Madison Covered Correlations

MENAX Fund

USD 8.96 0.05 0.55%

The current 90-days correlation between Madison Ered Call and Victory High Yield is 0.47 (i.e., Very weak diversification). The correlation of Madison Covered 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 Covered Correlation With Market

Weak diversification

The correlation between Madison Ered Call and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Madison Ered Call 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 Ered Call. 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 Madison Mutual Fund

0.77	JEPAX	Jpmorgan Research Equity	Pair Corr
0.77	JEPCX	Jpmorgan Research Equity	Pair Corr
0.76	JEPIX	Jpmorgan Equity Premium	Pair Corr
0.85	GSPKX	Goldman Sachs Equity	Pair Corr
0.85	GVIRX	Goldman Sachs Equity	Pair Corr
0.85	GSPAX	Goldman Sachs Equity	Pair Corr
0.85	GSPQX	Goldman Sachs Equity	Pair Corr
0.85	GSFPX	Goldman Sachs Equity	Pair Corr
0.85	GIDWX	Goldman Sachs Equity	Pair Corr
0.84	BMCIX	Blackrock High Equity	Pair Corr
0.69	XDSMX	Dreyfus Strategic	Pair Corr
0.7	XNXJX	Nuveen New Jersey	Pair Corr
0.74	PCF	Putnam High Income	Pair Corr
0.68	XNBHX	Neuberger Berman Int	Pair Corr
0.68	TRV	The Travelers Companies	Pair Corr
0.8	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.64	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.71	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.67	INTC	Intel Earnings Call Today	Pair Corr
0.79	AA	Alcoa Corp	Pair Corr

Moving against Madison Mutual Fund

0.7

Boeing Earnings Call This Week

Pair Corr

Related Correlations Analysis

	RHYKX	MRHYX	PRHYX	PBHAX	ARTFX	NHIEX
RHYKX		0.93	0.93	0.86	0.88	0.93	RHYKX
MRHYX	0.93		0.93	0.85	0.92	0.92	MRHYX
PRHYX	0.93	0.93		0.88	0.97	0.96	PRHYX
PBHAX	0.86	0.85	0.88		0.9	0.94	PBHAX
ARTFX	0.88	0.92	0.97	0.9		0.96	ARTFX
NHIEX	0.93	0.92	0.96	0.94	0.96		NHIEX
	RHYKX	MRHYX	PRHYX	PBHAX	ARTFX	NHIEX

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Risk-Adjusted Indicators

There is a big difference between Madison Mutual Fund performing well and Madison Covered 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 Covered'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
RHYKX	0.15	0.01	(0.04)	0.27	0.00	(0.28)	0.37	(0.18)	1.10
MRHYX	0.12	0.01	(0.05)	0.40	0.00	(0.15)	0.24	(0.24)	0.59
PRHYX	0.15	0.02	(0.02)	0.71	0.00	(0.27)	0.51	(0.34)	1.36
PBHAX	0.13	0.01	(0.07)	1.28	0.00	(0.29)	0.42	(0.21)	0.84
ARTFX	0.12	0.01	(0.06)	1.08	0.00	(0.18)	0.44	(0.22)	1.10
NHIEX	0.14	0.01	(0.05)	1.04	0.06	(0.21)	0.40	(0.26)	1.18

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