Health Care Correlations

Mutual Funds USA . 
Fund . Health Care Ultrasector
HCPSX Fund  USD 86.55  0.31  0.36%   
The current 90-days correlation between Health Care Ultrasector and Shelton Funds is 0.02 (i.e., Significant diversification). The correlation of Health Care 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.

Health Care Correlation With Market

Poor diversification

The correlation between Health Care Ultrasector and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Health Care Ultrasector 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 Health Care Ultrasector. 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 state.

Moving together with Health Mutual Fund

  0.7UIPIX Ultrashort Mid CapPairCorr
  0.7UIPSX Ultrashort Mid CapPairCorr
  0.72BRPIX Bear Profund BearPairCorr
  0.72BRPSX Bear Profund BearPairCorr
  0.86GVPIX Us Government PlusPairCorr
  0.86GVPSX Us Government PlusPairCorr

Moving against Health Mutual Fund

  0.88BTCFX Bitcoin Strategy ProfundPairCorr
  0.77LGPIX Large Cap GrowthPairCorr
  0.76MLPSX Mid Cap ValuePairCorr
  0.76MLPIX Mid Cap ValuePairCorr
  0.74LGPSX Profunds Large CapPairCorr
  0.74OTPIX Nasdaq 100 ProfundPairCorr
  0.74OTPSX Nasdaq 100 ProfundPairCorr
  0.69ENPIX Oil Gas UltrasectorPairCorr
  0.68ENPSX Oil Gas UltrasectorPairCorr
  0.63TEPIX Technology UltrasectorPairCorr
  0.62TEPSX Technology UltrasectorPairCorr
  0.56PHPIX Pharmaceuticals UltrasectorPairCorr
  0.47SRPIX Short Real EstatePairCorr
  0.4SRPSX Short Real EstatePairCorr
  0.88RTPSX Rising Rates OpportunityPairCorr
  0.87WCPSX Mobile TelecommunicatioPairCorr
  0.87RRPIX Rising Rates OpportunityPairCorr
  0.86INPIX Internet UltrasectorPairCorr
  0.86INPSX Internet UltrasectorPairCorr
  0.86WCPIX Mobile TelecommunicatioPairCorr
  0.86RRPSX Rising Rates OpportunityPairCorr
  0.83CYPIX Consumer Services Steady GrowthPairCorr
  0.82CYPSX Consumer Services Steady GrowthPairCorr
  0.74ULPIX Ultrabull ProfundPairCorr
  0.72UOPIX Ultra Nasdaq 100PairCorr
  0.72UOPSX Ultranasdaq 100 ProfundPairCorr
  0.71ULPSX Ultrabull ProfundPairCorr
  0.69UMPSX Ultramid Cap Profund Steady GrowthPairCorr
  0.69UMPIX Ultramid Cap Profund Steady GrowthPairCorr
  0.68SVPIX Small Cap ValuePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Health Mutual Fund performing well and Health Care 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 Health Care'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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