Matthews Asia Correlations

MSMLX Fund

USD 29.22 0.20 0.68%

The current 90-days correlation between Matthews Asia Small and VistaShares Target 15 is 0.24 (i.e., Modest 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

Poor diversification

The correlation between Matthews Asia Small and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Matthews Asia Small 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 Small. 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 board of governors.

Moving together with Matthews Mutual Fund

0.97	MPACX	Matthews Asia Growth	Pair Corr
0.96	MAPTX	Matthews Pacific Tiger	Pair Corr
0.98	MAPIX	Matthews Asia Dividend	Pair Corr
0.99	MASGX	Matthews Asia Esg	Pair Corr
0.96	MATFX	Matthews Asia Innovators	Pair Corr
0.97	MCSMX	Matthews China Small	Pair Corr
0.98	MEGMX	Matthews Emerging Markets	Pair Corr
0.97	MIAPX	Matthews Asia Growth	Pair Corr
0.97	MICHX	Matthews China Small	Pair Corr
0.98	MIEFX	Matthews Emerging Markets	Pair Corr
0.94	MIJFX	Matthews Japan	Pair Corr
0.98	MIPIX	Matthews Asia Dividend	Pair Corr
0.94	MIPTX	Matthews Pacific Tiger	Pair Corr
0.96	MITEX	Matthews Asia Innovators	Pair Corr
0.99	MISFX	Matthews Asia Esg	Pair Corr
1.0	MISMX	Matthews Asia Small	Pair Corr
0.94	MJFOX	Matthews Japan	Pair Corr
0.96	VEMAX	Vanguard Emerging Markets	Pair Corr
0.96	VEIEX	Vanguard Emerging Markets	Pair Corr
0.96	VEMIX	Vanguard Emerging Markets	Pair Corr
0.95	VEMRX	Vanguard Emerging Markets	Pair Corr
0.95	NEWFX	New World Fund	Pair Corr
0.95	NWFFX	New World Fund	Pair Corr
0.95	NEWCX	New World Fund	Pair Corr
0.88	FWWNX	American Funds New	Pair Corr
0.88	FNFWX	American Funds New	Pair Corr

Related Correlations Analysis

	HEMZX	HIEMX	MICFX	PEDIX	MSIQX	HESAX	BUFSX	PRCNX	OISGX	OMAH
HEMZX		1.0	0.83	0.16	-0.57	0.64	0.82	0.75	0.76	-0.11	HEMZX
HIEMX	1.0		0.83	0.16	-0.57	0.63	0.83	0.75	0.76	-0.11	HIEMX
MICFX	0.83	0.83		-0.11	-0.48	0.71	0.82	0.55	0.82	-0.21	MICFX
PEDIX	0.16	0.16	-0.11		0.1	-0.23	0.1	0.2	-0.04	0.02	PEDIX
MSIQX	-0.57	-0.57	-0.48	0.1		-0.3	-0.59	-0.9	-0.52	0.01	MSIQX
HESAX	0.64	0.63	0.71	-0.23	-0.3		0.55	0.32	0.68	0.11	HESAX
BUFSX	0.82	0.83	0.82	0.1	-0.59	0.55		0.73	0.95	-0.15	BUFSX
PRCNX	0.75	0.75	0.55	0.2	-0.9	0.32	0.73		0.62	0.05	PRCNX
OISGX	0.76	0.76	0.82	-0.04	-0.52	0.68	0.95	0.62		-0.13	OISGX
OMAH	-0.11	-0.11	-0.21	0.02	0.01	0.11	-0.15	0.05	-0.13		OMAH
	HEMZX	HIEMX	MICFX	PEDIX	MSIQX	HESAX	BUFSX	PRCNX	OISGX	OMAH

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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

HIEMX	+ 1.0	HEMZX
OISGX	+ 0.95	BUFSX
MICFX	+ 0.83	HEMZX
MICFX	+ 0.83	HIEMX
BUFSX	+ 0.83	HIEMX
BUFSX	+ 0.82	HEMZX

High negative correlations

PRCNX	- 0.9	MSIQX
BUFSX	- 0.59	MSIQX
MSIQX	- 0.57	HIEMX
MSIQX	- 0.57	HEMZX
OISGX	- 0.52	MSIQX
MSIQX	- 0.48	MICFX

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
HEMZX	0.57	0.02	(0.02)	0.11	0.69	(0.64)	1.25	(1.38)	3.38
HIEMX	0.56	0.02	(0.02)	0.12	0.70	(0.62)	1.19	(1.43)	3.34
MICFX	0.77	(0.02)	(0.04)	0.05	0.93	(0.79)	1.48	(1.60)	5.00
PEDIX	0.62	0.04	(0.03)	0.41	0.76	(0.64)	1.28	(1.08)	3.53
MSIQX	1.51	(0.66)	0.00	(0.36)	0.00	0.00	1.31	(1.31)	46.86
HESAX	0.52	(0.01)	(0.05)	0.06	0.66	(0.54)	0.91	(1.19)	3.71
BUFSX	0.80	0.01	0.02	0.09	0.78	(0.96)	1.98	(1.49)	5.16
PRCNX	0.61	0.37	0.59	1.49	0.00	(0.84)	1.17	(0.69)	12.21
OISGX	0.89	0.01	0.02	0.09	0.93	(1.09)	1.61	(1.75)	5.77
OMAH	0.43	(0.02)	(0.11)	0.03	0.56	(0.42)	0.82	(1.03)	2.51

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