Eventide Healthcare Correlations

Mutual Funds . USA . 
Fund . Eventide Healthcare Life
ETNHX Fund  USD 32.41  0.56  1.70%   
The current 90-days correlation between Eventide Healthcare Life and Eventide Gilead Fund is -0.14 (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 0.52 (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

  0.8ETAMX Eventide Multi AssetPairCorr
  0.98ETAHX Eventide Healthcare LifePairCorr
  0.93ETAGX Eventide GileadPairCorr
  0.88ETAEX Eventide ExponentialPairCorr
  0.83ETADX Eventide Global DividendPairCorr
  0.8ETCMX Eventide Multi AssetPairCorr
  1.0ETCHX Eventide Healthcare LifePairCorr
  0.88ETCEX Eventide ExponentialPairCorr
  0.93ETGLX Eventide GileadPairCorr
  0.88ETIEX Eventide ExponentialPairCorr
  0.81ETIDX Eventide Global DividendPairCorr
  0.79ETIMX Eventide Multi AssetPairCorr
  0.89ETILX Eventide GileadPairCorr
  1.0ETIHX Eventide Healthcare LifePairCorr
  0.87ETLIX Eventide Large CapPairCorr
  0.87ETLCX Eventide Large CapPairCorr
  0.87ETLAX Eventide Large CapPairCorr
  0.8ETNMX Eventide Multi AssetPairCorr
  0.88ETNEX Eventide ExponentialPairCorr
  0.83ETNDX Eventide Global DividendPairCorr
  0.76PRHSX T Rowe PricePairCorr
  0.87THISX T Rowe PricePairCorr
  0.93FSPHX Health Care PortfolioPairCorr
  0.72WRHIX Ivy High IncomePairCorr
  0.72WHIAX Ivy High IncomePairCorr

Moving against Eventide Mutual Fund

  0.38ETNBX Eventide Limited TermPairCorr
  0.37ETABX Eventide Limited TermPairCorr
  0.36ETARX Eventide Core BondPairCorr
  0.36ETCRX Eventide Core BondPairCorr
  0.36ETNRX Eventide Core BondPairCorr
  0.37HRBDX Harbor Bond FundPairCorr
  0.37USGDX Morgan Stanley GovernmentPairCorr
  0.37BISMX Brandes InternationalPairCorr
  0.33VICSX Vanguard Intermediate-terPairCorr

Related Correlations Analysis

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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.

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