Midcap Growth Correlations

Mutual Funds . USA . 
Fund . Midcap Growth Fund
PFPPX Fund  USD 9.21  0.03  0.32%   
The current 90-days correlation between Midcap Growth and Scharf Balanced Opportunity is 0.5 (i.e., Very weak diversification). The correlation of Midcap Growth 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.

Midcap Growth Correlation With Market

MidcapDowDiversified AwayMidcapDowDiversified Away100%

Poor diversification

The correlation between Midcap Growth Fund and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Midcap Growth Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Midcap Growth Fund. 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 american community survey.

Moving together with Midcap Mutual Fund

  0.67SACAX Strategic Asset ManaPairCorr
  0.61PFLJX Principal Lifetime 2050PairCorr
  0.93PGBEX Blue Chip FundPairCorr
  0.93PGBGX Blue Chip FundPairCorr
  0.93PGBHX Blue Chip FundPairCorr
  0.9PGRTX Smallcap GrowthPairCorr
  1.0PGWIX Midcap GrowthPairCorr
  0.63SCGPX Strategic Asset ManaPairCorr
  0.66PHJEX Principal Lifetime HybridPairCorr
  0.74PHJGX Principal Lifetime HybridPairCorr
  0.74PHJBX Principal Lifetime HybridPairCorr
  0.74PHJDX Principal Lifetime HybridPairCorr

Moving against Midcap Mutual Fund

  0.51PFUMX Finisterre UnconstrainedPairCorr
  0.5PGBLX Global Diversified IncomePairCorr
  0.49PFIEX International EquityPairCorr
  0.49PGBAX Global Diversified IncomePairCorr
  0.45PFISX International Small PanyPairCorr
  0.65STCCX Short Term IncomePairCorr
  0.64PYHIX High Yield FundPairCorr
  0.51PGDIX Global Diversified IncomePairCorr
  0.49PGDCX Global Diversified IncomePairCorr
  0.36PGSLX Principal Global SusPairCorr

Related Correlations Analysis

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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   
BXDCX
+ 0.89
FGFAX
FGFAX
+ 0.88
EICVX
BXDCX
+ 0.81
EICVX
EICVX
+ 0.79
LOGBX
GQESX
+ 0.75
LOGBX
FGFAX
+ 0.71
LOGBX
  
High negative correlations   
BXDCX
- 0.56
PMDDX
PMDDX
- 0.37
FGFAX
PMDDX
- 0.08
EICVX

Risk-Adjusted Indicators

There is a big difference between Midcap Mutual Fund performing well and Midcap Growth 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 Midcap Growth'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.

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