Sp Midcap Correlations

MIDKX Fund

USD 26.55 0.04 0.15%

The current 90-days correlation between Sp Midcap Index and Biotechnology Ultrasector Profund is 0.35 (i.e., Weak diversification). The correlation of Sp Midcap 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.

Sp Midcap Correlation With Market

Almost no diversification

The correlation between Sp Midcap Index and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sp Midcap Index 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 Sp Midcap Index. 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 MIDKX Mutual Fund

0.97	EMSLX	Shelton Emerging Markets	Pair Corr
0.97	EMSQX	Shelton Emerging Markets	Pair Corr
0.78	NQQQX	Shelton Funds	Pair Corr
0.83	NASDX	Nasdaq 100 Index	Pair Corr
0.91	EQTKX	Shelton E Value	Pair Corr
0.92	EQTIX	Shelton E Value	Pair Corr
0.73	NEXIX	Shelton Green Alpha	Pair Corr
0.72	NEXTX	Shelton Green Alpha	Pair Corr
0.9	SISEX	Shelton International	Pair Corr
0.9	SISLX	Shelton International	Pair Corr
0.97	SMCIX	Sp Smallcap Index	Pair Corr
0.97	SMLKX	Sp Smallcap Index	Pair Corr
0.88	DEBTX	Shelton Tactical Credit	Pair Corr
0.88	DEBIX	Shelton Tactical Credit	Pair Corr
0.94	SPFIX	Sp 500 Index	Pair Corr
1.0	SPMIX	Sp Midcap Index	Pair Corr
0.94	SPXKX	Sp 500 Index	Pair Corr
0.94	VIMAX	Vanguard Mid Cap	Pair Corr
0.94	VIMSX	Vanguard Mid Cap	Pair Corr
0.94	VMCPX	Vanguard Mid Cap	Pair Corr
0.94	VMCIX	Vanguard Mid Cap	Pair Corr
0.92	VEXAX	Vanguard Extended Market	Pair Corr
0.92	VEMPX	Vanguard Extended Market	Pair Corr
0.92	VIEIX	Vanguard Extended Market	Pair Corr
0.89	VSEMX	Vanguard Extended Market	Pair Corr
0.92	VEXMX	Vanguard Extended Market	Pair Corr
0.96	FSMDX	Fidelity Mid Cap	Pair Corr
0.88	WHIAX	Ivy High Income	Pair Corr
0.89	IVHIX	Ivy High Income	Pair Corr
0.9	IHIFX	Ivy High Income	Pair Corr
0.89	WRHIX	Ivy High Income	Pair Corr
0.88	WHIYX	Ivy High Income	Pair Corr

Moving against MIDKX Mutual Fund

0.44	CAUKX	Us Government Securities	Pair Corr
0.75	ERH	Allspring Utilities And	Pair Corr

Related Correlations Analysis

	FRBRX	STPAX	MTCCX	ICTEX	TOWTX	BIPIX
FRBRX		0.78	0.82	0.79	0.74	0.92	FRBRX
STPAX	0.78		0.87	0.78	0.85	0.7	STPAX
MTCCX	0.82	0.87		0.72	0.78	0.68	MTCCX
ICTEX	0.79	0.78	0.72		0.82	0.83	ICTEX
TOWTX	0.74	0.85	0.78	0.82		0.73	TOWTX
BIPIX	0.92	0.7	0.68	0.83	0.73		BIPIX
	FRBRX	STPAX	MTCCX	ICTEX	TOWTX	BIPIX

Risk-Adjusted Indicators

There is a big difference between MIDKX Mutual Fund performing well and Sp Midcap 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 Sp Midcap'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
FRBRX	1.31	0.30	0.17	0.68	1.18	(1.50)	3.16	(2.25)	14.43
STPAX	1.16	0.19	0.10	0.57	1.11	(1.28)	1.84	(2.00)	23.81
MTCCX	1.57	0.43	0.22	1.18	1.17	(1.80)	2.42	(2.75)	37.31
ICTEX	1.44	0.43	0.38	0.40	0.67	(1.89)	1.90	(1.98)	30.28
TOWTX	0.76	(0.04)	(0.04)	0.05	0.97	(0.81)	1.65	(1.37)	4.99
BIPIX	1.93	0.25	0.11	0.29	2.05	(2.05)	4.29	(3.27)	10.98

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