Wells Fargo Correlations

WFDRX Fund  USD 36.97  0.12  0.32%   
The current 90-days correlation between Wells Fargo Discovery and T Rowe Price is 0.91 (i.e., Almost no diversification). The correlation of Wells Fargo 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.

Wells Fargo Correlation With Market

Very poor diversification

The correlation between Wells Fargo Discovery and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wells Fargo Discovery and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Wells Fargo Discovery. 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 metropolitan statistical area.
For more information on how to buy Wells Mutual Fund please use our How to Invest in Wells Fargo guide.

Moving together with Wells Mutual Fund

  0.61WRPIX Wells Fargo AlternativePairCorr
  0.62WRPRX Wells Fargo AlternativePairCorr
  0.94WSCJX Wells Fargo SmallPairCorr
  0.89WSCRX Wells Fargo AdvantagePairCorr
  0.95STFFX Wells Fargo LargePairCorr
  0.96WTLVX Wells Fargo LargePairCorr
  0.92SCSRX Wells Fargo MonPairCorr
  0.96SCVJX Wells Fargo SmallPairCorr
  0.72WUSRX Wells Fargo UltraPairCorr
  0.78IPBJX Wells Fargo RealPairCorr
  0.94WDSAX Allspring DisciplinedPairCorr
  0.99WEGRX Allspring Emerging GrowthPairCorr
  0.99WENRX Wells Fargo EnterprisePairCorr
  0.94WFATX Wells Fargo IndexPairCorr
  0.92WFPRX Wells Fargo SpecialPairCorr
  0.96SGRHX Wells Fargo GrowthPairCorr
  0.93ESPRX Wells Fargo AdvantagePairCorr
  0.97EVSRX Wells Fargo DisciplinedPairCorr
  0.97EGORX Wells Fargo LargePairCorr
  0.94EIVFX Wells Fargo IntrinsicPairCorr
  0.94CBEJX Wells Fargo CbPairCorr
  0.96EKJFX Wells Fargo PremierPairCorr
  0.71EKSRX Wells Fargo DiversifiedPairCorr

Moving against Wells Mutual Fund

  0.72WFEHX Wells Fargo InternationalPairCorr
  0.66WTRIX Wells Fargo AdvantagePairCorr
  0.64STYJX Wells Fargo CorePairCorr
  0.62WICRX Allspring SpecialPairCorr
  0.32WGCIX Allspring Global InvPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Wells Mutual Fund performing well and Wells Fargo 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 Wells Fargo'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.