Sprucegrove International Correlations

SPRNX Fund

USD 65.59 0.08 0.12%

The correlation of Sprucegrove International 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.

Sprucegrove International Correlation With Market

Modest diversification

The correlation between Sprucegrove International Equi and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sprucegrove International Equi 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 Sprucegrove International Equity. 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 board of governors.

Moving together with Sprucegrove Mutual Fund

0.98	SPRDX	Sprucegrove International	Pair Corr
1.0	SPRVX	Sprucegrove International	Pair Corr
0.96	DOXFX	Dodge Cox International	Pair Corr
0.94	OANIX	Oakmark International	Pair Corr
0.98	DODFX	Dodge International Stock	Pair Corr
0.94	OAKIX	Oakmark International	Pair Corr
0.94	OAYIX	Oakmark International	Pair Corr
0.93	OAZIX	Oakmark International	Pair Corr
0.97	FINVX	Fidelity Series Inte	Pair Corr
0.95	VTRIX	Vanguard International	Pair Corr
0.97	RRIGX	T Rowe Price	Pair Corr
0.97	BTMPX	Ishares Msci Eafe	Pair Corr
0.9	BTMKX	Blackrock International	Pair Corr
0.97	MDIIX	Blackrock Intern Index	Pair Corr

Moving against Sprucegrove Mutual Fund

0.74	DRGTX	Allianzgi Technology	Pair Corr
0.68	RPIEX	T Rowe Price	Pair Corr
0.55	FXAIX	Fidelity 500 Index	Pair Corr
0.55	VFINX	Vanguard 500 Index	Pair Corr
0.54	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.54	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.54	FOCIX	Fairholme Focused	Pair Corr
0.53	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.53	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.48	COGVX	Cognios Large Cap	Pair Corr
0.36	TCHTX	Cleartrack 2020 Class	Pair Corr
0.82	IGOIX	Rational Inflation Growth	Pair Corr
0.79	JSOSX	Jpmorgan Strategic Income	Pair Corr
0.78	FOCPX	Fidelity Otc Portfolio	Pair Corr
0.78	MUIIX	Ultra Short Income	Pair Corr
0.75	VIGAX	Vanguard Growth Index	Pair Corr
0.74	ADNYX	Amer Beacon Ark	Pair Corr
0.73	CREMX	Redwood Real Estate	Pair Corr
0.69	PRMTX	T Rowe Price	Pair Corr
0.63	PRGTX	T Rowe Price	Pair Corr
0.62	SIGZX	Seix Govt Sec	Pair Corr
0.59	FCNTX	Fidelity Contrafund	Pair Corr
0.57	SIGVX	Ridgeworth Seix Gove	Pair Corr

Related Correlations Analysis

	HUCXX	AEAXX	FMFXX	PBMXX	ELMXX	IVMXX	PCSXX
HUCXX		0.0	0.0	0.0	0.0	0.0	0.0	HUCXX
AEAXX	0.0		0.0	0.0	0.0	0.0	0.0	AEAXX
FMFXX	0.0	0.0		0.0	0.0	0.0	0.0	FMFXX
PBMXX	0.0	0.0	0.0		0.0	0.0	0.0	PBMXX
ELMXX	0.0	0.0	0.0	0.0		0.0	0.0	ELMXX
IVMXX	0.0	0.0	0.0	0.0	0.0		0.0	IVMXX
PCSXX	0.0	0.0	0.0	0.0	0.0	0.0		PCSXX
	HUCXX	AEAXX	FMFXX	PBMXX	ELMXX	IVMXX	PCSXX

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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

AEAXX	+ 0.0	HUCXX
FMFXX	+ 0.0	HUCXX
PBMXX	+ 0.0	HUCXX
ELMXX	+ 0.0	HUCXX
IVMXX	+ 0.0	HUCXX
PCSXX	+ 0.0	HUCXX

High negative correlations

PCSXX	- 0.0	IVMXX
PCSXX	- 0.0	ELMXX
IVMXX	- 0.0	ELMXX
PCSXX	- 0.0	PBMXX
IVMXX	- 0.0	PBMXX
ELMXX	- 0.0	PBMXX

Risk-Adjusted Indicators

There is a big difference between Sprucegrove Mutual Fund performing well and Sprucegrove International 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 Sprucegrove International'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	Treynor Ratio	Maximum Drawdown
HUCXX	0.00	0.00	0.00	0.00
AEAXX	0.00	0.00	0.00	0.00
FMFXX	0.00	0.00	0.00	0.00
PBMXX	0.00	0.00	0.00	0.00
ELMXX	0.00	0.00	0.00	0.00
IVMXX	0.00	0.00	0.00	0.00
PCSXX	0.03	0.01	(0.24)	1.01

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