Dana Small Correlations

DSCIX Fund

USD 12.58 0.05 0.40%

The current 90-days correlation between Dana Small Cap and Intal High Relative is 0.61 (i.e., Poor diversification). The correlation of Dana 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.

Dana Small Correlation With Market

Poor diversification

The correlation between Dana Small Cap and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dana Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dana 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 gross domestic product.

Moving together with Dana Mutual Fund

0.75	DLCIX	Dana Large Cap	Pair Corr
0.75	DLCEX	Dana Large Cap	Pair Corr
0.87	ESGIX	Dana Epiphany Esg	Pair Corr
0.9	VSGAX	Vanguard Small Cap	Pair Corr
0.93	VSGIX	Vanguard Small Cap	Pair Corr
0.93	VISGX	Vanguard Small Cap	Pair Corr
0.98	VEXPX	Vanguard Explorer	Pair Corr
0.98	VEXRX	Vanguard Explorer	Pair Corr
0.89	JGMIX	Janus Triton	Pair Corr
0.9	JGMRX	Janus Triton	Pair Corr
0.89	JGMAX	Janus Triton	Pair Corr
0.9	JGMCX	Janus Triton	Pair Corr
0.85	JGMNX	Janus Triton	Pair Corr
0.75	WHIYX	Ivy High Income	Pair Corr
0.76	IVHIX	Ivy High Income	Pair Corr
0.71	IHIFX	Ivy High Income	Pair Corr
0.79	WRHIX	Ivy High Income	Pair Corr
0.8	WHIAX	Ivy High Income	Pair Corr

Moving against Dana Mutual Fund

0.73	VFIIX	Vanguard Gnma	Pair Corr
0.71	GIBLX	Guggenheim Total Return	Pair Corr
0.61	NCMFX	Virtus Multi Sector	Pair Corr
0.56	AIDYX	Diversified Municipal	Pair Corr
0.54	MEMGX	Mfs Emerging Markets	Pair Corr
0.51	VGCAX	Vanguard Global Credit	Pair Corr
0.44	SIYYX	Simt High Yield	Pair Corr
0.36	REEAX	Rbc Emerging Markets	Pair Corr
0.82	MWLIX	Metropolitan West Low	Pair Corr
0.81	IFTAX	Vy Templeton Foreign	Pair Corr
0.73	MWERX	Metwest Esg Securitized	Pair Corr
0.7	BMOAX	Blackrock Bond Index	Pair Corr

Related Correlations Analysis

	DIHRX	GSHAX	PATFX	NWJVX	TBHDX	GHVIX	AQRRX	MAHIX
DIHRX		0.79	0.74	0.89	0.92	0.89	0.76	0.93	DIHRX
GSHAX	0.79		0.89	0.8	0.6	0.94	0.89	0.91	GSHAX
PATFX	0.74	0.89		0.75	0.6	0.87	0.74	0.83	PATFX
NWJVX	0.89	0.8	0.75		0.88	0.85	0.63	0.91	NWJVX
TBHDX	0.92	0.6	0.6	0.88		0.74	0.48	0.8	TBHDX
GHVIX	0.89	0.94	0.87	0.85	0.74		0.89	0.94	GHVIX
AQRRX	0.76	0.89	0.74	0.63	0.48	0.89		0.84	AQRRX
MAHIX	0.93	0.91	0.83	0.91	0.8	0.94	0.84		MAHIX
	DIHRX	GSHAX	PATFX	NWJVX	TBHDX	GHVIX	AQRRX	MAHIX

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Risk-Adjusted Indicators

There is a big difference between Dana Mutual Fund performing well and Dana 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 Dana 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
DIHRX	0.59	0.11	0.18	0.14	0.66	(0.69)	1.51	(1.19)	3.80
GSHAX	0.15	0.00	0.23	(0.07)	0.17	(0.26)	0.53	(0.36)	1.08
PATFX	0.19	(0.01)	0.00	(0.45)	0.00	0.00	0.36	(0.45)	1.26
NWJVX	0.08	0.01	0.68	0.92	0.00	(0.14)	0.20	(0.10)	0.61
TBHDX	0.55	0.12	0.24	0.28	0.54	(0.66)	1.29	(1.26)	4.47
GHVIX	0.16	(0.01)	0.30	0.07	0.18	(0.17)	0.24	(0.35)	1.01
AQRRX	0.51	0.00	0.11	(0.13)	0.66	(0.53)	1.02	(1.08)	3.50
MAHIX	0.11	0.01	0.44	0.06	0.00	(0.14)	0.20	(0.20)	0.81

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