Manager Directed Correlations

SPFFX Fund

USD 30.28 0.23 0.75%

The current 90-days correlation between Manager Directed Por and Monetta Young Investor is 0.68 (i.e., Poor diversification). The correlation of Manager Directed 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.

Manager Directed Correlation With Market

Poor diversification

The correlation between Manager Directed Portfolios and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manager Directed Portfolios 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 Manager Directed Portfolios. 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 against Manager Mutual Fund

0.31	CSVFX	Columbia Global Dividend	Pair Corr
0.34	SWHFX	Schwab Health Care	Pair Corr
0.34	ARTHX	Artisan Global Equity	Pair Corr
0.32	GGQPX	Goldman Sachs Growth	Pair Corr

Related Correlations Analysis

	MYIFX	MECAX	GRF	FLRYX	PVFAX	MCMVX	VLEQX	TRARX	LOGSX	FCO
MYIFX		0.59	0.33	0.63	0.4	0.59	0.25	-0.07	0.45	0.36	MYIFX
MECAX	0.59		0.55	0.81	0.49	0.77	0.74	-0.43	0.19	0.13	MECAX
GRF	0.33	0.55		0.75	0.31	0.87	0.45	-0.17	0.53	0.21	GRF
FLRYX	0.63	0.81	0.75		0.34	0.89	0.51	-0.44	0.59	0.29	FLRYX
PVFAX	0.4	0.49	0.31	0.34		0.52	0.47	0.21	0.1	-0.23	PVFAX
MCMVX	0.59	0.77	0.87	0.89	0.52		0.58	-0.22	0.57	0.23	MCMVX
VLEQX	0.25	0.74	0.45	0.51	0.47	0.58		-0.22	-0.08	-0.13	VLEQX
TRARX	-0.07	-0.43	-0.17	-0.44	0.21	-0.22	-0.22		-0.12	-0.09	TRARX
LOGSX	0.45	0.19	0.53	0.59	0.1	0.57	-0.08	-0.12		0.56	LOGSX
FCO	0.36	0.13	0.21	0.29	-0.23	0.23	-0.13	-0.09	0.56		FCO
	MYIFX	MECAX	GRF	FLRYX	PVFAX	MCMVX	VLEQX	TRARX	LOGSX	FCO

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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

MCMVX	+ 0.89	FLRYX
MCMVX	+ 0.87	GRF
FLRYX	+ 0.81	MECAX
MCMVX	+ 0.77	MECAX
FLRYX	+ 0.75	GRF
VLEQX	+ 0.74	MECAX

High negative correlations

TRARX	- 0.44	FLRYX
TRARX	- 0.43	MECAX
FCO	- 0.23	PVFAX
TRARX	- 0.22	VLEQX
TRARX	- 0.22	MCMVX
TRARX	- 0.17	GRF

Risk-Adjusted Indicators

There is a big difference between Manager Mutual Fund performing well and Manager Directed 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 Manager Directed'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
MYIFX	0.67	(0.02)	(0.02)	0.04	0.95	(0.69)	1.46	(1.53)	3.92
MECAX	0.56	0.00	(0.03)	0.06	0.64	(0.59)	1.07	(1.07)	3.50
GRF	1.36	0.16	0.04	6.52	1.76	(1.66)	3.33	(3.23)	9.74
FLRYX	0.68	0.10	0.09	0.17	0.77	(0.68)	1.45	(1.37)	7.87
PVFAX	1.18	(0.31)	0.00	(0.15)	0.00	0.00	1.91	(3.18)	6.65
MCMVX	0.70	0.07	0.09	0.12	0.66	(0.87)	1.29	(1.56)	9.01
VLEQX	0.55	0.01	(0.06)	0.17	0.69	(0.63)	1.12	(0.93)	2.99
TRARX	0.28	(0.07)	0.00	(0.93)	0.00	0.00	0.49	(0.41)	6.02
LOGSX	0.61	0.14	0.14	0.30	0.55	(0.70)	1.56	(1.14)	4.58
FCO	1.00	0.09	0.00	(0.15)	1.29	(1.26)	2.82	(2.18)	7.94

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