Nicholas Correlations

NNLEX Fund

USD 27.88 0.14 0.50%

The current 90-days correlation between Nicholas Edition and Global Diversified Income is 0.33 (i.e., Weak 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 weak diversification

The correlation between Nicholas Ltd Edition and DJI is 0.42 (i.e., Very weak 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

0.83	NSEIX	Nicholas Equity Income	Pair Corr
1.0	NCLEX	Nicholas Edition	Pair Corr
0.94	NCTWX	Nicholas Ii	Pair Corr
0.94	NICSX	Nicholas Fund	Pair Corr
0.94	NNTWX	Nicholas Ii	Pair Corr
0.73	VSGAX	Vanguard Small Cap	Pair Corr
0.73	VSGIX	Vanguard Small Cap	Pair Corr
0.72	VISGX	Vanguard Small Cap	Pair Corr
0.95	VEXPX	Vanguard Explorer	Pair Corr
0.95	VEXRX	Vanguard Explorer	Pair Corr
0.73	JGMIX	Janus Triton	Pair Corr
0.72	JGMRX	Janus Triton	Pair Corr
0.74	JGMAX	Janus Triton	Pair Corr
0.7	JGMCX	Janus Triton	Pair Corr
0.76	JGMNX	Janus Triton	Pair Corr
0.68	KNPYX	Kinetics Paradigm	Pair Corr
0.7	LSHUX	Horizon Spin Off	Pair Corr
0.69	WWNPX	Kinetics Paradigm	Pair Corr
0.7	LSHEX	Kinetics Spin Off	Pair Corr
0.7	LSHAX	Horizon Spin Off	Pair Corr
0.69	KNPAX	Kinetics Paradigm	Pair Corr
0.7	KNPCX	Kinetics Paradigm	Pair Corr
0.71	LSHCX	Horizon Spin Off	Pair Corr
0.94	IPSHX	Pinnacle Sherman Multi	Pair Corr
0.61	VMCRX	Voya Midcap Opportunities	Pair Corr
0.83	JFFAX	Jpmorgan Smartretirement	Pair Corr
0.88	ASCYX	Alger Funds	Pair Corr
0.84	PRQZX	Pimco Realpath Blend	Pair Corr

Related Correlations Analysis

	PGBAX	CAARX	TLSHX	LIGFX	SRDAX	TFCAX	GPICX	MCKSX
PGBAX		0.89	0.92	0.88	0.08	0.32	0.23	0.76	PGBAX
CAARX	0.89		0.9	0.86	-0.12	0.11	0.0	0.84	CAARX
TLSHX	0.92	0.9		0.97	-0.03	0.21	0.13	0.86	TLSHX
LIGFX	0.88	0.86	0.97		-0.01	0.25	0.16	0.86	LIGFX
SRDAX	0.08	-0.12	-0.03	-0.01		0.92	0.93	-0.44	SRDAX
TFCAX	0.32	0.11	0.21	0.25	0.92		0.91	-0.17	TFCAX
GPICX	0.23	0.0	0.13	0.16	0.93	0.91		-0.31	GPICX
MCKSX	0.76	0.84	0.86	0.86	-0.44	-0.17	-0.31		MCKSX
	PGBAX	CAARX	TLSHX	LIGFX	SRDAX	TFCAX	GPICX	MCKSX

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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

LIGFX	+ 0.97	TLSHX
GPICX	+ 0.93	SRDAX
TLSHX	+ 0.92	PGBAX
TFCAX	+ 0.92	SRDAX
GPICX	+ 0.91	TFCAX
TLSHX	+ 0.9	CAARX

High negative correlations

MCKSX	- 0.44	SRDAX
MCKSX	- 0.31	GPICX
MCKSX	- 0.17	TFCAX
SRDAX	- 0.12	CAARX
SRDAX	- 0.03	TLSHX
SRDAX	- 0.01	LIGFX

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
PGBAX	0.15	(0.01)	(0.42)	(0.04)	0.14	(0.20)	0.34	(0.34)	1.01
CAARX	0.25	0.00	(0.20)	0.27	0.35	(0.27)	0.61	(0.50)	2.05
TLSHX	0.26	0.00	(0.17)	0.07	0.34	(0.28)	0.55	(0.54)	1.95
LIGFX	0.28	0.00	(0.15)	0.10	0.37	(0.29)	0.62	(0.50)	2.04
SRDAX	0.15	0.04	(0.20)	(1.16)	0.00	(0.20)	0.38	(0.29)	1.05
TFCAX	0.02	0.00	0.00	(0.10)	0.00	0.00	0.10	0.00	0.40
GPICX	0.04	0.00	0.00	0.55	0.00	0.00	0.10	(0.10)	0.42
MCKSX	0.32	(0.02)	(0.16)	0.00	0.51	(0.30)	0.59	(0.67)	2.41

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