Nhyax Correlations

NHYAX Fund

USD 7.17 0.01 0.14%

The current 90-days correlation between Nhyax and Alpsalerian Energy Infrastructure is -0.03 (i.e., Good diversification). The correlation of Nhyax 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.

Nhyax Correlation With Market

Very weak diversification

The correlation between Nhyax and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nhyax 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 Nhyax. 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 nation.

Moving together with Nhyax Mutual Fund

0.63	PHYZX	Prudential High Yield	Pair Corr
0.67	OEPIX	Oil Equipment Services	Pair Corr
0.67	OEPSX	Oil Equipment Services	Pair Corr
0.8	SINYX	Stet Intermediate Term	Pair Corr
0.66	FSTAX	Fidelity Advisor Str	Pair Corr
0.69	TFBAX	American Beacon Twen	Pair Corr
0.62	NAPIX	Voya Multi Manager	Pair Corr
0.63	GLNJX	Mfs Global New	Pair Corr
0.63	MQLKX	Mfs Limited Maturity	Pair Corr
0.82	RMTCX	Columbia Minnesota Tax	Pair Corr
0.82	SSMMX	Western Asset Managed	Pair Corr
0.64	FHREX	Fidelity Freedom Blend	Pair Corr
0.8	SMAAX	Aig Government Money	Pair Corr
0.66	EPIBX	Europac International	Pair Corr
0.65	ASIJX	Strategic Income	Pair Corr
0.62	MACVX	Mfs Servative Allocation	Pair Corr

Moving against Nhyax Mutual Fund

0.52

CISGX

Touchstone Sands Capital

Pair Corr

Related Correlations Analysis

	FRNRX	NEXTX	HNRGX	GMOWX	FSLEX	XEMOX	RYEIX	ALEFX
FRNRX		0.94	0.95	0.99	0.9	0.88	0.92	0.87	FRNRX
NEXTX	0.94		0.92	0.95	0.9	0.83	0.9	0.78	NEXTX
HNRGX	0.95	0.92		0.97	0.84	0.95	0.99	0.81	HNRGX
GMOWX	0.99	0.95	0.97		0.87	0.9	0.95	0.83	GMOWX
FSLEX	0.9	0.9	0.84	0.87		0.82	0.81	0.88	FSLEX
XEMOX	0.88	0.83	0.95	0.9	0.82		0.96	0.8	XEMOX
RYEIX	0.92	0.9	0.99	0.95	0.81	0.96		0.76	RYEIX
ALEFX	0.87	0.78	0.81	0.83	0.88	0.8	0.76		ALEFX
	FRNRX	NEXTX	HNRGX	GMOWX	FSLEX	XEMOX	RYEIX	ALEFX

Risk-Adjusted Indicators

There is a big difference between Nhyax Mutual Fund performing well and Nhyax 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 Nhyax'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
FRNRX	0.99	0.29	0.18	0.45	1.13	(1.12)	2.06	(2.31)	6.50
NEXTX	0.84	0.02	0.02	0.08	1.03	(0.90)	1.64	(1.92)	4.49
HNRGX	1.00	0.22	0.15	0.51	0.90	(1.10)	2.40	(1.67)	5.75
GMOWX	1.07	0.24	0.15	0.33	1.24	(1.17)	2.52	(2.44)	7.24
FSLEX	0.77	0.04	0.03	0.10	1.07	(0.74)	1.37	(1.96)	5.01
XEMOX	0.74	0.22	0.19	21.07	0.59	(0.90)	1.61	(1.25)	3.85
RYEIX	1.08	0.21	0.15	0.45	1.05	(1.24)	2.69	(1.90)	5.17
ALEFX	1.00	0.48	0.48	1.41	0.00	(1.26)	1.89	(1.03)	19.46

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