Third Avenue Correlations

Mutual Funds . USA . 
Fund . Third Avenue Value
TAVFX Fund  USD 65.15  0.19  0.29%   
The current 90-days correlation between Third Avenue Value and Third Avenue Real is 0.03 (i.e., Significant diversification). The correlation of Third Avenue 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.

Third Avenue Correlation With Market

Good diversification

The correlation between Third Avenue Value and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Third Avenue Value 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 Third Avenue Value. 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 Third Mutual Fund

  0.77REIFX Rems International RealPairCorr
  0.93TAVZX Third Avenue ValuePairCorr
  0.93TVFVX Third Avenue ValuePairCorr

Moving against Third Mutual Fund

  0.5TVRVX Third Avenue RealPairCorr
  0.5TAREX Third Avenue RealPairCorr
  0.5TARZX Third Avenue RealPairCorr
  0.67LSHEX Kinetics Spin Off Steady GrowthPairCorr
  0.67LSHAX Horizon Spin Off Steady GrowthPairCorr
  0.65SMAPX Salient Mlp EnergyPairCorr
  0.65FSLBX Brokerage And InvestmentPairCorr
  0.52VMGRX Vanguard Mid CapPairCorr
  0.52JHEQX Jpmorgan Hedged EquityPairCorr
  0.45FMILX Fidelity New MillenniumPairCorr
  0.4RSNYX Victory Global NaturalPairCorr
  0.39RGNCX Victory Global NaturalPairCorr
  0.37RSNRX Victory Global NaturalPairCorr
  0.37RMQAX Monthly RebalancePairCorr
  0.37RMQHX Monthly RebalancePairCorr
  0.36UBVSX Undiscovered ManagersPairCorr
  0.34NWHQX Nationwide BailardPairCorr
  0.33SMPSX Semiconductor UltrasectorPairCorr

Related Correlations Analysis

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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   
TAREX
+ 1.0
TVRVX
TARZX
+ 1.0
TVRVX
TARZX
+ 1.0
TAREX
TAVFX
+ 0.77
REIFX
TVSVX
+ 0.65
TVRVX
TAREX
+ 0.65
TVSVX
  
High negative correlations   
TAVFX
- 0.5
TARZX
TAVFX
- 0.5
TAREX
TAVFX
- 0.5
TVRVX
TARZX
- 0.49
REIFX
TAREX
- 0.49
REIFX
REIFX
- 0.48
TVRVX

Risk-Adjusted Indicators

There is a big difference between Third Mutual Fund performing well and Third Avenue 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 Third Avenue'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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