Vela Small Correlations

VESMX Fund

USD 20.26 0.20 1.00%

The current 90-days correlation between Vela Small Cap and Vela International is 0.39 (i.e., Weak diversification). The correlation of Vela Small 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 Small Correlation With Market

Very poor diversification

The correlation between Vela Small Cap and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela Small Cap 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 Small Cap. 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 population.

Moving together with Vela Mutual Fund

0.86	VELAX	Vela Large Cap	Pair Corr
0.86	VELIX	Vela Large Cap	Pair Corr
1.0	VESAX	Vela Small Cap	Pair Corr
0.84	VIOAX	Vela Income Opportunities	Pair Corr
0.85	VIOIX	Vela Income Opportunities	Pair Corr
0.9	VSIIX	Vanguard Small Cap	Pair Corr
0.9	VISVX	Vanguard Small Cap	Pair Corr
0.93	DFSVX	Us Small Cap	Pair Corr
0.93	DFFVX	Us Targeted Value	Pair Corr
0.94	UBVCX	Undiscovered Managers	Pair Corr
0.94	UBVAX	Undiscovered Managers	Pair Corr
0.94	UBVSX	Undiscovered Managers	Pair Corr
0.93	AVFIX	American Beacon Small	Pair Corr
0.82	VSTSX	Vanguard Total Stock	Pair Corr
0.82	VSMPX	Vanguard Total Stock	Pair Corr
0.82	VITSX	Vanguard Total Stock	Pair Corr
0.8	VFFSX	Vanguard 500 Index	Pair Corr
0.8	VFIAX	Vanguard 500 Index	Pair Corr
0.8	VINIX	Vanguard Institutional	Pair Corr
0.82	VTSAX	Vanguard Total Stock	Pair Corr
0.7	EGLAX	Eagle Mlp Strategy	Pair Corr
0.82	BMSYX	Mfs Blended Research	Pair Corr
0.8	TRHZX	T Rowe Price	Pair Corr
0.65	AMECX	Income Fund	Pair Corr
0.78	AMGOX	Alger Mid Cap	Pair Corr
0.8	CII	Blackrock Enhanced	Pair Corr
0.76	GSFTX	Columbia Dividend Income	Pair Corr
0.81	AULYX	Ultra Fund Y	Pair Corr
0.78	RFNBX	American Funds Funda	Pair Corr
0.8	URNQX	Nasdaq 100 Index	Pair Corr

Related Correlations Analysis

	VEILX	VEITX	VELAX	VELIX	VIOAX	VIOIX
VEILX		1.0	-0.34	-0.34	-0.35	-0.38	VEILX
VEITX	1.0		-0.34	-0.34	-0.35	-0.38	VEITX
VELAX	-0.34	-0.34		1.0	0.95	0.95	VELAX
VELIX	-0.34	-0.34	1.0		0.95	0.95	VELIX
VIOAX	-0.35	-0.35	0.95	0.95		1.0	VIOAX
VIOIX	-0.38	-0.38	0.95	0.95	1.0		VIOIX
	VEILX	VEITX	VELAX	VELIX	VIOAX	VIOIX

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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

VEITX	+ 1.0	VEILX
VELIX	+ 1.0	VELAX
VIOIX	+ 1.0	VIOAX
VIOAX	+ 0.95	VELAX
VIOIX	+ 0.95	VELAX
VIOAX	+ 0.95	VELIX

High negative correlations

VIOIX	- 0.38	VEITX
VIOIX	- 0.38	VEILX
VIOAX	- 0.35	VEITX
VIOAX	- 0.35	VEILX
VELIX	- 0.34	VEITX
VELAX	- 0.34	VEITX

Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela Small 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 Small'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
VEILX	0.56	(0.10)	0.00	(0.20)	0.00	0.00	1.45	(1.24)	3.67
VEITX	0.56	(0.10)	0.00	(0.20)	0.00	0.00	1.44	(1.24)	3.65
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
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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