Global Hard Correlations

Mutual Funds . USA . 
Fund . Global Hard Assets
GHAYX Fund  USD 41.54  0.24  0.57%   
The current 90-days correlation between Global Hard Assets and Tax Managed Mid Small is 0.03 (i.e., Significant diversification). The correlation of Global Hard 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 Hard Correlation With Market

Very weak diversification

The correlation between Global Hard Assets and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global Hard Assets 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 Hard Assets. 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 manufacturing.

Moving together with Global Mutual Fund

  0.67EMRIX Emerging MarketsPairCorr
  0.65EMRCX Emerging MarketsPairCorr
  0.67EMRZX Vaneck Emerging MarketsPairCorr
  0.67EMRYX Emerging MarketsPairCorr
  0.62INIYX International InvestorsPairCorr
  0.62INIIX International InvestorsPairCorr
  1.0GHAIX Global Hard AssetsPairCorr
  1.0GHAAX Global Hard AssetsPairCorr
  1.0GHACX Global Hard AssetsPairCorr
  0.87CMCAX Cm Modity IndexPairCorr
  0.87CMCYX Cm Modity IndexPairCorr
  0.87COMIX Cm Modity IndexPairCorr
  0.62IIGCX International InvestorsPairCorr
  0.66GBFAX Emerging MarketsPairCorr
  0.76TRNEX T Rowe PricePairCorr
  0.84VMIAX Vanguard Materials IndexPairCorr
  0.76PRNEX T Rowe PricePairCorr
  0.67GEACX Gmo TrustPairCorr
  0.67GAAHX Gmo ResourcesPairCorr
  0.67GMOWX Gmo ResourcesPairCorr
  0.8FMFEX Materials PortfolioPairCorr
  0.87FMFAX Materials PortfolioPairCorr
  0.88FMFCX Materials PortfolioPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Global Mutual Fund performing well and Global Hard 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 Hard'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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