Vela International Correlations

VEILX Fund

USD 13.36 0.04 0.30%

The current 90-days correlation between Vela International and Vela Large Cap is 0.4 (i.e., Very weak diversification). The correlation of Vela International 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.

Vela International Correlation With Market

Weak diversification

The correlation between Vela International and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela International 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 Vela International. 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 bureau of economic analysis.

Moving together with Vela Mutual Fund

1.0	VEITX	Vela International	Pair Corr
0.91	VGTSX	Vanguard Total Inter	Pair Corr
0.91	VTIAX	Vanguard Total Inter	Pair Corr
0.91	VTSNX	Vanguard Total Inter	Pair Corr
0.91	VTPSX	Vanguard Total Inter	Pair Corr
0.91	VTISX	Vanguard Total Inter	Pair Corr
0.96	VTMGX	Vanguard Developed	Pair Corr
0.96	VDVIX	Vanguard Developed	Pair Corr
0.96	VTMNX	Vanguard Developed	Pair Corr
0.96	VDIPX	Vanguard Developed	Pair Corr
0.96	FSPSX	Fidelity International	Pair Corr
0.61	XNBHX	Neuberger Berman Int	Pair Corr

Moving against Vela Mutual Fund

0.38	VIOIX	Vela Income Opportunities	Pair Corr
0.35	VIOAX	Vela Income Opportunities	Pair Corr
0.34	VELAX	Vela Large Cap	Pair Corr
0.34	VELIX	Vela Large Cap	Pair Corr
0.68	CRF	Cornerstone Strategic	Pair Corr
0.66	MSSGX	Small Pany Growth Steady Growth	Pair Corr
0.65	XPPRX	Voya Prime Rate	Pair Corr
0.55	AVEMX	Ave Maria Value	Pair Corr
0.44	FSSNX	Fidelity Small Cap	Pair Corr
0.41	PCF	Putnam High Income	Pair Corr
0.35	ANOIX	Small Cap Growth	Pair Corr
0.31	XNKGX	Nuveen Georgia Quality	Pair Corr

Related Correlations Analysis

	VELAX	VELIX	VESMX	VESAX	VIOAX	VIOIX
VELAX		1.0	0.86	0.86	0.95	0.95	VELAX
VELIX	1.0		0.86	0.85	0.95	0.95	VELIX
VESMX	0.86	0.86		1.0	0.84	0.85	VESMX
VESAX	0.86	0.85	1.0		0.84	0.85	VESAX
VIOAX	0.95	0.95	0.84	0.84		1.0	VIOAX
VIOIX	0.95	0.95	0.85	0.85	1.0		VIOIX
	VELAX	VELIX	VESMX	VESAX	VIOAX	VIOIX

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Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela International 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 Vela International'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
VELAX	0.39	(0.02)	(0.13)	0.09	0.33	(0.42)	0.80	(0.80)	2.70
VELIX	0.39	(0.02)	(0.13)	0.09	0.32	(0.42)	0.79	(0.83)	2.79
VESMX	0.68	(0.06)	(0.07)	0.06	0.77	(0.76)	1.46	(1.01)	5.10
VESAX	0.68	(0.07)	(0.07)	0.06	0.77	(0.75)	1.47	(1.07)	5.17
VIOAX	0.31	(0.02)	(0.22)	0.08	0.27	(0.36)	0.62	(0.61)	1.93
VIOIX	0.31	(0.01)	(0.22)	0.09	0.26	(0.37)	0.62	(0.61)	1.93

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