Thornburg Core Correlations

THCRX Fund

USD 32.12 0.12 0.37%

The current 90-days correlation between Thornburg E Growth and Short Precious Metals is -0.22 (i.e., Very good diversification). The correlation of Thornburg Core 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.

Thornburg Core Correlation With Market

Very poor diversification

The correlation between Thornburg E Growth and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg E Growth 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 Thornburg E Growth. 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 metropolitan statistical area.

Moving together with Thornburg Mutual Fund

0.92	TVRRX	Thornburg Value	Pair Corr
0.96	TVRFX	Thornburg Value	Pair Corr
1.0	THCGX	Thornburg E Growth	Pair Corr
1.0	THGRX	Thornburg E Growth	Pair Corr
1.0	THIGX	Thornburg E Growth	Pair Corr

Moving against Thornburg Mutual Fund

0.61	THIRX	Thornburg Limited Term	Pair Corr
0.56	THGIX	Thornburg International	Pair Corr
0.46	THGCX	Thornburg International	Pair Corr
0.44	TGVAX	Thornburg International	Pair Corr
0.44	TGVRX	Thornburg International	Pair Corr
0.43	TGIRX	Thornburg International	Pair Corr
0.43	TGVIX	Thornburg International	Pair Corr
0.61	THICX	Thornburg Limited Term	Pair Corr
0.6	THIFX	Thornburg Limited Term	Pair Corr
0.6	THRIX	Thornburg Limited Term	Pair Corr
0.58	THRRX	Thornburg Limited Term	Pair Corr
0.57	THRLX	Thornburg Limited Term	Pair Corr
0.42	THNDX	Thornburg New Mexico	Pair Corr
0.37	THNMX	Thornburg New Mexico	Pair Corr
0.37	THNIX	Thornburg New Mexico	Pair Corr
0.32	THNYX	Thornburg New York	Pair Corr
0.58	TIGCX	Thornburg International	Pair Corr
0.57	TIGAX	Thornburg International	Pair Corr
0.57	TIGVX	Thornburg International	Pair Corr
0.57	TINVX	Thornburg International	Pair Corr

Related Correlations Analysis

	SPPIX	USERX	EPGFX	UIPMX	XGGNX	IOGYX
SPPIX		-0.92	-0.91	-0.99	-0.79	-0.88	SPPIX
USERX	-0.92		0.99	0.96	0.85	0.98	USERX
EPGFX	-0.91	0.99		0.95	0.81	0.98	EPGFX
UIPMX	-0.99	0.96	0.95		0.82	0.94	UIPMX
XGGNX	-0.79	0.85	0.81	0.82		0.85	XGGNX
IOGYX	-0.88	0.98	0.98	0.94	0.85		IOGYX
	SPPIX	USERX	EPGFX	UIPMX	XGGNX	IOGYX

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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

EPGFX	+ 0.99	USERX
IOGYX	+ 0.98	USERX
IOGYX	+ 0.98	EPGFX
UIPMX	+ 0.96	USERX
UIPMX	+ 0.95	EPGFX
IOGYX	+ 0.94	UIPMX

High negative correlations

UIPMX	- 0.99	SPPIX
USERX	- 0.92	SPPIX
EPGFX	- 0.91	SPPIX
IOGYX	- 0.88	SPPIX
XGGNX	- 0.79	SPPIX

Risk-Adjusted Indicators

There is a big difference between Thornburg Mutual Fund performing well and Thornburg Core 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 Thornburg Core'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
SPPIX	1.42	0.11	(0.02)	(0.47)	1.70	(1.61)	3.24	(2.31)	10.50
USERX	1.41	(0.06)	0.00	(0.12)	0.00	0.00	3.05	(2.74)	10.13
EPGFX	1.45	(0.03)	(0.06)	0.01	1.94	(1.42)	2.54	(3.10)	10.62
UIPMX	1.37	(0.08)	0.00	(0.33)	0.00	0.00	2.60	(3.11)	9.86
XGGNX	0.55	(0.04)	0.00	(0.33)	0.00	0.00	1.20	(1.20)	3.86
IOGYX	1.44	(0.05)	(0.07)	0.00	1.73	(1.54)	2.72	(2.81)	8.64

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