Needham Small Correlations

NESIX Fund

USD 25.61 0.11 0.43%

The current 90-days correlation between Needham Small Cap and Small Pany Fund is 0.84 (i.e., Very poor 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

Almost no diversification

The correlation between Needham Small Cap and DJI is 0.93 (i.e., Almost no 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 gross domestic product.

Moving together with Needham Mutual Fund

0.99	NEAIX	Needham Aggressive Growth	Pair Corr
0.99	NEAGX	Needham Aggressive Growth	Pair Corr
0.98	NEEGX	Needham Growth	Pair Corr
0.97	NEEIX	Needham Growth	Pair Corr
1.0	NESGX	Needham Small Cap	Pair Corr
0.98	VSMAX	Vanguard Small Cap	Pair Corr
0.98	VSCIX	Vanguard Small Cap	Pair Corr
0.98	VSCPX	Vanguard Small Cap	Pair Corr
0.98	NAESX	Vanguard Small Cap	Pair Corr
0.97	FSSNX	Fidelity Small Cap	Pair Corr
0.98	DFSTX	Us Small Cap	Pair Corr
0.95	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.95	FTHNX	Fuller Thaler Behavioral	Pair Corr
0.89	PASVX	T Rowe Price	Pair Corr
0.83	PRVIX	T Rowe Price	Pair Corr
0.83	VTSAX	Vanguard Total Stock	Pair Corr
0.78	VFIAX	Vanguard 500 Index	Pair Corr
0.82	VTSMX	Vanguard Total Stock	Pair Corr
0.82	VSMPX	Vanguard Total Stock	Pair Corr
0.83	VSTSX	Vanguard Total Stock	Pair Corr
0.82	VITSX	Vanguard Total Stock	Pair Corr
0.93	VTIAX	Vanguard Total Inter	Pair Corr
0.78	VFINX	Vanguard 500 Index	Pair Corr
0.79	VFFSX	Vanguard 500 Index	Pair Corr
0.68	VBTLX	Vanguard Total Bond	Pair Corr
0.9	JSIIX	Jpmorgan Smartretirement	Pair Corr
0.93	RITAX	American High Income	Pair Corr
0.9	UEMPX	Ubs Emerging Markets	Pair Corr
0.92	CPXFX	Cohen Steers Preferred	Pair Corr
0.71	SCJAX	Steward Ered Call	Pair Corr
0.93	RTNSX	Tax-managed International	Pair Corr
0.95	RWIFX	Capital World Growth	Pair Corr
0.86	PSRCX	Pioneer Strategic Income	Pair Corr
0.87	AAAIX	Strategic Allocation:	Pair Corr
0.78	GCEAX	Ab Global E	Pair Corr
0.93	RCMTX	American Funds 2055	Pair Corr
0.83	TWTIX	Intermediate Term Tax	Pair Corr
0.86	CLDZX	Columbia Limited Duration	Pair Corr
0.94	RFFTX	American Funds 2035	Pair Corr

Related Correlations Analysis

	NEEGX	MECDX	MRLTX	JNVSX	AMIDX	AMDWX	DUNK	ICPAX	WSBFX	ASQIX
NEEGX		0.79	0.7	0.81	0.97	0.97	-0.8	0.85	0.79	0.92	NEEGX
MECDX	0.79		0.83	0.79	0.79	0.79	-0.44	0.46	0.85	0.92	MECDX
MRLTX	0.7	0.83		0.73	0.78	0.78	-0.42	0.37	0.98	0.82	MRLTX
JNVSX	0.81	0.79	0.73		0.78	0.78	-0.48	0.52	0.79	0.91	JNVSX
AMIDX	0.97	0.79	0.78	0.78		1.0	-0.8	0.83	0.86	0.9	AMIDX
AMDWX	0.97	0.79	0.78	0.78	1.0		-0.8	0.83	0.86	0.9	AMDWX
DUNK	-0.8	-0.44	-0.42	-0.48	-0.8	-0.8		-0.91	-0.55	-0.61	DUNK
ICPAX	0.85	0.46	0.37	0.52	0.83	0.83	-0.91		0.51	0.64	ICPAX
WSBFX	0.79	0.85	0.98	0.79	0.86	0.86	-0.55	0.51		0.88	WSBFX
ASQIX	0.92	0.92	0.82	0.91	0.9	0.9	-0.61	0.64	0.88		ASQIX
	NEEGX	MECDX	MRLTX	JNVSX	AMIDX	AMDWX	DUNK	ICPAX	WSBFX	ASQIX

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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

AMDWX	+ 1.0	AMIDX
WSBFX	+ 0.98	MRLTX
AMIDX	+ 0.97	NEEGX
AMDWX	+ 0.97	NEEGX
ASQIX	+ 0.92	NEEGX
ASQIX	+ 0.92	MECDX

High negative correlations

ICPAX	- 0.91	DUNK
DUNK	- 0.8	AMDWX
DUNK	- 0.8	AMIDX
DUNK	- 0.8	NEEGX
ASQIX	- 0.61	DUNK
WSBFX	- 0.55	DUNK

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
NEEGX	1.26	0.27	0.19	0.26	1.25	(1.42)	2.60	(2.33)	6.67
MECDX	0.74	0.14	0.17	0.25	0.51	(0.91)	1.32	(1.11)	10.46
MRLTX	1.02	0.26	0.21	0.59	0.80	(1.20)	1.28	(1.84)	19.97
JNVSX	0.60	(0.01)	(0.03)	0.06	0.67	(0.76)	1.37	(1.30)	4.15
AMIDX	0.73	0.25	0.22	0.46	0.56	(0.82)	1.84	(1.40)	5.19
AMDWX	0.74	0.26	0.22	0.46	0.57	(0.82)	1.84	(1.41)	5.21
DUNK	0.84	(0.30)	0.00	(0.35)	0.00	0.00	1.50	(2.09)	5.11
ICPAX	0.86	0.22	0.16	0.41	0.82	(0.97)	2.17	(1.96)	4.11
WSBFX	0.44	0.14	0.18	0.46	0.00	(0.55)	0.90	(0.57)	8.26
ASQIX	0.80	0.08	0.10	0.14	0.71	(0.89)	2.22	(1.44)	5.23

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