Eventide Global Correlations

ETCDX Fund

USD 18.47 0.35 1.93%

The current 90-days correlation between Eventide Global Dividend and Western Assets Global is 0.29 (i.e., Modest diversification). The correlation of Eventide Global 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.

Eventide Global Correlation With Market

Good diversification

The correlation between Eventide Global Dividend and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Global Dividend 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 Eventide Global Dividend. 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 unemployment.

Moving together with Eventide Mutual Fund

0.88	ETAMX	Eventide Multi Asset	Pair Corr
0.8	ETAHX	Eventide Healthcare Life	Pair Corr
0.88	ETAGX	Eventide Gilead	Pair Corr
0.85	ETAEX	Eventide Exponential	Pair Corr
1.0	ETADX	Eventide Global Dividend	Pair Corr
0.88	ETCMX	Eventide Multi Asset	Pair Corr
0.8	ETCHX	Eventide Healthcare Life	Pair Corr
0.88	ETCGX	Eventide Gilead	Pair Corr
0.85	ETCEX	Eventide Exponential	Pair Corr
0.94	ETGLX	Eventide Gilead	Pair Corr
0.85	ETIEX	Eventide Exponential	Pair Corr
1.0	ETIDX	Eventide Global Dividend	Pair Corr
0.87	ETIMX	Eventide Multi Asset	Pair Corr
0.94	ETILX	Eventide Gilead	Pair Corr
0.8	ETIHX	Eventide Healthcare Life	Pair Corr
0.92	ETLIX	Eventide Large Cap	Pair Corr
0.91	ETLCX	Eventide Large Cap	Pair Corr
0.92	ETLAX	Eventide Large Cap	Pair Corr
0.91	ETLNX	Eventide Large Cap	Pair Corr
0.88	ETNMX	Eventide Multi Asset	Pair Corr
0.8	ETNHX	Eventide Healthcare Life	Pair Corr
0.85	ETNEX	Eventide Exponential	Pair Corr
1.0	ETNDX	Eventide Global Dividend	Pair Corr
0.97	VIMAX	Vanguard Mid Cap	Pair Corr
0.91	VIMSX	Vanguard Mid Cap	Pair Corr
0.91	VMCPX	Vanguard Mid Cap	Pair Corr
0.91	VMCIX	Vanguard Mid Cap	Pair Corr
0.91	VEXAX	Vanguard Extended Market	Pair Corr
0.86	VEMPX	Vanguard Extended Market	Pair Corr
0.86	VIEIX	Vanguard Extended Market	Pair Corr
0.86	VSEMX	Vanguard Extended Market	Pair Corr

Moving against Eventide Mutual Fund

0.35	ETABX	Eventide Limited Term	Pair Corr
0.35	ETIBX	Eventide Limited Term	Pair Corr
0.34	ETCBX	Eventide Limitedterm Bond	Pair Corr
0.34	ETIRX	Eventide Core Bond	Pair Corr
0.33	ETARX	Eventide Core Bond	Pair Corr
0.33	ETCRX	Eventide Core Bond	Pair Corr
0.35	ETNBX	Eventide Limited Term	Pair Corr
0.33	ETNRX	Eventide Core Bond	Pair Corr

Related Correlations Analysis

	XEHIX	ARECX	GARGX	RGELX	SMYIX	PBLIX	LFLCX
XEHIX		0.34	0.32	0.62	0.42	0.43	0.13	XEHIX
ARECX	0.34		0.99	0.37	0.48	0.76	0.73	ARECX
GARGX	0.32	0.99		0.38	0.5	0.77	0.72	GARGX
RGELX	0.62	0.37	0.38		0.82	0.74	-0.05	RGELX
SMYIX	0.42	0.48	0.5	0.82		0.91	-0.03	SMYIX
PBLIX	0.43	0.76	0.77	0.74	0.91		0.34	PBLIX
LFLCX	0.13	0.73	0.72	-0.05	-0.03	0.34		LFLCX
	XEHIX	ARECX	GARGX	RGELX	SMYIX	PBLIX	LFLCX

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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

GARGX	+ 0.99	ARECX
PBLIX	+ 0.91	SMYIX
SMYIX	+ 0.82	RGELX
PBLIX	+ 0.77	GARGX
PBLIX	+ 0.76	ARECX
PBLIX	+ 0.74	RGELX

High negative correlations

LFLCX	- 0.05	RGELX
LFLCX	- 0.03	SMYIX

Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Global 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 Eventide Global'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
XEHIX	0.22	(0.05)	0.00	0.91	0.00	0.00	0.43	(0.72)	1.74
ARECX	0.79	(0.02)	0.00	(0.03)	0.00	0.00	1.56	(1.47)	4.45
GARGX	0.80	(0.01)	0.00	(0.02)	0.00	0.00	1.48	(1.79)	4.42
RGELX	0.74	(0.08)	0.00	0.31	0.00	0.00	1.34	(1.89)	4.27
SMYIX	0.79	(0.03)	0.00	(0.03)	0.00	0.00	1.57	(1.66)	4.51
PBLIX	0.66	(0.02)	0.00	(0.02)	0.00	0.00	1.14	(1.35)	3.79
LFLCX	0.18	0.01	0.03	(0.37)	0.14	(0.21)	0.43	(0.33)	0.98

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