Muhlenkamp Fund Correlations

MUHLX Fund

USD 67.33 0.29 0.43%

The current 90-days correlation between Muhlenkamp Fund Inst and Third Avenue Value is 0.3 (i.e., Weak diversification). The correlation of Muhlenkamp Fund 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.

Muhlenkamp Fund Correlation With Market

Weak diversification

The correlation between Muhlenkamp Fund Institutional and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Muhlenkamp Fund Institutional 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 Muhlenkamp Fund Institutional. 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 bureau of economic analysis.

Moving together with Muhlenkamp Mutual Fund

0.87	VVIAX	Vanguard Value Index	Pair Corr
0.86	DOXGX	Dodge Cox Stock	Pair Corr
0.93	AFMFX	American Mutual	Pair Corr
0.93	FFMMX	American Funds American	Pair Corr
0.93	FFFMX	American Funds American	Pair Corr
0.93	AMRMX	American Mutual	Pair Corr
0.93	AMFFX	American Mutual	Pair Corr
0.93	AMFCX	American Mutual	Pair Corr
0.94	DODGX	Dodge Stock Fund	Pair Corr
0.87	VIVAX	Vanguard Value Index	Pair Corr
0.9	BIPIX	Biotechnology Ultrasector	Pair Corr
0.73	WVMRX	William Blair Mid	Pair Corr

Moving against Muhlenkamp Mutual Fund

0.47	ASFYX	Asg Managed Futures	Pair Corr
0.46	JMSFX	Jpmorgan Income	Pair Corr
0.43	AGVRX	Invesco Government	Pair Corr
0.36	TFBCX	American Beacon Twen	Pair Corr
0.35	HGOIX	Hartford Growth	Pair Corr
0.35	HGOVX	Hartford Growth	Pair Corr
0.34	HGOTX	Hartford Growth Oppo	Pair Corr
0.34	HGOSX	Hartford Growth	Pair Corr
0.65	AQMRX	Aqr Managed Futures	Pair Corr
0.64	RULFX	Rbc Ultra Short	Pair Corr
0.63	FISAX	Franklin Adjustable	Pair Corr
0.61	LUBAX	Lord Abbett Ultra	Pair Corr

Related Correlations Analysis

	TAVFX	MERDX	HRTVX	MPGFX	GABAX
TAVFX		0.19	0.59	0.67	0.71	TAVFX
MERDX	0.19		0.78	0.8	0.5	MERDX
HRTVX	0.59	0.78		0.92	0.85	HRTVX
MPGFX	0.67	0.8	0.92		0.81	MPGFX
GABAX	0.71	0.5	0.85	0.81		GABAX
	TAVFX	MERDX	HRTVX	MPGFX	GABAX

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Risk-Adjusted Indicators

There is a big difference between Muhlenkamp Mutual Fund performing well and Muhlenkamp Fund 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 Muhlenkamp Fund'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	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TAVFX	0.71	(0.22)	(0.53)	0.00	0.00	1.02	(1.67)	7.29
MERDX	0.71	0.01	0.05	0.97	(0.70)	1.36	(1.49)	6.96
HRTVX	0.90	(0.07)	(0.13)	0.00	0.00	1.67	(1.70)	12.15
MPGFX	0.63	(0.05)	(0.11)	0.00	0.00	1.17	(1.73)	6.44
GABAX	0.73	(0.23)	(0.36)	0.00	0.00	1.07	(0.96)	16.30

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