Small Cap Correlations

Mutual Funds . USA . 
Fund . Small Cap Growth Profund
SGPSX Fund  USD 84.40  0.62  0.73%   
The current 90-days correlation between Small Cap Growth and Glg Intl Small is 0.58 (i.e., Very weak diversification). The correlation of Small Cap 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.

Small Cap Correlation With Market

Weak diversification

The correlation between Small Cap Growth Profund and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Small Cap Growth Profund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Small Cap Growth Profund. 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 state.

Moving together with Small Mutual Fund

  0.75TEPIX Technology UltrasectorPairCorr
  0.75TEPSX Technology UltrasectorPairCorr
  0.88MLPSX Mid Cap ValuePairCorr
  0.76GVPIX Us Government PlusPairCorr
  0.76GVPSX Us Government PlusPairCorr
  0.87MLPIX Mid Cap ValuePairCorr
  0.64ENPSX Oil Gas UltrasectorPairCorr
  0.64ENPIX Oil Gas UltrasectorPairCorr
  0.68PHPIX Pharmaceuticals UltrasectorPairCorr
  0.68PHPSX Pharmaceuticals UltrasectorPairCorr
  0.77ULPIX Ultrabull ProfundPairCorr
  0.83ULPSX Ultrabull ProfundPairCorr
  0.93SVPIX Small Cap ValuePairCorr
  0.86SVPSX Small Cap ValuePairCorr
  0.93UMPSX Ultramid Cap ProfundPairCorr
  0.92UMPIX Ultramid Cap ProfundPairCorr

Moving against Small Mutual Fund

  0.88UIPIX Ultrashort Mid CapPairCorr
  0.88UIPSX Ultrashort Mid CapPairCorr
  0.79SRPIX Short Real EstatePairCorr
  0.79SRPSX Short Real EstatePairCorr
  0.49BRPSX Bear Profund BearPairCorr
  0.48BRPIX Bear Profund BearPairCorr
  0.77RRPSX Rising Rates OpportunityPairCorr
  0.77RRPIX Rising Rates OpportunityPairCorr
  0.73RTPSX Rising Rates OpportunityPairCorr
  0.72RTPIX Rising Rates OpportunityPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Small Mutual Fund performing well and Small Cap 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 Small Cap'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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