Tekla World Correlations

THW Fund

USD 11.98 0.02 0.17%

The current 90-days correlation between Tekla World Healthcare and Tekla Healthcare Investors is 0.8 (i.e., Very poor diversification). The correlation of Tekla World 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.

Tekla World Correlation With Market

Weak diversification

The correlation between Tekla World Healthcare and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tekla World Healthcare 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 Tekla World Healthcare. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Tekla Fund

0.72	VGTSX	Vanguard Total Inter	Pair Corr
0.71	VTIAX	Vanguard Total Inter	Pair Corr
0.61	PCF	Putnam High Income	Pair Corr

Moving against Tekla Fund

0.66	XNKGX	Nuveen Georgia Quality	Pair Corr
0.39	XPPRX	Voya Prime Rate	Pair Corr
0.6	BTCRX	Vest Bitcoin Strategy	Pair Corr
0.56	FSAWX	Fidelity Sai Convertible	Pair Corr
0.51	DFFLX	Doubleline Flexible	Pair Corr
0.46	DHEAX	Diamond Hill Short	Pair Corr
0.46	TSDCX	Touchstone Ultra Short	Pair Corr
0.44	DHEIX	Diamond Hill Short	Pair Corr
0.37	NIE	Allianzgi Equity Con	Pair Corr
0.36	WSHNX	Short Duration Income	Pair Corr
0.55	FCECX	Fidelity Advisor Sumer	Pair Corr
0.5	TFGXX	Transamerica Funds	Pair Corr
0.49	FSPGX	Fidelity Large Cap	Pair Corr
0.48	SAFEX	Weitz Ultra Short	Pair Corr

Related Correlations Analysis

	HQH	HQL	DFP	UTF	THQ	RVT	BTO	ETO	LDP	RQI
HQH		0.93	0.54	0.68	0.92	0.16	0.25	0.47	0.76	0.78	HQH
HQL	0.93		0.51	0.66	0.84	0.05	0.16	0.43	0.8	0.78	HQL
DFP	0.54	0.51		0.39	0.48	0.64	0.53	0.86	0.66	0.34	DFP
UTF	0.68	0.66	0.39		0.62	0.17	0.47	0.31	0.75	0.92	UTF
THQ	0.92	0.84	0.48	0.62		0.07	0.08	0.39	0.58	0.76	THQ
RVT	0.16	0.05	0.64	0.17	0.07		0.83	0.77	0.31	0.01	RVT
BTO	0.25	0.16	0.53	0.47	0.08	0.83		0.65	0.55	0.3	BTO
ETO	0.47	0.43	0.86	0.31	0.39	0.77	0.65		0.58	0.29	ETO
LDP	0.76	0.8	0.66	0.75	0.58	0.31	0.55	0.58		0.75	LDP
RQI	0.78	0.78	0.34	0.92	0.76	0.01	0.3	0.29	0.75		RQI
	HQH	HQL	DFP	UTF	THQ	RVT	BTO	ETO	LDP	RQI

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Risk-Adjusted Indicators

There is a big difference between Tekla Fund performing well and Tekla World 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 Tekla World'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
HQH	0.87	(0.01)	(0.04)	0.04	1.41	(0.80)	1.63	(1.66)	6.31
HQL	0.94	(0.06)	0.00	(0.07)	0.00	0.00	2.08	(2.04)	7.07
DFP	0.49	(0.02)	(0.14)	(0.01)	0.53	(0.56)	0.94	(0.98)	2.60
UTF	0.74	(0.09)	0.00	(0.23)	0.00	0.00	1.26	(1.71)	3.20
THQ	0.97	(0.08)	0.00	(0.06)	0.00	0.00	1.72	(2.19)	5.19
RVT	0.90	0.08	0.03	0.33	1.03	(1.02)	1.87	(1.57)	9.12
BTO	1.07	0.13	0.07	0.28	1.21	(1.12)	2.32	(1.91)	13.54
ETO	0.59	0.01	(0.05)	0.13	0.86	(0.55)	1.22	(1.34)	4.03
LDP	0.49	(0.04)	0.00	(0.06)	0.00	0.00	1.09	(1.00)	4.20
RQI	1.06	(0.16)	0.00	(0.15)	0.00	0.00	2.03	(1.94)	6.57

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