Matthews Asia Correlations

MITEX Fund

USD 17.15 0.05 0.29%

The current 90-days correlation between Matthews Asia Innovators and Payson Total Return is 0.83 (i.e., Very poor diversification). The correlation of Matthews Asia 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.

Matthews Asia Correlation With Market

Significant diversification

The correlation between Matthews Asia Innovators and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Matthews Asia Innovators 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 Matthews Asia Innovators. 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 american community survey.

Moving together with Matthews Mutual Fund

0.78	PNSIX	T Rowe Price	Pair Corr
0.67	PRASX	T Rowe Price	Pair Corr
0.83	TRZNX	T Rowe Price	Pair Corr
0.76	FSEAX	Fidelity Emerging Asia	Pair Corr
0.67	MAPTX	Matthews Pacific Tiger	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.61	BA	Boeing	Pair Corr

Moving against Matthews Mutual Fund

0.72	JNJ	Johnson Johnson	Pair Corr
0.7	CSCO	Cisco Systems	Pair Corr
0.66	DD	Dupont De Nemours	Pair Corr
0.62	TRV	The Travelers Companies	Pair Corr
0.61	MRK	Merck Company	Pair Corr
0.5	CAT	Caterpillar	Pair Corr
0.48	WMT	Walmart Common Stock	Pair Corr
0.41	BAC	Bank of America	Pair Corr
0.38	CEE	Central Europe Russia	Pair Corr
0.38	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	PBFDX	HFCVX	AUUCX	CAMOX	FWRLX	MSSMX	MSSGX	DISMX	LEAOX	EXBAX
PBFDX		0.47	0.54	0.37	0.14	-0.3	-0.3	0.29	0.48	0.39	PBFDX
HFCVX	0.47		0.78	0.71	-0.22	-0.64	-0.65	0.49	0.41	0.78	HFCVX
AUUCX	0.54	0.78		0.72	-0.23	-0.41	-0.41	0.62	0.36	0.74	AUUCX
CAMOX	0.37	0.71	0.72		-0.46	-0.47	-0.48	0.62	0.58	0.93	CAMOX
FWRLX	0.14	-0.22	-0.23	-0.46		0.63	0.63	0.13	0.06	-0.39	FWRLX
MSSMX	-0.3	-0.64	-0.41	-0.47	0.63		1.0	0.17	-0.06	-0.49	MSSMX
MSSGX	-0.3	-0.65	-0.41	-0.48	0.63	1.0		0.17	-0.06	-0.5	MSSGX
DISMX	0.29	0.49	0.62	0.62	0.13	0.17	0.17		0.56	0.67	DISMX
LEAOX	0.48	0.41	0.36	0.58	0.06	-0.06	-0.06	0.56		0.59	LEAOX
EXBAX	0.39	0.78	0.74	0.93	-0.39	-0.49	-0.5	0.67	0.59		EXBAX
	PBFDX	HFCVX	AUUCX	CAMOX	FWRLX	MSSMX	MSSGX	DISMX	LEAOX	EXBAX

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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

MSSGX	+ 1.0	MSSMX
EXBAX	+ 0.93	CAMOX
AUUCX	+ 0.78	HFCVX
EXBAX	+ 0.78	HFCVX
EXBAX	+ 0.74	AUUCX
CAMOX	+ 0.72	AUUCX

High negative correlations

MSSGX	- 0.65	HFCVX
MSSMX	- 0.64	HFCVX
EXBAX	- 0.5	MSSGX
EXBAX	- 0.49	MSSMX
MSSGX	- 0.48	CAMOX
MSSMX	- 0.47	CAMOX

Risk-Adjusted Indicators

There is a big difference between Matthews Mutual Fund performing well and Matthews Asia 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 Matthews Asia'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
PBFDX	0.76	0.04	(0.01)	1.51	1.03	(0.80)	1.43	(1.99)	4.75
HFCVX	0.57	0.07	0.06	0.17	0.60	(0.61)	1.21	(0.95)	7.46
AUUCX	0.64	0.15	0.11	(8.30)	0.61	(0.72)	1.22	(1.00)	9.13
CAMOX	1.07	0.40	0.53	0.46	0.00	(1.45)	1.54	(0.93)	28.12
FWRLX	0.75	(0.13)	0.00	(0.10)	0.00	0.00	1.07	(1.52)	6.84
MSSMX	1.66	(0.32)	0.00	(0.11)	0.00	0.00	2.85	(3.94)	9.51
MSSGX	1.62	(0.31)	0.00	(0.12)	0.00	0.00	2.89	(3.80)	9.56
DISMX	0.58	(0.02)	(0.04)	0.03	0.75	(0.58)	1.05	(1.17)	2.61
LEAOX	0.64	0.05	0.04	0.13	0.67	(0.75)	1.63	(1.00)	3.52
EXBAX	0.33	0.07	0.09	0.27	0.06	(0.42)	0.66	(0.51)	4.11

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