Thornburg Investment Correlations

TIBCX Fund

USD 25.56 0.02 0.08%

The current 90-days correlation between Thornburg Investment and Capital Income Builder is 0.76 (i.e., Poor diversification). The correlation of Thornburg Investment 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 Investment Correlation With Market

Very weak diversification

The correlation between Thornburg Investment Income and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg Investment Income 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 Investment Income. 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 main economic indicators.

Moving together with Thornburg Mutual Fund

0.88	TGVAX	Thornburg International	Pair Corr
0.88	TGVIX	Thornburg International	Pair Corr
0.88	TGVRX	Thornburg International	Pair Corr
0.86	THGIX	Thornburg International	Pair Corr
0.74	THOVX	Thornburg Global Opp Potential Growth	Pair Corr
0.74	THOAX	Thornburg Global Opp Potential Growth	Pair Corr
0.76	THOCX	Thornburg Global Opp Potential Growth	Pair Corr
0.75	THORX	Thornburg Global Opp Potential Growth	Pair Corr
0.88	THVRX	Thornburg International	Pair Corr
1.0	TIBAX	Thornburg Investment	Pair Corr
1.0	TIBMX	Thornburg Investment	Pair Corr
1.0	TIBGX	Thornburg Investment	Pair Corr
0.94	TIBRX	Thornburg Investment	Pair Corr
0.85	TIGAX	Thornburg International	Pair Corr
0.85	TIGVX	Thornburg International	Pair Corr
0.86	TBWIX	Thornburg Better World	Pair Corr
0.75	RIRAX	Capital Income Builder	Pair Corr
0.71	RIREX	Capital Income Builder	Pair Corr
0.73	RIRCX	Capital Income Builder	Pair Corr
0.7	RIRFX	Capital Income Builder	Pair Corr
0.75	CIRCX	Capital Income Builder	Pair Corr
0.72	CIREX	Capital Income Builder	Pair Corr
0.75	RIRBX	Capital Income Builder	Pair Corr
0.7	CAIFX	Capital Income Builder	Pair Corr
0.7	CIRFX	Capital Income Builder	Pair Corr
0.71	CIRAX	Capital Income Builder	Pair Corr

Moving against Thornburg Mutual Fund

0.5	TVRRX	Thornburg Value	Pair Corr
0.35	THIGX	Thornburg E Growth	Pair Corr
0.49	TVIFX	Thornburg Value	Pair Corr
0.48	TLDAX	Thornburg Low Duration	Pair Corr
0.54	INPIX	Internet Ultrasector	Pair Corr
0.54	INPSX	Internet Ultrasector	Pair Corr

Related Correlations Analysis

	RIRAX	CIRFX	CIRAX	444859BR2	AQUI	BRRAY	LBHIX	ABHYX	SCAXF
RIRAX		1.0	1.0	-0.09	0.0	-0.43	0.38	0.36	0.39	RIRAX
CIRFX	1.0		1.0	-0.15	0.0	-0.44	0.43	0.36	0.34	CIRFX
CIRAX	1.0	1.0		-0.14	0.0	-0.44	0.42	0.36	0.35	CIRAX
444859BR2	-0.09	-0.15	-0.14		0.0	0.22	-0.54	-0.03	0.41	444859BR2
AQUI	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.43	-0.44	-0.44	0.22	0.0		-0.35	-0.4	-0.04	BRRAY
LBHIX	0.38	0.43	0.42	-0.54	0.0	-0.35		0.51	-0.29	LBHIX
ABHYX	0.36	0.36	0.36	-0.03	0.0	-0.4	0.51		-0.05	ABHYX
SCAXF	0.39	0.34	0.35	0.41	0.0	-0.04	-0.29	-0.05		SCAXF
	RIRAX	CIRFX	CIRAX	444859BR2	AQUI	BRRAY	LBHIX	ABHYX	SCAXF

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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

CIRFX	+ 1.0	RIRAX
CIRAX	+ 1.0	RIRAX
CIRAX	+ 1.0	CIRFX
ABHYX	+ 0.51	LBHIX
LBHIX	+ 0.43	CIRFX
LBHIX	+ 0.42	CIRAX

High negative correlations

LBHIX	- 0.54	444859BR2
BRRAY	- 0.44	CIRAX
BRRAY	- 0.44	CIRFX
BRRAY	- 0.43	RIRAX
ABHYX	- 0.4	BRRAY
LBHIX	- 0.35	BRRAY

Risk-Adjusted Indicators

There is a big difference between Thornburg Mutual Fund performing well and Thornburg Investment 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 Investment'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
RIRAX	0.34	(0.05)	(0.27)	(0.01)	0.44	(0.33)	0.65	(0.82)	1.82
CIRFX	0.34	(0.05)	(0.27)	0.00	0.43	(0.34)	0.67	(0.81)	1.81
CIRAX	0.34	(0.05)	(0.26)	0.00	0.43	(0.34)	0.66	(0.82)	1.81
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
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

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