Active International Correlations

MSACX Fund

USD 21.17 0.24 1.12%

The current 90-days correlation between Active International and Salient Tactical Growth is 0.78 (i.e., Poor diversification). The correlation of Active International 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.

Active International Correlation With Market

Very poor diversification

The correlation between Active International Allocatio and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Active International Allocatio 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 Active International Allocation. 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 unemployment.

Moving together with Active Mutual Fund

0.99	TEMUX	Emerging Markets Equity	Pair Corr
0.93	DINDX	Global Fixed Income	Pair Corr
0.67	MLMAX	Global E Portfolio	Pair Corr
0.66	MLMCX	Global E Portfolio	Pair Corr
0.64	MLMIX	Global E Portfolio	Pair Corr
0.65	MLMSX	Global E Portfolio	Pair Corr
0.94	THYUX	High Yield Fund	Pair Corr
0.86	TIFUX	International Fixed	Pair Corr
0.94	TIEUX	International Equity	Pair Corr
0.82	TIIUX	Core Fixed Income	Pair Corr
0.77	TILUX	Inflation Linked Fixed	Pair Corr
0.92	MPBAX	Global Strategist	Pair Corr
0.82	MPFDX	Corporate Bond Portfolio	Pair Corr
0.94	MRHYX	Msift High Yield	Pair Corr
0.93	MAIJX	Morgan Stanley Insti	Pair Corr
0.93	MAIHX	Morgan Stanley Insti	Pair Corr
0.77	MSBOX	Corporate Bond Portfolio	Pair Corr
0.93	MSAAX	Active International	Pair Corr
0.72	MSALX	International Advantage	Pair Corr
0.71	MSAQX	Asia Opportunity Por	Pair Corr
0.68	MSAWX	Asia Opportunity Por	Pair Corr
0.7	MSAUX	Asia Opportunity Por	Pair Corr

Moving against Active Mutual Fund

0.81	MPAIX	Advantage Portfolio Class Steady Growth	Pair Corr
0.81	MADSX	Msif Advantage Port Steady Growth	Pair Corr
0.63	MPEGX	Mid Cap Growth	Pair Corr
0.62	MMCGX	Mid Cap Growth	Pair Corr
0.59	MRGEX	Msif Emerging Markets	Pair Corr
0.56	MMKBX	Emerging Markets Por	Pair Corr
0.56	MMMPX	Msif Emerging Markets	Pair Corr
0.56	MACGX	Mid Cap Growth	Pair Corr
0.81	MAPLX	Advantage Portfolio Class Steady Growth	Pair Corr
0.78	MAPPX	Advantage Portfolio Class Steady Growth	Pair Corr
0.77	MSCOX	Msif Small Pany	Pair Corr
0.7	MSCMX	Morgan Stanley Multi	Pair Corr
0.69	MSEGX	Growth Portfolio Class	Pair Corr
0.67	MSECX	Msif Intl Equity	Pair Corr
0.61	MSELX	Emerging Markets Por	Pair Corr
0.34	MSEEX	Morgan Stanley European	Pair Corr

Related Correlations Analysis

	WAMFX	EPVIX	DSMLX	TPVIX	ACTIX	DNINX	TVSVX	TASCX	FTGWX
WAMFX		0.93	-0.43	0.76	0.56	0.44	0.83	0.72	0.8	WAMFX
EPVIX	0.93		-0.48	0.83	0.66	0.61	0.87	0.8	0.94	EPVIX
DSMLX	-0.43	-0.48		-0.75	-0.7	-0.71	-0.73	-0.8	-0.57	DSMLX
TPVIX	0.76	0.83	-0.75		0.78	0.76	0.95	0.97	0.91	TPVIX
ACTIX	0.56	0.66	-0.7	0.78		0.76	0.74	0.82	0.75	ACTIX
DNINX	0.44	0.61	-0.71	0.76	0.76		0.75	0.82	0.75	DNINX
TVSVX	0.83	0.87	-0.73	0.95	0.74	0.75		0.96	0.88	TVSVX
TASCX	0.72	0.8	-0.8	0.97	0.82	0.82	0.96		0.88	TASCX
FTGWX	0.8	0.94	-0.57	0.91	0.75	0.75	0.88	0.88		FTGWX
	WAMFX	EPVIX	DSMLX	TPVIX	ACTIX	DNINX	TVSVX	TASCX	FTGWX

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

TASCX	+ 0.97	TPVIX
TASCX	+ 0.96	TVSVX
TVSVX	+ 0.95	TPVIX
FTGWX	+ 0.94	EPVIX
EPVIX	+ 0.93	WAMFX
FTGWX	+ 0.91	TPVIX

High negative correlations

TASCX	- 0.8	DSMLX
TPVIX	- 0.75	DSMLX
TVSVX	- 0.73	DSMLX
DNINX	- 0.71	DSMLX
ACTIX	- 0.7	DSMLX
FTGWX	- 0.57	DSMLX

Risk-Adjusted Indicators

There is a big difference between Active Mutual Fund performing well and Active International 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 Active International'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
WAMFX	0.64	0.14	0.17	0.31	0.35	(0.83)	1.39	(0.95)	8.33
EPVIX	0.87	0.32	0.17	0.71	1.03	(0.96)	1.99	(1.86)	11.25
DSMLX	0.80	(0.11)	0.00	(0.09)	0.00	0.00	1.64	(2.24)	4.23
TPVIX	0.71	0.09	0.11	0.16	0.57	(0.90)	2.15	(1.22)	4.81
ACTIX	0.11	0.00	(0.36)	0.09	0.01	(0.19)	0.31	(0.21)	0.73
DNINX	0.75	0.12	0.05	0.23	1.72	(0.76)	1.46	(1.26)	9.91
TVSVX	0.78	0.19	0.24	0.27	0.41	(0.97)	1.89	(1.16)	7.48
TASCX	0.71	0.13	0.16	0.23	0.47	(0.84)	1.89	(1.16)	3.87
FTGWX	0.44	0.08	0.06	0.25	0.53	(0.44)	0.93	(0.93)	3.16

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