Nasdaq-100 Index Correlations

Mutual Funds . USA . 
Fund . Nasdaq 100 Index Fund
NASDX Fund  USD 39.75  0.65  1.66%   
The current 90-days correlation between Nasdaq 100 Index and Nasdaq 100 Index Fund is 0.71 (i.e., Poor diversification). The correlation of Nasdaq-100 Index 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.

Nasdaq-100 Index Correlation With Market

Very weak diversification

The correlation between Nasdaq 100 Index Fund and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund 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 Nasdaq 100 Index Fund. 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 Nasdaq-100 Mutual Fund

  0.63EMSLX Shelton Emerging MarketsPairCorr
  0.82NQQQX Shelton FundsPairCorr
  1.0NDXKX Nasdaq 100 IndexPairCorr
  0.86SMCIX Sp Smallcap IndexPairCorr
  0.86SMLKX Sp Smallcap IndexPairCorr
  0.91SPFIX Sp 500 IndexPairCorr
  0.73SPMIX Sp Midcap IndexPairCorr
  0.89SPXKX Sp 500 IndexPairCorr

Moving against Nasdaq-100 Mutual Fund

  0.58TFBCX American Beacon TwenPairCorr
  0.54RULFX Rbc Ultra ShortPairCorr
  0.47CBHAX Victory Cemp MarketPairCorr
  0.44PCARX Pimco Credit AbsolutePairCorr
  0.34CNEYX Alger Concentrated EquityPairCorr

Related Correlations Analysis

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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   
FNILX
+ 0.95
USNQX
VCNIX
+ 0.92
USNQX
FNILX
+ 0.85
VCNIX
PARWX
+ 0.72
VTWO
VTWO
+ 0.57
FNILX
VTWO
+ 0.43
USNQX
  
High negative correlations   
PARWX
- 0.32
VCNIX
PARWX
- 0.03
USNQX

Risk-Adjusted Indicators

There is a big difference between Nasdaq-100 Mutual Fund performing well and Nasdaq-100 Index 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 Nasdaq-100 Index'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.

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