Davenport Small Correlations

DSCPX Fund

USD 16.18 0.06 0.37%

The current 90-days correlation between Davenport Small Cap and Victory High Yield is 0.49 (i.e., Very weak diversification). The correlation of Davenport 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.

Davenport Small Correlation With Market

Poor diversification

The correlation between Davenport Small Cap and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davenport 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 Davenport 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 american community survey.

Moving together with Davenport Mutual Fund

0.85	DAVPX	Davenport E Fund	Pair Corr
0.92	DBUYX	Davenport Insider Buying	Pair Corr
0.95	DEOPX	Davenport Equity Opp	Pair Corr
0.97	VSMAX	Vanguard Small Cap	Pair Corr
0.97	VSCIX	Vanguard Small Cap	Pair Corr
0.97	VSCPX	Vanguard Small Cap	Pair Corr
0.97	NAESX	Vanguard Small Cap	Pair Corr
0.97	FSSNX	Fidelity Small Cap	Pair Corr
0.97	DFSTX	Us Small Cap	Pair Corr
0.98	PASVX	T Rowe Price	Pair Corr
0.98	PRVIX	T Rowe Price	Pair Corr
0.98	TRZVX	T Rowe Price	Pair Corr
0.98	PRSVX	T Rowe Price	Pair Corr
0.98	GCAVX	Gmo Small Cap	Pair Corr
0.94	GMCQX	Gmo Equity Allocation	Pair Corr

Moving against Davenport Mutual Fund

0.87	GAAVX	Gmo Alternative Allo	Pair Corr
0.96	USPIX	Profunds Ultrashort	Pair Corr
0.66	SHYMX	Stet Short Duration	Pair Corr
0.62	GABFX	Gmo Asset Allocation	Pair Corr
0.59	PINCX	Putnam Income	Pair Corr
0.52	COBCX	American Funds Porate	Pair Corr
0.52	DFISX	International Small Pany	Pair Corr
0.73	RBOHX	Intermediate Bond	Pair Corr
0.68	FAUDX	Strategic Advisers Short	Pair Corr

Related Correlations Analysis

	RHYKX	MWHYX	QLMYIX	OHSHX	RHYAX	HYSZX
RHYKX		0.96	0.96	0.93	0.94	0.97	RHYKX
MWHYX	0.96		0.96	0.92	0.94	0.98	MWHYX
QLMYIX	0.96	0.96		0.94	0.97	0.97	QLMYIX
OHSHX	0.93	0.92	0.94		0.98	0.93	OHSHX
RHYAX	0.94	0.94	0.97	0.98		0.94	RHYAX
HYSZX	0.97	0.98	0.97	0.93	0.94		HYSZX
	RHYKX	MWHYX	QLMYIX	OHSHX	RHYAX	HYSZX

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Risk-Adjusted Indicators

There is a big difference between Davenport Mutual Fund performing well and Davenport 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 Davenport 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
RHYKX	0.15	0.02	0.30	0.14	0.02	(0.27)	0.37	(0.36)	0.92
MWHYX	0.12	0.00	0.40	(0.02)	0.08	(0.18)	0.43	(0.22)	0.76
QLMYIX	0.13	0.02	0.31	0.15	0.00	(0.21)	0.33	(0.33)	0.99
OHSHX	0.13	0.01	0.26	0.03	0.13	(0.17)	0.23	(0.23)	1.02
RHYAX	0.12	0.01	0.28	0.03	0.11	(0.18)	0.31	(0.31)	1.14
HYSZX	0.13	0.02	0.38	0.12	0.00	(0.22)	0.48	(0.24)	1.08

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