Madison Small Correlations

MASMX Fund

USD 10.48 0.00 0.00%

The current 90-days correlation between Madison Small Cap and Virtus Multi Sector Short is 0.12 (i.e., Average diversification). The correlation of Madison Small 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.

Madison Small Correlation With Market

Very poor diversification

The correlation between Madison Small Cap and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Madison Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Madison Small Cap. 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 Madison Mutual Fund

0.88	MMCRX	Madison Mid Cap	Pair Corr
0.85	BVAOX	Broadview Opportunity	Pair Corr
0.83	MSCIX	Madison Small Cap	Pair Corr
0.85	MSCRX	Madison Small Cap	Pair Corr
0.83	MDCIX	Madison Mid Cap	Pair Corr
0.61	MENYX	Madison Ered Call	Pair Corr
0.91	MERAX	Madison Mid Cap	Pair Corr
0.88	GTSGX	Madison Mid Cap	Pair Corr
0.89	VSMAX	Vanguard Small Cap	Pair Corr
0.72	VSCIX	Vanguard Small Cap	Pair Corr
0.89	VSCPX	Vanguard Small Cap	Pair Corr
0.89	NAESX	Vanguard Small Cap	Pair Corr
0.89	FSSNX	Fidelity Small Cap	Pair Corr
0.82	DFSTX	Us Small Cap	Pair Corr
0.8	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.76	FTHNX	Fuller Thaler Behavioral	Pair Corr

Related Correlations Analysis

	VMSSX	FTFZX	FUEMX	USDIX	GTAPX	ASCLX	SEMIX
VMSSX		0.89	0.96	0.94	-0.15	0.71	0.94	VMSSX
FTFZX	0.89		0.87	0.92	0.07	0.57	0.92	FTFZX
FUEMX	0.96	0.87		0.97	-0.13	0.71	0.96	FUEMX
USDIX	0.94	0.92	0.97		0.03	0.65	0.99	USDIX
GTAPX	-0.15	0.07	-0.13	0.03		-0.53	0.04	GTAPX
ASCLX	0.71	0.57	0.71	0.65	-0.53		0.62	ASCLX
SEMIX	0.94	0.92	0.96	0.99	0.04	0.62		SEMIX
	VMSSX	FTFZX	FUEMX	USDIX	GTAPX	ASCLX	SEMIX

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

SEMIX	+ 0.99	USDIX
USDIX	+ 0.97	FUEMX
FUEMX	+ 0.96	VMSSX
SEMIX	+ 0.96	FUEMX
USDIX	+ 0.94	VMSSX
SEMIX	+ 0.94	VMSSX

High negative correlations

ASCLX	- 0.53	GTAPX
GTAPX	- 0.15	VMSSX
GTAPX	- 0.13	FUEMX

Risk-Adjusted Indicators

There is a big difference between Madison Mutual Fund performing well and Madison Small 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 Madison Small'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VMSSX	0.07	0.01	(0.28)	0.60	(0.27)	0.22	(0.22)	0.66
FTFZX	0.04	0.00	(0.69)	0.00	(0.14)	0.10	(0.10)	0.39
FUEMX	0.02	0.00	0.00	0.05	0.00	0.00	0.00	0.30
USDIX	0.04	0.01	0.00	(0.46)	0.00	0.10	(0.10)	0.51
GTAPX	0.56	(0.18)	0.00	(0.41)	0.00	0.68	(0.63)	13.89
ASCLX	0.58	0.26	0.36	1.13	(0.75)	0.68	(0.58)	17.14
SEMIX	0.06	0.01	(0.55)	(0.50)	(0.26)	0.11	(0.11)	0.64

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