Redwood Managed Correlations

RWMIX Fund

USD 14.08 0.03 0.21%

The current 90-days correlation between Redwood Managed Municipal and Nuveen High Yield is 0.58 (i.e., Very weak diversification). The correlation of Redwood Managed 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.

Redwood Managed Correlation With Market

Significant diversification

The correlation between Redwood Managed Municipal and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Redwood Managed Municipal 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 Redwood Managed Municipal. 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 Redwood Mutual Fund

0.76	RWMNX	Redwood Managed Municipal	Pair Corr
0.74	NHMAX	Nuveen High Yield	Pair Corr
0.76	NHCCX	Nuveen High Yield	Pair Corr
0.73	NHMRX	Nuveen High Yield	Pair Corr
0.74	NHMFX	Nuveen High Yield	Pair Corr
0.65	ABHFX	American High Income	Pair Corr
0.71	AHICX	American High Income	Pair Corr
0.61	AMHIX	American High Income	Pair Corr
0.75	GHYCX	Goldman Sachs High	Pair Corr
0.71	GHYAX	Goldman Sachs High	Pair Corr
0.67	ACTDX	Invesco High Yield	Pair Corr
0.8	XDSMX	Dreyfus Strategic	Pair Corr
0.95	XNXJX	Nuveen New Jersey	Pair Corr
0.81	NXJ	Nuveen New Jersey	Pair Corr
0.93	XNBHX	Neuberger Berman Int	Pair Corr

Moving against Redwood Mutual Fund

0.62	RWSNX	Redwood Systematic Macro	Pair Corr
0.61	RWSIX	Redwood Systematic Macro	Pair Corr
0.37	PFN	Pimco Income Strategy	Pair Corr
0.83	QREARX	Teachers Insurance And	Pair Corr
0.73	AMEIX	Equity Growth	Pair Corr
0.72	FCNTX	Fidelity Contrafund	Pair Corr
0.71	FSKAX	Fidelity Total Market	Pair Corr
0.7	XPPRX	Voya Prime Rate	Pair Corr
0.69	BPIRX	Boston Partners Longshort	Pair Corr
0.63	XNKGX	Nuveen Georgia Quality	Pair Corr
0.55	PCWPX	Strategic Asset Mana	Pair Corr
0.47	PCF	Putnam High Income	Pair Corr
0.35	WRAAX	Wilmington Global Alpha	Pair Corr

Related Correlations Analysis

	NHMAX	NHCCX	NHMRX	ABHFX	AHICX	GHYCX	GHYAX
NHMAX		1.0	1.0	0.41	0.47	0.54	0.5	NHMAX
NHCCX	1.0		1.0	0.4	0.46	0.53	0.49	NHCCX
NHMRX	1.0	1.0		0.41	0.47	0.54	0.49	NHMRX
ABHFX	0.41	0.4	0.41		1.0	0.98	0.99	ABHFX
AHICX	0.47	0.46	0.47	1.0		0.99	0.99	AHICX
GHYCX	0.54	0.53	0.54	0.98	0.99		0.99	GHYCX
GHYAX	0.5	0.49	0.49	0.99	0.99	0.99		GHYAX
	NHMAX	NHCCX	NHMRX	ABHFX	AHICX	GHYCX	GHYAX

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Risk-Adjusted Indicators

There is a big difference between Redwood Mutual Fund performing well and Redwood Managed 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 Redwood Managed'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
NHMAX	0.25	0.01	0.00	0.09	0.00	0.00	0.61	(0.59)	2.28
NHCCX	0.25	0.00	0.00	0.11	0.00	0.00	0.60	(0.59)	2.17
NHMRX	0.25	0.01	0.00	0.08	0.00	0.00	0.61	(0.59)	2.35
ABHFX	0.16	0.02	(0.29)	(0.10)	0.25	(0.18)	0.33	(0.32)	1.50
AHICX	0.15	0.02	(0.29)	(0.07)	0.25	(0.18)	0.33	(0.32)	1.50
GHYCX	0.18	0.02	(0.26)	(0.04)	0.28	(0.22)	0.42	(0.42)	1.82
GHYAX	0.17	0.02	(0.27)	(0.06)	0.24	(0.27)	0.43	(0.42)	1.72

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