Nasdaq-100 Index Correlations

URNQX Fund

USD 52.30 0.07 0.13%

The current 90-days correlation between Nasdaq 100 Index and Sprott Gold Equity is 0.4 (i.e., Very weak diversification). The correlation of Nasdaq-100 Index 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.

Nasdaq-100 Index Correlation With Market

Poor diversification

The correlation between Nasdaq 100 Index Fund and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund 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 Nasdaq 100 Index Fund. 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 producer price index.

Moving together with Nasdaq-100 Mutual Fund

0.85	UICGX	Capital Growth	Pair Corr
0.72	UIHIX	High Income Fund	Pair Corr
0.97	UIGIX	Growth Income	Pair Corr
0.98	UIGRX	Growth Fund Growth	Pair Corr
0.89	UIISX	Income Stock	Pair Corr
0.83	UISCX	Small Cap Stock	Pair Corr
0.91	UIVAX	Value Fund Value	Pair Corr
0.88	UIWGX	World Growth	Pair Corr
0.73	URHIX	High Income Fund	Pair Corr
0.68	URUSX	Ultra Short Term	Pair Corr
0.98	USPRX	Sp 500 Index	Pair Corr
0.93	UTMAX	Target Managed Allocation	Pair Corr
0.69	UUSIX	Ultra Short Term	Pair Corr
0.8	UGOFX	Global Managed Volatility	Pair Corr
0.99	UIAGX	Aggressive Growth	Pair Corr
0.99	FAFGX	American Funds	Pair Corr
0.99	FFAFX	American Funds	Pair Corr
0.99	GFACX	Growth Fund	Pair Corr
0.99	GFAFX	Growth Fund	Pair Corr
0.99	AGTHX	Growth Fund	Pair Corr
0.99	CGFFX	Growth Fund	Pair Corr
0.99	CGFCX	Growth Fund	Pair Corr
0.99	CGFAX	Growth Fund	Pair Corr
0.99	CGFEX	Growth Fund	Pair Corr
0.99	RGAEX	Growth Fund	Pair Corr
0.68	LETRX	Voya Russia Fund	Pair Corr
0.85	KMKAX	Kinetics Market Oppo Downward Rally	Pair Corr
0.86	KNPAX	Kinetics Paradigm Downward Rally	Pair Corr

Moving against Nasdaq-100 Mutual Fund

0.75	UIITX	Intermediate Term Bond	Pair Corr
0.74	UIGSX	Government Securities	Pair Corr
0.74	URIBX	Intermediate Term Bond	Pair Corr
0.74	URGSX	Government Securities	Pair Corr
0.7	URIFX	Income Fund Income	Pair Corr
0.69	UIINX	Income Fund Income	Pair Corr
0.31	UIIFX	International Fund	Pair Corr

Related Correlations Analysis

	SGDLX	FRGOX	FGDIX	SPPIX	SPPSX	GLDAX	EPGFX	QGLDX
SGDLX		0.99	0.96	-0.91	-0.92	0.99	0.99	0.88	SGDLX
FRGOX	0.99		0.97	-0.91	-0.92	0.98	0.99	0.86	FRGOX
FGDIX	0.96	0.97		-0.98	-0.98	0.99	0.96	0.75	FGDIX
SPPIX	-0.91	-0.91	-0.98		1.0	-0.95	-0.9	-0.63	SPPIX
SPPSX	-0.92	-0.92	-0.98	1.0		-0.96	-0.91	-0.65	SPPSX
GLDAX	0.99	0.98	0.99	-0.95	-0.96		0.98	0.81	GLDAX
EPGFX	0.99	0.99	0.96	-0.9	-0.91	0.98		0.88	EPGFX
QGLDX	0.88	0.86	0.75	-0.63	-0.65	0.81	0.88		QGLDX
	SGDLX	FRGOX	FGDIX	SPPIX	SPPSX	GLDAX	EPGFX	QGLDX

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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

SPPSX	+ 1.0	SPPIX
FRGOX	+ 0.99	SGDLX
GLDAX	+ 0.99	SGDLX
EPGFX	+ 0.99	SGDLX
EPGFX	+ 0.99	FRGOX
GLDAX	+ 0.99	FGDIX

High negative correlations

SPPSX	- 0.98	FGDIX
SPPIX	- 0.98	FGDIX
GLDAX	- 0.96	SPPSX
GLDAX	- 0.95	SPPIX
SPPSX	- 0.92	FRGOX
SPPSX	- 0.92	SGDLX

Risk-Adjusted Indicators

There is a big difference between Nasdaq-100 Mutual Fund performing well and Nasdaq-100 Index 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 Nasdaq-100 Index'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
SGDLX	1.32	0.04	(0.03)	0.27	1.53	(1.44)	2.78	(2.56)	9.03
FRGOX	1.43	(0.02)	(0.04)	0.08	1.76	(1.53)	3.13	(3.01)	9.03
FGDIX	1.30	(0.01)	(0.06)	0.07	1.71	(1.41)	2.67	(2.76)	9.78
SPPIX	1.37	0.07	(0.05)	(0.13)	1.72	(1.50)	3.14	(2.31)	10.50
SPPSX	1.38	0.06	(0.05)	(0.11)	1.72	(1.51)	3.15	(2.29)	10.46
GLDAX	1.30	0.01	(0.05)	0.15	1.69	(1.35)	2.70	(2.72)	9.26
EPGFX	1.42	0.02	(0.03)	0.17	1.87	(1.42)	2.54	(2.79)	10.62
QGLDX	0.71	0.12	0.00	(1.78)	0.84	(0.77)	1.46	(1.17)	4.82

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