Power Momentum Correlations

MOJCX Fund

USD 14.15 0.12 0.84%

The current 90-days correlation between Power Momentum Index and Multimanager Lifestyle Moderate is 0.74 (i.e., Poor diversification). The correlation of Power Momentum 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.

Power Momentum Correlation With Market

Very poor diversification

The correlation between Power Momentum Index 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 Power Momentum 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 Power Momentum 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 main economic indicators.

Moving together with Power Mutual Fund

1.0	MOJAX	Power Momentum Index	Pair Corr
1.0	MOJOX	Power Momentum Index	Pair Corr
0.84	FLOTX	Power Floating Rate	Pair Corr
0.95	GTAAX	Power Global Tactical	Pair Corr
0.95	GTAIX	Power Global Tactical	Pair Corr
0.93	PWDAX	Power Dividend Index	Pair Corr
0.93	PWDCX	Power Dividend Index	Pair Corr
0.93	PWDIX	Power Dividend Index	Pair Corr
0.97	VTSAX	Vanguard Total Stock	Pair Corr
0.96	VFIAX	Vanguard 500 Index	Pair Corr
0.97	VTSMX	Vanguard Total Stock	Pair Corr
0.97	VSMPX	Vanguard Total Stock	Pair Corr
0.97	VSTSX	Vanguard Total Stock	Pair Corr
0.97	VITSX	Vanguard Total Stock	Pair Corr
0.96	VFINX	Vanguard 500 Index	Pair Corr
0.96	VFFSX	Vanguard 500 Index	Pair Corr
0.94	WWLAX	Westwood Largecap Value	Pair Corr
0.74	PGAIX	Pimco Global Multi	Pair Corr
0.81	AMECX	Income Fund	Pair Corr
0.95	RGRYX	Victory Rs Growth	Pair Corr
0.98	VSEQX	Vanguard Strategic Equity	Pair Corr
0.85	SRORX	Calamos Antetokounmpo	Pair Corr

Moving against Power Mutual Fund

0.51	PAUPX	Pimco All Asset	Pair Corr
0.49	PAUIX	Pimco All Asset	Pair Corr

Related Correlations Analysis

	JALMX	TSMLX	BIMPX	MODRX	CMACX	ASAMX	FRTCX	RERPX
JALMX		0.95	0.97	0.38	0.96	0.83	0.98	0.92	JALMX
TSMLX	0.95		0.93	0.22	0.97	0.89	0.93	0.92	TSMLX
BIMPX	0.97	0.93		0.38	0.93	0.8	0.95	0.89	BIMPX
MODRX	0.38	0.22	0.38		0.24	-0.02	0.3	0.4	MODRX
CMACX	0.96	0.97	0.93	0.24		0.92	0.94	0.86	CMACX
ASAMX	0.83	0.89	0.8	-0.02	0.92		0.83	0.67	ASAMX
FRTCX	0.98	0.93	0.95	0.3	0.94	0.83		0.9	FRTCX
RERPX	0.92	0.92	0.89	0.4	0.86	0.67	0.9		RERPX
	JALMX	TSMLX	BIMPX	MODRX	CMACX	ASAMX	FRTCX	RERPX

Click cells to compare fundamentals

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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

FRTCX	+ 0.98	JALMX
BIMPX	+ 0.97	JALMX
CMACX	+ 0.97	TSMLX
CMACX	+ 0.96	JALMX
TSMLX	+ 0.95	JALMX
FRTCX	+ 0.95	BIMPX

High negative correlations

ASAMX

- 0.02

MODRX

Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Momentum 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 Power Momentum'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
JALMX	0.24	(0.02)	(0.31)	0.04	0.26	(0.27)	0.48	(0.55)	1.28
TSMLX	0.33	(0.04)	(0.22)	0.03	0.41	(0.36)	0.74	(0.66)	2.00
BIMPX	0.25	(0.02)	(0.30)	0.03	0.25	(0.37)	0.75	(0.60)	1.58
MODRX	0.29	(0.01)	(0.26)	0.08	0.27	(0.47)	0.72	(0.63)	1.52
CMACX	0.35	(0.03)	(0.19)	0.04	0.42	(0.36)	0.72	(0.71)	2.02
ASAMX	0.37	(0.01)	(0.14)	0.09	0.36	(0.44)	0.74	(0.74)	1.95
FRTCX	0.22	(0.01)	(0.31)	0.07	0.22	(0.24)	0.39	(0.48)	1.14
RERPX	0.26	(0.03)	(0.28)	0.02	0.31	(0.29)	0.55	(0.62)	1.57

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