHKBX
FZNOPX		0.34	-0.09	0.67	0.44	0.91	FZNOPX
FWNHTX	0.34		-0.43	0.25	-0.09	0.5	FWNHTX
MFTFX	-0.09	-0.43		-0.2	0.64	-0.16	MFTFX
FABWX	0.67	0.25	-0.2		0.27	0.6	FABWX
HDCAX	0.44	-0.09	0.64	0.27		0.38	HDCAX
FUHKBX	0.91	0.5	-0.16	0.6	0.38		FUHKBX
	FZNOPX	FWNHTX	MFTFX	FABWX	HDCAX	FUHKBX

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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

FUHKBX	+ 0.91	FZNOPX
FABWX	+ 0.67	FZNOPX
HDCAX	+ 0.64	MFTFX
FUHKBX	+ 0.6	FABWX
FUHKBX	+ 0.5	FWNHTX
HDCAX	+ 0.44	FZNOPX

High negative correlations

MFTFX	- 0.43	FWNHTX
FABWX	- 0.2	MFTFX
FUHKBX	- 0.16	MFTFX
HDCAX	- 0.09	FWNHTX
MFTFX	- 0.09	FZNOPX

Risk-Adjusted Indicators

There is a big difference between Global Mutual Fund performing well and Global Opportunities 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 Global Opportunities' 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
FZNOPX	0.80	0.09	0.03	0.65	0.78	(0.91)	1.55	(1.63)	3.75
FWNHTX	0.02	(0.01)	(2.58)	(4.52)	0.00	(0.03)	0.07	(0.04)	0.12
MFTFX	1.03	0.15	0.04	(0.91)	1.43	(1.02)	1.88	(2.26)	5.15
FABWX	0.94	0.19	0.06	(1.56)	1.64	(1.00)	1.52	(1.12)	6.74
HDCAX	0.49	0.05	0.00	0.25	0.53	(0.57)	0.95	(0.83)	3.80
FUHKBX	0.55	0.08	0.03	0.47	0.55	(0.61)	1.11	(0.90)	2.32

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