Thornburg Developing Correlations

THDIX Fund

USD 22.58 0.10 0.44%

The current 90-days correlation between Thornburg Developing and Vanguard Emerging Markets is 0.79 (i.e., Poor diversification). The correlation of Thornburg Developing 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 Developing Correlation With Market

Average diversification

The correlation between Thornburg Developing World and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg Developing World 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 Developing World. 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 gross domestic product.

Moving together with Thornburg Mutual Fund

1.0	THDCX	Thornburg Developing	Pair Corr
1.0	THDAX	Thornburg Developing	Pair Corr
1.0	THDRX	Thornburg Developing	Pair Corr
0.86	THOVX	Thornburg Global Opp Potential Growth	Pair Corr
0.86	THOAX	Thornburg Global Opp Potential Growth	Pair Corr
0.87	THOIX	Thornburg Global Opp	Pair Corr
0.87	THOGX	Thornburg Global Opp	Pair Corr
0.87	THOFX	Thornburg Global Opp	Pair Corr
0.84	THOCX	Thornburg Global Opp Potential Growth	Pair Corr
0.86	THORX	Thornburg Global Opp Potential Growth	Pair Corr

Related Correlations Analysis

	VEMAX	VEIEX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP
VEMAX		1.0	-0.42	0.0	-0.5	0.89	0.55	0.37	0.2	-0.31	VEMAX
VEIEX	1.0		-0.42	0.0	-0.5	0.89	0.55	0.37	0.2	-0.31	VEIEX
444859BR2	-0.42	-0.42		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.5	-0.5	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	BRRAY
MSTSX	0.89	0.89	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	MSTSX
LBHIX	0.55	0.55	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	LBHIX
ABHYX	0.37	0.37	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	ABHYX
SCAXF	0.2	0.2	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	SCAXF
VIASP	-0.31	-0.31	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		VIASP
	VEMAX	VEIEX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP

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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

VEIEX	+ 1.0	VEMAX
MSTSX	+ 0.89	VEMAX
MSTSX	+ 0.89	VEIEX
LBHIX	+ 0.67	MSTSX
LBHIX	+ 0.55	VEMAX
LBHIX	+ 0.55	VEIEX

High negative correlations

VIASP	- 0.8	SCAXF
LBHIX	- 0.54	444859BR2
MSTSX	- 0.53	444859BR2
BRRAY	- 0.5	VEIEX
BRRAY	- 0.5	VEMAX
MSTSX	- 0.45	BRRAY

Risk-Adjusted Indicators

There is a big difference between Thornburg Mutual Fund performing well and Thornburg Developing 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 Developing'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
VEMAX	0.71	(0.03)	(0.12)	0.04	0.85	(0.78)	1.57	(1.68)	4.60
VEIEX	0.71	(0.03)	(0.12)	0.04	0.85	(0.78)	1.55	(1.68)	4.60
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18

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