Vela International Correlations

Mutual Funds . USA . 
Fund . Vela International
VEITX Fund  USD 13.21  0.12  0.90%   
The current 90-days correlation between Vela International and Invesco Technology Fund is 0.28 (i.e., Modest 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 0.38 (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 estimate.

Moving together with Vela Mutual Fund

  0.85VEILX Vela InternationalPairCorr
  0.72VELAX Vela Large CapPairCorr
  0.73VELIX Vela Large CapPairCorr
  0.79VIOAX Vela Income OpportunitiesPairCorr
  0.78VIOIX Vela Income OpportunitiesPairCorr
  0.77DISVX Dfa International SmallPairCorr
  0.85DFVQX Dfa International VectorPairCorr
  0.84FMNEX Free Market InternationalPairCorr
  0.89OANEX Oakmark InternationalPairCorr
  0.72KGGIX Kopernik Global AllPairCorr
  0.7KGGAX Kopernik Global AllPairCorr
  0.81OAZEX Oakmark InternationalPairCorr
  0.89OAYEX Oakmark InternationalPairCorr
  0.89OAKEX Oakmark InternationalPairCorr
  0.65XDSMX Dreyfus StrategicPairCorr
  0.68XNXJX Nuveen New JerseyPairCorr
  0.7NXJ Nuveen New JerseyPairCorr
  0.64PCF Putnam High IncomePairCorr
  0.69XNBHX Neuberger Berman IntPairCorr
  0.79SAMAX Moderately AggressivePairCorr
  0.72FLRJX Franklin Lifesmart 2045PairCorr
  0.7WAMCX Wasatch Ultra GrowthPairCorr
  0.84JHRVX Retirement Living ThroughPairCorr
  0.75PIFIX Strategic Asset ManaPairCorr
  0.75ISFYX Lord Abbett DiversifiedPairCorr
  0.64FTVZX Fuller Thaler BehavioralPairCorr
  0.73MFOCX Marsico FocusPairCorr

Moving against Vela Mutual Fund

  0.34DNMDX Dunham Monthly DistrPairCorr

Related Correlations Analysis

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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.

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