Icon Longshort Correlations

IOLZX Fund

USD 28.48 0.60 2.15%

The current 90-days correlation between Icon Longshort and Janus Global Technology is 0.22 (i.e., Modest diversification). The correlation of Icon Longshort 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.

Icon Longshort Correlation With Market

Very weak diversification

The correlation between Icon Longshort Fund and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Icon Longshort Fund 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 Icon Longshort Fund. 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 nation.

Moving together with Icon Mutual Fund

0.88	IOBAX	Icon Bond Fund	Pair Corr
0.85	IOBZX	Icon Bond Fund	Pair Corr
0.93	IOEZX	Icon Equity Income	Pair Corr
0.97	ISTAX	Icon Longshort	Pair Corr
0.98	ICBAX	Icon Natural Resources	Pair Corr
0.98	ICBMX	Icon Natural Resources	Pair Corr
0.99	ICFAX	Icon Financial	Pair Corr
0.99	ICFSX	Icon Financial	Pair Corr
0.98	ICTEX	Icon Information Tec	Pair Corr
0.98	ICTTX	Icon Information Tec	Pair Corr
0.94	IEQAX	Icon Equity Income	Pair Corr
0.62	VEXAX	Vanguard Extended Market	Pair Corr
0.62	VEMPX	Vanguard Extended Market	Pair Corr
0.62	VIEIX	Vanguard Extended Market	Pair Corr
0.66	VSEMX	Vanguard Extended Market	Pair Corr
0.76	FSMDX	Fidelity Mid Cap	Pair Corr
0.82	PMPIX	Precious Metals Ultr	Pair Corr
0.81	PMPSX	Precious Metals Ultr	Pair Corr
0.87	FGPMX	Franklin Gold And Potential Growth	Pair Corr
0.83	FRGOX	Franklin Gold Precious Potential Growth	Pair Corr
0.85	MIDSX	Midas Fund Midas	Pair Corr
0.82	FIJDX	Gold Portfolio Fidelity	Pair Corr
0.9	DHTYX	Diamond Hill All	Pair Corr
0.88	AAINX	Thrivent Opportunity	Pair Corr
0.9	THMGX	Thornburg Investment	Pair Corr
0.75	ALBAX	Alger Growth Income	Pair Corr
0.84	VESIX	Vanguard European Stock	Pair Corr
0.87	OCMGX	Ocm Mutual Fund	Pair Corr
0.86	ROFIX	Royce Opportunity	Pair Corr
0.67	FSELX	Fidelity Select Semi	Pair Corr
0.65	MFQTX	Amg Fq Tax	Pair Corr

Moving against Icon Mutual Fund

0.71	ICTVX	Icon Utilities	Pair Corr
0.71	ICTUX	Icon Utilities And	Pair Corr

Related Correlations Analysis

	JNGTX	TOWTX	ICTEX	BIPIX	ROGSX	WFSTX
JNGTX		0.76	0.82	0.65	0.11	0.65	JNGTX
TOWTX	0.76		0.76	0.55	0.51	0.36	TOWTX
ICTEX	0.82	0.76		0.82	0.09	0.48	ICTEX
BIPIX	0.65	0.55	0.82		-0.01	0.29	BIPIX
ROGSX	0.11	0.51	0.09	-0.01		-0.18	ROGSX
WFSTX	0.65	0.36	0.48	0.29	-0.18		WFSTX
	JNGTX	TOWTX	ICTEX	BIPIX	ROGSX	WFSTX

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

ICTEX	+ 0.82	JNGTX
BIPIX	+ 0.82	ICTEX
TOWTX	+ 0.76	JNGTX
ICTEX	+ 0.76	TOWTX
BIPIX	+ 0.65	JNGTX
WFSTX	+ 0.65	JNGTX

High negative correlations

WFSTX	- 0.18	ROGSX
ROGSX	- 0.01	BIPIX

Risk-Adjusted Indicators

There is a big difference between Icon Mutual Fund performing well and Icon Longshort 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 Icon Longshort'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
JNGTX	1.20	0.19	0.12	0.24	1.26	(1.27)	2.42	(2.70)	19.25
TOWTX	0.72	(0.05)	(0.06)	0.02	0.93	(0.75)	1.59	(1.33)	3.75
ICTEX	1.39	0.35	0.28	0.30	0.92	(1.76)	1.85	(2.32)	30.28
BIPIX	1.66	0.28	0.14	0.29	1.67	(1.75)	4.26	(2.97)	10.99
ROGSX	1.04	(0.14)	0.00	(0.05)	0.00	0.00	1.81	(2.46)	9.27
WFSTX	1.18	0.23	0.09	(0.69)	1.13	(1.38)	1.69	(2.65)	20.70

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