Guidepath Multi Correlations

Mutual Funds . USA . 
Fund . Guidepath Multi Asset Income
GPMIX Fund  USD 11.84  0.03  0.25%   
The current 90-days correlation between Guidepath Multi Asset and Technology Ultrasector Profund is 0.48 (i.e., Very weak diversification). The correlation of Guidepath Multi 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 Multi Correlation With Market

Poor diversification

The correlation between Guidepath Multi Asset Income and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guidepath Multi Asset Income 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 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 gross domestic product.

Moving together with Guidepath Mutual Fund

  0.64GPARX Guidepath Absolute ReturnPairCorr
  0.79GPICX Guidepath ConservativePairCorr
  0.7GPIFX Guidepath Flexible IncomePairCorr
  0.8GPINX Guidepath IncomePairCorr
  0.63GPMFX Guidepath Managed FuturesPairCorr
  0.81ABALX American BalancedPairCorr
  0.88BALFX American BalancedPairCorr
  0.81CLBAX American BalancedPairCorr
  0.63PMPIX Precious Metals Ultr Steady GrowthPairCorr
  0.63PMPSX Precious Metals Ultr Steady GrowthPairCorr
  0.72FGPMX Franklin Gold AndPairCorr
  0.69FRGOX Franklin Gold PreciousPairCorr
  0.71MIDSX Midas Fund MidasPairCorr
  0.67FIJDX Gold Portfolio FidelityPairCorr
  0.88SBHSX Segall Bryant HamillPairCorr
  0.79GGRYX Growth AllocationPairCorr
  0.93TGDVX Tcw Relative ValuePairCorr
  0.82EADIX Eaton Vance TaxPairCorr
  0.61MFIWX Mfs Income FundPairCorr
  0.84FRLPX Fidelity Freedom IndexPairCorr
  0.87LABFX Lord Abbett MultiPairCorr
  0.84EPLIX Mainstay Epoch EquityPairCorr
  0.85DEBIX Shelton Tactical CreditPairCorr
  0.71SBHAX Segall Bryant HamillPairCorr
  0.73HYMQX Lord Abbett ShortPairCorr
  0.67PJDAX Prudential JennisonPairCorr

Related Correlations Analysis


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

RAGTX
+ 0.84
TEPIX
RAGTX
+ 0.83
PTTEX
PTTEX
+ 0.67
TEPIX
PTTEX
+ 0.54
TEFQX
RAGTX
+ 0.51
TEFQX
TEFQX
+ 0.43
TEPIX
  

High negative correlations

DTEYX
- 0.1
PTTEX
DTEYX
- 0.08
TEFQX

Risk-Adjusted Indicators

There is a big difference between Guidepath Mutual Fund performing well and Guidepath Multi 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 Multi'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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