Nicholas Correlations

NCLEX Fund

USD 33.07 0.07 0.21%

The current 90-days correlation between Nicholas Edition and Putnam Equity Income is 0.85 (i.e., Very poor diversification). The correlation of Nicholas 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.

Nicholas Correlation With Market

Very poor diversification

The correlation between Nicholas Ltd Edition and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nicholas Ltd Edition 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 Nicholas Ltd Edition. 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 income.

Moving together with Nicholas Mutual Fund

0.73	NSEIX	Nicholas Equity Income	Pair Corr
0.99	NCTWX	Nicholas Ii	Pair Corr
0.96	NICSX	Nicholas Fund	Pair Corr
1.0	NNLEX	Nicholas Edition	Pair Corr
0.99	NNTWX	Nicholas Ii	Pair Corr
0.97	VSGAX	Vanguard Small Cap	Pair Corr
0.97	VSGIX	Vanguard Small Cap	Pair Corr
0.97	VISGX	Vanguard Small Cap	Pair Corr
0.98	VEXPX	Vanguard Explorer	Pair Corr
0.98	VEXRX	Vanguard Explorer	Pair Corr
0.99	JGMIX	Janus Triton	Pair Corr
0.99	JGMRX	Janus Triton	Pair Corr
0.99	JGMAX	Janus Triton	Pair Corr
0.99	JGMCX	Janus Triton	Pair Corr
0.99	JGMNX	Janus Triton	Pair Corr
0.89	KMKCX	Kinetics Market Oppo Steady Growth	Pair Corr
0.91	KSCYX	Kinetics Small Cap Steady Growth	Pair Corr
0.9	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.9	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.9	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.91	KSOCX	Kinetics Small Cap Steady Growth	Pair Corr
0.89	KINCX	Kinetics Internet	Pair Corr
0.9	KSCOX	Kinetics Small Cap Steady Growth	Pair Corr
0.9	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.87	NML	Neuberger Berman Mlp	Pair Corr
0.72	ENPSX	Oil Gas Ultrasector	Pair Corr
0.79	GUMPX	Guggenheim Market Neutral	Pair Corr
0.99	RTSAX	Tax Managed Mid	Pair Corr
0.85	ACIPX	American Century Mid	Pair Corr
0.91	ABVCX	Ab Value Fund	Pair Corr
0.88	FXAIX	Fidelity 500 Index	Pair Corr
0.69	FFALX	Franklin Founding Funds	Pair Corr
0.84	FCNTX	Fidelity Contrafund	Pair Corr
0.93	AMGOX	Alger Mid Cap	Pair Corr

Related Correlations Analysis

	PEYAX	POGAX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP
PEYAX		0.93	-0.66	0.0	-0.16	0.69	0.65	0.01	-0.54	0.54	PEYAX
POGAX	0.93		-0.73	0.0	-0.2	0.7	0.64	-0.01	-0.46	0.49	POGAX
444859BR2	-0.66	-0.73		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.16	-0.2	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	BRRAY
MSTSX	0.69	0.7	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	MSTSX
LBHIX	0.65	0.64	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	LBHIX
ABHYX	0.01	-0.01	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	ABHYX
SCAXF	-0.54	-0.46	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	SCAXF
VIASP	0.54	0.49	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		VIASP
	PEYAX	POGAX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP

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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

POGAX	+ 0.93	PEYAX
MSTSX	+ 0.7	POGAX
MSTSX	+ 0.69	PEYAX
LBHIX	+ 0.67	MSTSX
LBHIX	+ 0.65	PEYAX
LBHIX	+ 0.64	POGAX

High negative correlations

VIASP	- 0.8	SCAXF
444859BR2	- 0.73	POGAX
444859BR2	- 0.66	PEYAX
LBHIX	- 0.54	444859BR2
SCAXF	- 0.54	PEYAX
MSTSX	- 0.53	444859BR2

Risk-Adjusted Indicators

There is a big difference between Nicholas Mutual Fund performing well and Nicholas 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 Nicholas' 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
PEYAX	0.49	(0.01)	(0.07)	0.10	0.40	(0.58)	0.95	(0.95)	3.16
POGAX	0.73	0.01	0.00	0.14	1.04	(0.71)	1.74	(2.25)	5.24
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18

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