Eventide Healthcare Correlations

ETIHX Fund

USD 33.23 0.57 1.69%

The current 90-days correlation between Eventide Healthcare Life and Eventide Gilead Fund is -0.13 (i.e., Good diversification). The correlation of Eventide Healthcare 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 Healthcare Correlation With Market

Very weak diversification

The correlation between Eventide Healthcare Life and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Healthcare Life 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 Healthcare Life. 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 rate.

Moving together with Eventide Mutual Fund

0.8	ETAMX	Eventide Multi Asset	Pair Corr
1.0	ETAHX	Eventide Healthcare Life	Pair Corr
0.91	ETAGX	Eventide Gilead	Pair Corr
0.87	ETAEX	Eventide Exponential	Pair Corr
0.83	ETADX	Eventide Global Dividend	Pair Corr
0.8	ETCMX	Eventide Multi Asset	Pair Corr
0.98	ETCHX	Eventide Healthcare Life	Pair Corr
0.87	ETCEX	Eventide Exponential	Pair Corr
0.88	ETGLX	Eventide Gilead	Pair Corr
0.87	ETIEX	Eventide Exponential	Pair Corr
0.8	ETIDX	Eventide Global Dividend	Pair Corr
0.8	ETIMX	Eventide Multi Asset	Pair Corr
0.88	ETILX	Eventide Gilead	Pair Corr
0.86	ETLIX	Eventide Large Cap	Pair Corr
0.86	ETLCX	Eventide Large Cap	Pair Corr
0.86	ETLAX	Eventide Large Cap	Pair Corr
0.81	ETNMX	Eventide Multi Asset	Pair Corr
1.0	ETNHX	Eventide Healthcare Life	Pair Corr
0.86	ETNEX	Eventide Exponential	Pair Corr
0.8	ETNDX	Eventide Global Dividend	Pair Corr
0.75	PRHSX	T Rowe Price	Pair Corr
0.87	THISX	T Rowe Price	Pair Corr
0.92	FSPHX	Health Care Portfolio	Pair Corr
0.64	WHIAX	Ivy High Income	Pair Corr

Moving against Eventide Mutual Fund

0.39	ETNBX	Eventide Limited Term	Pair Corr
0.38	ETCRX	Eventide Core Bond	Pair Corr
0.38	ETNRX	Eventide Core Bond	Pair Corr
0.38	USGDX	Morgan Stanley Government	Pair Corr

Related Correlations Analysis

	ETILX	ETIDX	ETIEX	ETGLX	ETIMX
ETILX		0.94	0.9	1.0	0.8	ETILX
ETIDX	0.94		0.83	0.94	0.88	ETIDX
ETIEX	0.9	0.83		0.9	0.8	ETIEX
ETGLX	1.0	0.94	0.9		0.8	ETGLX
ETIMX	0.8	0.88	0.8	0.8		ETIMX
	ETILX	ETIDX	ETIEX	ETGLX	ETIMX

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Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Healthcare 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 Healthcare'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ETILX	1.20	(0.10)	0.68	2.16	(2.94)	6.31
ETIDX	0.85	(0.06)	0.31	1.67	(1.76)	5.17
ETIEX	1.43	(0.16)	(0.11)	2.17	(3.23)	8.28
ETGLX	1.20	(0.10)	0.68	2.16	(2.95)	6.30
ETIMX	0.48	(0.02)	(0.04)	1.04	(1.03)	2.94

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