Guidepath(r) Absolute Correlations

GPARX Fund

USD 9.91 0.14 1.43%

The current 90-days correlation between Guidepath Absolute Return and Gamco Natural Resources is 0.66 (i.e., Poor diversification). The correlation of Guidepath(r) Absolute 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.

Guidepath(r) Absolute Correlation With Market

Poor diversification

The correlation between Guidepath Absolute Return and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guidepath Absolute Return 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 Guidepath Absolute Return. 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 inflation.

Moving together with Guidepath(r) Mutual Fund

0.89	GPICX	Guidepath Conservative	Pair Corr
0.87	GPIFX	Guidepath Flexible Income	Pair Corr
0.88	GPIGX	Guidepath Growth And	Pair Corr
0.79	GPMFX	Guidepath Managed Futures	Pair Corr
0.92	GPMIX	Guidepath(r) Multi-asset	Pair Corr
0.82	LALDX	Lord Abbett Short	Pair Corr
0.67	LDLRX	Lord Abbett Short	Pair Corr
0.63	ASG	Liberty All Star	Pair Corr
0.74	ETV	Eaton Vance Tax	Pair Corr
0.69	CRF	Cornerstone Total Return	Pair Corr
0.78	NFJ	Virtus Dividend Interest	Pair Corr
0.88	LBFFX	Lord Abbett Vertible	Pair Corr
0.78	JLJEX	Retirement Living Through	Pair Corr
0.77	TRROX	T Rowe Price	Pair Corr
0.65	FSLCX	Fidelity Small Cap	Pair Corr
0.66	JERAX	Janus Global Real	Pair Corr
0.66	PYLBX	Payden Limited Maturity	Pair Corr
0.7	RTXAX	Russell Investment Tax	Pair Corr
0.84	CONOX	Lazard Funds	Pair Corr
0.91	FEGRX	First Eagle Global	Pair Corr
0.66	STBJX	Sierra Tactical Bond	Pair Corr
0.89	VECRX	Virtus Rampart Enhanced	Pair Corr
0.89	DVOAX	Dividend Opportunities	Pair Corr

Moving against Guidepath(r) Mutual Fund

0.59	IIF	Morgan Stanley India	Pair Corr
0.36	IFN	India Closed	Pair Corr

Related Correlations Analysis

	FSLEX	SNPIX	ENPSX	DLDCX	XEMOX	GMOWX	PNRCX	XGNTX
FSLEX		-0.7	0.69	0.83	0.69	0.81	0.84	0.83	FSLEX
SNPIX	-0.7		-1.0	-0.92	-0.94	-0.95	-0.89	-0.84	SNPIX
ENPSX	0.69	-1.0		0.9	0.94	0.93	0.87	0.81	ENPSX
DLDCX	0.83	-0.92	0.9		0.89	0.98	0.99	0.98	DLDCX
XEMOX	0.69	-0.94	0.94	0.89		0.9	0.86	0.84	XEMOX
GMOWX	0.81	-0.95	0.93	0.98	0.9		0.98	0.94	GMOWX
PNRCX	0.84	-0.89	0.87	0.99	0.86	0.98		0.98	PNRCX
XGNTX	0.83	-0.84	0.81	0.98	0.84	0.94	0.98		XGNTX
	FSLEX	SNPIX	ENPSX	DLDCX	XEMOX	GMOWX	PNRCX	XGNTX

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

PNRCX	+ 0.99	DLDCX
GMOWX	+ 0.98	DLDCX
XGNTX	+ 0.98	DLDCX
PNRCX	+ 0.98	GMOWX
XGNTX	+ 0.98	PNRCX
XEMOX	+ 0.94	ENPSX

High negative correlations

ENPSX	- 1.0	SNPIX
GMOWX	- 0.95	SNPIX
XEMOX	- 0.94	SNPIX
DLDCX	- 0.92	SNPIX
PNRCX	- 0.89	SNPIX
XGNTX	- 0.84	SNPIX

Risk-Adjusted Indicators

There is a big difference between Guidepath(r) Mutual Fund performing well and Guidepath(r) Absolute 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 Guidepath(r) Absolute'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
FSLEX	0.77	(0.01)	(0.01)	0.07	1.03	(0.74)	1.37	(1.83)	3.64
SNPIX	1.06	(0.27)	0.00	0.93	0.00	0.00	1.89	(2.37)	6.18
ENPSX	1.59	0.39	0.18	0.90	1.54	(1.76)	3.62	(2.77)	7.98
DLDCX	1.03	0.31	0.20	0.42	1.09	(1.16)	1.99	(2.41)	6.26
XEMOX	0.73	0.19	0.13	8.24	0.66	(0.86)	1.60	(1.25)	3.85
GMOWX	1.05	0.23	0.15	0.34	1.18	(1.17)	2.52	(2.40)	7.24
PNRCX	1.23	0.28	0.14	0.39	1.56	(1.31)	2.47	(2.70)	8.05
XGNTX	0.78	0.20	0.12	0.51	0.90	(0.88)	1.71	(1.19)	6.37

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