Guinness Atkinson Correlations

ICHKX Fund

USD 12.66 0.14 1.09%

The current 90-days correlation between Guinness Atkinson China and Guinness Atkinson Asia is 0.81 (i.e., Very poor diversification). The correlation of Guinness Atkinson 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.

Guinness Atkinson Correlation With Market

Modest diversification

The correlation between Guinness Atkinson China and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guinness Atkinson China 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 Guinness Atkinson China. 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 industry.

Moving together with Guinness Mutual Fund

0.66	GINNX	Guinness Atkinson Global	Pair Corr
0.65	IWIRX	Guinness Atkinson Global	Pair Corr
0.76	GAAEX	Guinness Atkinson	Pair Corr
0.88	FHKTX	Fidelity China Region	Pair Corr
0.82	FCHKX	Fidelity China Region	Pair Corr
0.88	FHKAX	Fidelity China Region	Pair Corr
0.88	FHKIX	Fidelity China Region	Pair Corr
0.88	FIQFX	Fidelity China Region	Pair Corr
0.88	FHKCX	Fidelity China Region	Pair Corr
0.97	MICFX	Matthews China	Pair Corr
0.97	MCHFX	Matthews China	Pair Corr
0.62	VWTTX	Voya Mutual Funds	Pair Corr

Moving against Guinness Mutual Fund

0.76	TACWX	Templeton China World	Pair Corr
0.76	FCWRX	Templeton China World	Pair Corr
0.42	FSMMX	Fs Multi Strategy	Pair Corr
0.65	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.65	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.65	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.65	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.63	COGVX	Cognios Large Cap	Pair Corr
0.47	TTBHX	Tiaa Cref Short	Pair Corr
0.38	FBGRX	Fidelity Blue Chip	Pair Corr
0.34	SMCMX	Alpssmith Short Duration	Pair Corr
0.31	PUBCX	Pimco Unconstrained Bond	Pair Corr
0.73	SHRMX	Stone Ridge High	Pair Corr
0.62	BDMAX	Blackrock Global Long	Pair Corr

Related Correlations Analysis

	IASMX	USCOX	MCHFX	NGCAX	EVCGX
IASMX		0.14	0.39	0.74	0.82	IASMX
USCOX	0.14		-0.39	-0.16	-0.05	USCOX
MCHFX	0.39	-0.39		0.86	0.71	MCHFX
NGCAX	0.74	-0.16	0.86		0.96	NGCAX
EVCGX	0.82	-0.05	0.71	0.96		EVCGX
	IASMX	USCOX	MCHFX	NGCAX	EVCGX

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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

EVCGX	+ 0.96	NGCAX
NGCAX	+ 0.86	MCHFX
EVCGX	+ 0.82	IASMX
NGCAX	+ 0.74	IASMX
EVCGX	+ 0.71	MCHFX
MCHFX	+ 0.39	IASMX

High negative correlations

MCHFX	- 0.39	USCOX
NGCAX	- 0.16	USCOX
EVCGX	- 0.05	USCOX

Risk-Adjusted Indicators

There is a big difference between Guinness Mutual Fund performing well and Guinness Atkinson 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 Guinness Atkinson'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
IASMX	0.86	(0.01)	(0.04)	0.05	1.22	(0.82)	1.77	(2.10)	5.94
USCOX	0.75	(0.04)	0.00	(0.15)	0.00	0.00	1.52	(2.02)	5.30
MCHFX	1.23	(0.10)	0.00	(0.15)	0.00	0.00	2.57	(3.00)	11.56
NGCAX	1.12	(0.04)	0.00	(0.03)	0.00	0.00	2.15	(2.20)	9.32
EVCGX	1.11	(0.02)	(0.04)	0.02	1.49	(1.12)	2.30	(2.28)	8.85

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