Smallcap World Correlations

Mutual Funds . USA . 
Fund . Smallcap World Fund
RLLGX Fund  USD 81.19  0.15  0.19%   
The current 90-days correlation between Smallcap World and New World Fund is 0.59 (i.e., Very weak diversification). The correlation of Smallcap World 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.

Smallcap World Correlation With Market

Almost no diversification

The correlation between Smallcap World Fund 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 Smallcap World 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 Smallcap World 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 census.

Moving together with Smallcap Mutual Fund

  0.97RNEBX New World FundPairCorr
  0.96RNCCX American Funds IncomePairCorr
  0.89FPPPX American Funds PresePairCorr
  0.95AMEFX Income FundPairCorr
  0.94RNGGX New Economy FundPairCorr
  0.94RNGFX New Economy FundPairCorr
  0.93RNGHX New Economy FundPairCorr
  0.93RNGBX New Economy FundPairCorr
  0.93RNGAX New Economy FundPairCorr
  0.93RNGEX New Economy FundPairCorr
  0.93RNGCX New Economy FundPairCorr
  0.82TEAFX Tax Exempt BondPairCorr
  0.97FPTPX American Funds ConsePairCorr
  0.78TEFEX Tax Exempt FundPairCorr
  0.9RNNEX New Economy FundPairCorr
  0.97CDJAX American Funds CollegePairCorr
  0.95RNPBX New PerspectivePairCorr
  0.95RNPAX New PerspectivePairCorr
  0.95RNPHX New PerspectivePairCorr
  0.95RNPGX New PerspectivePairCorr
  0.95RNPCX New PerspectivePairCorr
  0.95RNPFX New PerspectivePairCorr
  0.95RNPEX New PerspectivePairCorr
  0.95AMRFX American MutualPairCorr
  0.96RNRPX American Funds RetirementPairCorr
  0.97RNWFX New World FundPairCorr
  0.97RNWEX New World FundPairCorr
  0.97RNWHX New World FundPairCorr
  0.97RNWGX New World FundPairCorr
  0.97RNWBX New World FundPairCorr
  0.97RNWAX New World FundPairCorr
  0.97RNWCX New World FundPairCorr
  0.9CDWEX American Funds DevelopingPairCorr
  0.9CDWFX American Funds DevelopingPairCorr
  0.9CDWCX American Funds DevelopingPairCorr
  0.9CDWAX American Funds DevelopingPairCorr
  0.77ANBGX American Funds StrategicPairCorr
  0.76ANBFX American Funds StrategicPairCorr
  0.84CEAMX Short Term BondPairCorr
  0.82TFEBX Tax Exempt BondPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Smallcap Mutual Fund performing well and Smallcap World 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 Smallcap World'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
SCWFX  0.77  0.13  0.15  0.21  0.55 
(0.87)
 1.51 
(1.24)
 6.96 
SMCWX  0.77  0.13  0.15  0.20  0.54 
(0.87)
 1.52 
(1.25)
 6.89 
RSLAX  0.79  0.14  0.16  0.22  0.54 
(0.89)
 1.51 
(1.24)
 7.80 
RMFGX  0.48  0.04  0.03  0.13  0.57 
(0.49)
 0.86 
(1.02)
 3.20 
AMFFX  0.55  0.14  0.15  0.33  0.44 
(0.62)
 0.91 
(1.03)
 7.65 
FNCFX  0.32  0.08  0.07  0.39  0.00 
(0.54)
 0.83 
(0.42)
 2.44 
NFFFX  0.66  0.14  0.16  0.28  0.44 
(0.72)
 1.61 
(1.25)
 7.55 
RNWGX  0.66  0.14  0.16  0.28  0.44 
(0.72)
 1.60 
(1.26)
 7.51 
NEWFX  0.67  0.14  0.16  0.28  0.46 
(0.73)
 1.60 
(1.25)
 7.52 
NWFFX  0.66  0.14  0.16  0.28  0.44 
(0.72)
 1.60 
(1.26)
 7.54 

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