Ultra Short Correlations

MUAIX Fund

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The current 90-days correlation between Ultra Short Income and Guidepath Managed Futures is -0.09 (i.e., Good diversification). The correlation of Ultra Short 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.

Ultra Short Correlation With Market

Very weak diversification

The correlation between Ultra Short Income and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Short Income 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 Ultra Short Income. 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 gross domestic product.

Moving together with Ultra Mutual Fund

0.69	TEMUX	Emerging Markets Equity	Pair Corr
0.66	DINDX	Global Fixed Income	Pair Corr
0.74	TIFUX	International Fixed	Pair Corr
0.65	TIIUX	Core Fixed Income	Pair Corr
0.74	TILUX	Inflation Linked Fixed	Pair Corr
0.67	MPFDX	Corporate Bond Portfolio	Pair Corr
0.73	MRHYX	Msift High Yield	Pair Corr
0.79	MSBQX	Morgan Stanley Insti	Pair Corr
0.78	MSBWX	Morgan Stanley Insti	Pair Corr
0.79	MSBVX	Morgan Stanley Insti	Pair Corr
0.65	MSACX	Active International	Pair Corr

Moving against Ultra Mutual Fund

0.85	MPAIX	Advantage Portfolio Class	Pair Corr
0.85	MADSX	Msif Advantage Port	Pair Corr
0.8	MACGX	Mid Cap Growth	Pair Corr
0.79	MMCGX	Mid Cap Growth	Pair Corr
0.79	MPEGX	Mid Cap Growth	Pair Corr
0.86	MAPPX	Advantage Portfolio Class	Pair Corr
0.85	MAPLX	Advantage Portfolio Class	Pair Corr
0.84	MSCMX	Morgan Stanley Multi	Pair Corr
0.78	MSCOX	Msif Small Pany	Pair Corr
0.63	MSEEX	Morgan Stanley European	Pair Corr

Related Correlations Analysis

	AMFAX	BPRIX	FIFGX	HIPAX	ABNOX	QCILIX	GPMFX
AMFAX		0.77	0.9	0.74	0.77	0.72	1.0	AMFAX
BPRIX	0.77		0.86	0.98	0.95	0.98	0.78	BPRIX
FIFGX	0.9	0.86		0.87	0.87	0.83	0.9	FIFGX
HIPAX	0.74	0.98	0.87		0.96	0.99	0.76	HIPAX
ABNOX	0.77	0.95	0.87	0.96		0.97	0.79	ABNOX
QCILIX	0.72	0.98	0.83	0.99	0.97		0.73	QCILIX
GPMFX	1.0	0.78	0.9	0.76	0.79	0.73		GPMFX
	AMFAX	BPRIX	FIFGX	HIPAX	ABNOX	QCILIX	GPMFX

Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra Short 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 Ultra Short'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
AMFAX	0.68	0.14	0.11	0.28	0.79	(0.79)	1.36	(1.47)	4.33
BPRIX	0.12	0.02	(0.34)	1.52	0.00	(0.15)	0.30	(0.20)	0.51
FIFGX	0.95	0.21	0.10	7.11	1.09	(1.04)	1.75	(1.68)	6.34
HIPAX	0.11	0.01	(0.47)	0.65	0.00	(0.14)	0.20	(0.19)	0.49
ABNOX	0.07	0.01	(0.65)	(0.32)	0.00	(0.11)	0.19	(0.10)	0.39
QCILIX	0.09	0.01	(0.59)	(1.23)	0.00	(0.10)	0.21	(0.16)	0.41
GPMFX	0.63	0.15	0.12	0.32	0.65	(0.73)	1.26	(1.32)	3.77

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