Mydestination 2055 Correlations

Mutual Funds . USA . 
Fund . Mydestination 2055 Fund
GMGZX Fund  USD 17.14  0.07  0.41%   
The current 90-days correlation between Mydestination 2055 and Absolute Convertible Arbitrage is 0.42 (i.e., Very weak diversification). The correlation of Mydestination 2055 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.

Mydestination 2055 Correlation With Market

Poor diversification

The correlation between Mydestination 2055 Fund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mydestination 2055 Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Mydestination 2055 Fund. 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 nation.

Moving together with MYDESTINATION Mutual Fund

  0.97GCOZX Growth AllocationPairCorr
  0.89GDMYX Defensive Market StrPairCorr
  0.88GDMZX Defensive Market StrPairCorr
  0.95GVEYX Value Equity InstituPairCorr
  0.95GVEZX Value Equity InvestorPairCorr
  0.94GVIYX Guidestone Value EquityPairCorr
  0.94GVIZX Guidestone Value EquityPairCorr
  0.62GEIYX Guidestone Growth EquityPairCorr
  0.62GEIZX Guidestone Growth EquityPairCorr
  0.81GEQYX Equity Index InstituPairCorr
  0.8GEQZX Equity Index InvestorPairCorr
  0.77GFIZX Conservative AllocationPairCorr
  0.99GGBZX Aggressive AllocationPairCorr
  0.65GGEYX Guidestone Fds GrowthPairCorr
  0.64GGEZX Growth Equity InvestorPairCorr
  0.89GGIZX Balanced AllocationPairCorr
  0.97GGRYX Growth AllocationPairCorr
  1.0GMFZX Mydestination 2045PairCorr
  0.87GMEYX Guidestone Funds ImpactPairCorr
  0.88GMEZX Guidestone Funds ImpactPairCorr
  0.98GMHYX Mydestination 2035PairCorr
  0.98GMHZX Mydestination 2035PairCorr
  1.0GMGYX Mydestination 2055PairCorr

Related Correlations Analysis

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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   
NCIDX
+ 0.98
PCNTX
NCIDX
+ 0.96
XAVKX
PCNTX
+ 0.95
XAVKX
LCFYX
+ 0.94
XAVKX
NCIDX
+ 0.94
LCFYX
PCNTX
+ 0.9
LCFYX
  
High negative correlations   
CCD
- 0.66
ARBOX
PCNTX
- 0.52
ARBOX
NCIDX
- 0.39
ARBOX
XAVKX
- 0.35
ARBOX
LCFYX
- 0.12
ARBOX

Risk-Adjusted Indicators

There is a big difference between MYDESTINATION Mutual Fund performing well and Mydestination 2055 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 Mydestination 2055'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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