Needham Small Correlations

NESIX Fund

USD 24.40 0.50 2.01%

The current 90-days correlation between Needham Small Cap and Nuveen Equity Longshort is 0.58 (i.e., Very weak diversification). The correlation of Needham Small 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.

Needham Small Correlation With Market

Very poor diversification

The correlation between Needham Small Cap and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Needham Small Cap 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 Needham Small Cap. 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 employment.

Moving together with Needham Mutual Fund

0.98	NEAIX	Needham Aggressive Growth	Pair Corr
0.98	NEAGX	Needham Aggressive Growth	Pair Corr
0.96	NEEGX	Needham Growth	Pair Corr
1.0	NESGX	Needham Small Cap Potential Growth	Pair Corr
0.92	VSMAX	Vanguard Small Cap	Pair Corr
0.92	VSCIX	Vanguard Small Cap	Pair Corr
0.92	VSCPX	Vanguard Small Cap	Pair Corr
0.92	NAESX	Vanguard Small Cap	Pair Corr
0.95	FSSNX	Fidelity Small Cap	Pair Corr
0.9	DFSTX	Us Small Cap	Pair Corr
0.88	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.88	FTHNX	Fuller Thaler Behavioral	Pair Corr
0.77	PASVX	T Rowe Price	Pair Corr
0.71	PRVIX	T Rowe Price	Pair Corr
0.79	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.81	RYVLX	Nasdaq 100 2x	Pair Corr
0.76	UOPIX	Ultra Nasdaq 100	Pair Corr
0.79	RYCCX	Nasdaq 100 2x	Pair Corr
0.62	UOPSX	Ultranasdaq 100 Profund	Pair Corr
0.64	DGLAX	Global Stock	Pair Corr
0.82	PZVIX	Pzena International Small	Pair Corr
0.78	CAXAX	Catalystmap Global Equity	Pair Corr
0.7	PYAIX	Payden Absolute Return	Pair Corr
0.79	USCAX	Small Cap Stock	Pair Corr
0.75	ACGGX	Global Gold Fund	Pair Corr
0.79	ETMGX	Eaton Vance Tax	Pair Corr
0.67	FWBCX	American Funds Capital	Pair Corr
0.82	RGNEX	American Funds Growth	Pair Corr
0.89	VESGX	Vanguard Global Esg	Pair Corr
0.84	TRATX	T Rowe Price	Pair Corr
0.84	VFIAX	Vanguard 500 Index	Pair Corr
0.9	OGGFX	Jpmorgan Small Cap	Pair Corr
0.88	CPXAX	Cohen Steers Preferd	Pair Corr

Related Correlations Analysis

	PVIVX	POGSX	CFIMX	MSD	WMKSX	TRRTX	CBLSX	KF	NELCX
PVIVX		0.53	0.57	0.54	0.42	0.51	0.45	0.43	0.5	PVIVX
POGSX	0.53		0.89	0.92	0.88	0.95	0.89	0.9	0.9	POGSX
CFIMX	0.57	0.89		0.86	0.92	0.91	0.94	0.75	0.9	CFIMX
MSD	0.54	0.92	0.86		0.91	0.94	0.91	0.9	0.91	MSD
WMKSX	0.42	0.88	0.92	0.91		0.93	1.0	0.8	0.92	WMKSX
TRRTX	0.51	0.95	0.91	0.94	0.93		0.94	0.89	0.94	TRRTX
CBLSX	0.45	0.89	0.94	0.91	1.0	0.94		0.8	0.93	CBLSX
KF	0.43	0.9	0.75	0.9	0.8	0.89	0.8		0.81	KF
NELCX	0.5	0.9	0.9	0.91	0.92	0.94	0.93	0.81		NELCX
	PVIVX	POGSX	CFIMX	MSD	WMKSX	TRRTX	CBLSX	KF	NELCX

Risk-Adjusted Indicators

There is a big difference between Needham Mutual Fund performing well and Needham Small 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 Needham Small'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
PVIVX	1.07	(0.10)	0.00	(0.03)	0.00	0.00	2.51	(3.07)	8.67
POGSX	0.63	0.06	0.07	0.11	0.68	(0.67)	1.24	(1.38)	3.39
CFIMX	0.67	0.13	0.15	0.18	0.58	(0.74)	1.61	(1.09)	3.69
MSD	0.39	0.06	0.07	0.22	0.27	(0.49)	1.07	(0.69)	2.21
WMKSX	1.31	0.47	0.39	0.73	0.60	(1.71)	2.19	(1.76)	29.70
TRRTX	0.24	0.04	0.06	0.16	0.00	(0.32)	0.45	(0.42)	3.21
CBLSX	0.78	0.24	0.30	0.41	0.32	(1.00)	1.54	(1.02)	14.41
KF	1.41	0.44	0.27	0.53	1.22	(1.62)	3.97	(2.82)	7.52
NELCX	0.48	0.03	0.02	0.10	0.59	(0.48)	0.86	(1.12)	4.64

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Needham Small Correlations

Needham Small Correlation With Market

Very poor diversification

Moving together with Needham Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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