Conestoga Micro Correlations

CMIRX Fund

USD 7.59 0.11 1.43%

The current 90-days correlation between Conestoga Micro Cap and Conestoga Micro Cap is 1.0 (i.e., No risk reduction). The correlation of Conestoga Micro 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.

Conestoga Micro Correlation With Market

Poor diversification

The correlation between Conestoga Micro Cap and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Conestoga Micro Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Conestoga Micro 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 metropolitan statistical area.

Moving together with Conestoga Mutual Fund

1.0	CMCMX	Conestoga Micro Cap	Pair Corr
0.88	CCASX	Conestoga Small Cap	Pair Corr
0.88	CCALX	Conestoga Small Cap	Pair Corr
0.89	CCSMX	Conestoga Smid Cap	Pair Corr
0.89	CCSGX	Conestoga Smid Cap	Pair Corr
0.96	VSGAX	Vanguard Small Cap	Pair Corr
0.96	VSGIX	Vanguard Small Cap	Pair Corr
0.96	VISGX	Vanguard Small Cap	Pair Corr
0.86	VEXPX	Vanguard Explorer	Pair Corr
0.86	VEXRX	Vanguard Explorer	Pair Corr
0.97	JGMIX	Janus Triton	Pair Corr
0.97	JGMRX	Janus Triton	Pair Corr
0.97	JGMAX	Janus Triton	Pair Corr
0.97	JGMCX	Janus Triton	Pair Corr
0.97	JGMNX	Janus Triton	Pair Corr
0.78	GPMFX	Guidepath Managed Futures	Pair Corr

Moving against Conestoga Mutual Fund

0.83	GAAKX	Gmo Alternative Allo	Pair Corr
0.83	GAAGX	Gmo Alternative Allo	Pair Corr
0.64	MFAAX	American Funds Mortgage	Pair Corr
0.64	VSGDX	Vanguard Short Term	Pair Corr
0.6	GPBFX	Gmo E Plus	Pair Corr
0.6	CIHCX	Cullen International High	Pair Corr
0.55	BISMX	Brandes International	Pair Corr
0.54	LIRRX	Lord Abbett International	Pair Corr
0.46	VMLTX	Vanguard Limited Term	Pair Corr
0.41	DLDFX	Destinations Low Duration	Pair Corr
0.35	FGDIX	Fidelity Advisor Gold	Pair Corr
0.63	TASTX	Transamerica Short Term	Pair Corr
0.58	OPIGX	Oppenheimer Core Bond	Pair Corr

Related Correlations Analysis

	CMCMX	CMIRX	CCASX	CCALX	CCMMX	CCSMX	CCSGX	FLDZX	MNDVUX
CMCMX		1.0	0.88	0.88	0.59	0.89	0.89	-0.6	0.43	CMCMX
CMIRX	1.0		0.88	0.88	0.59	0.89	0.89	-0.6	0.43	CMIRX
CCASX	0.88	0.88		1.0	0.39	0.96	0.96	-0.83	0.2	CCASX
CCALX	0.88	0.88	1.0		0.39	0.96	0.96	-0.83	0.2	CCALX
CCMMX	0.59	0.59	0.39	0.39		0.58	0.58	0.1	0.84	CCMMX
CCSMX	0.89	0.89	0.96	0.96	0.58		1.0	-0.69	0.37	CCSMX
CCSGX	0.89	0.89	0.96	0.96	0.58	1.0		-0.69	0.38	CCSGX
FLDZX	-0.6	-0.6	-0.83	-0.83	0.1	-0.69	-0.69		0.21	FLDZX
MNDVUX	0.43	0.43	0.2	0.2	0.84	0.37	0.38	0.21		MNDVUX
	CMCMX	CMIRX	CCASX	CCALX	CCMMX	CCSMX	CCSGX	FLDZX	MNDVUX

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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

CMIRX	+ 1.0	CMCMX
CCALX	+ 1.0	CCASX
CCSGX	+ 1.0	CCSMX
CCSMX	+ 0.96	CCASX
CCSGX	+ 0.96	CCASX
CCSMX	+ 0.96	CCALX

High negative correlations

FLDZX	- 0.83	CCALX
FLDZX	- 0.83	CCASX
FLDZX	- 0.69	CCSGX
FLDZX	- 0.69	CCSMX
FLDZX	- 0.6	CMIRX
FLDZX	- 0.6	CMCMX

Risk-Adjusted Indicators

There is a big difference between Conestoga Mutual Fund performing well and Conestoga Micro 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 Conestoga Micro'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
CMCMX	1.21	(0.06)	0.00	(0.13)	0.00	0.00	2.26	(3.06)	6.43
CMIRX	1.21	(0.06)	0.00	(0.13)	0.00	0.00	2.11	(3.03)	6.38
CCASX	0.92	(0.20)	0.00	(0.30)	0.00	0.00	1.57	(2.04)	4.90
CCALX	0.91	(0.20)	0.00	(0.30)	0.00	0.00	1.59	(2.04)	4.92
CCMMX	0.68	(0.03)	0.00	(0.12)	0.00	0.00	1.34	(1.37)	3.62
CCSMX	0.83	(0.11)	0.00	(0.21)	0.00	0.00	1.30	(1.63)	4.08
CCSGX	0.82	(0.11)	0.00	(0.21)	0.00	0.00	1.29	(1.59)	4.09
FLDZX	0.08	0.01	0.55	0.63	0.00	(0.17)	0.22	(0.11)	0.67
MNDVUX	0.66	0.08	0.12	0.06	0.82	(0.66)	1.23	(1.22)	3.65

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