International Equity Correlations

HISIX Fund

USD 10.29 0.11 1.06%

The current 90-days correlation between International Equity and Fzdaqx is 0.49 (i.e., Very weak diversification). The correlation of International Equity 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.

International Equity Correlation With Market

Very weak diversification

The correlation between International Equity Fund 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 International Equity 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 International Equity 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 gross domestic product.

Moving together with International Mutual Fund

0.84	HOIBX	Homestead Intermediate	Pair Corr
0.86	HOSBX	Short Term Bond	Pair Corr
0.88	HOSGX	Short Term Government	Pair Corr
0.95	VGTSX	Vanguard Total Inter	Pair Corr
0.95	VTIAX	Vanguard Total Inter	Pair Corr
0.98	VTSNX	Vanguard Total Inter	Pair Corr
0.98	VTPSX	Vanguard Total Inter	Pair Corr
0.98	VTISX	Vanguard Total Inter	Pair Corr
0.99	VTMGX	Vanguard Developed	Pair Corr
0.99	VDVIX	Vanguard Developed	Pair Corr
0.99	VTMNX	Vanguard Developed	Pair Corr
0.99	VDIPX	Vanguard Developed	Pair Corr
0.96	FSPSX	Fidelity International	Pair Corr
0.96	UGPSX	Ultrachina Profund	Pair Corr
0.96	UGPIX	Ultrachina Profund	Pair Corr
0.9	PMPIX	Precious Metals Ultr	Pair Corr
0.9	PMPSX	Precious Metals Ultr	Pair Corr
0.96	INVYX	Pioneer International	Pair Corr
0.85	MXGMX	Great West Government	Pair Corr
0.91	TPISX	Tiaa Cref Intl	Pair Corr
0.69	AILCX	American Beacon Inte	Pair Corr
0.76	VHCIX	Vanguard Health Care	Pair Corr
0.9	THRRX	Thornburg Limited Term	Pair Corr
0.75	THMIX	Thornburg Intermediate	Pair Corr
0.84	RHYAX	Rbc Bluebay Global	Pair Corr
0.93	THOIX	Thornburg Global Opp	Pair Corr
0.73	THMCX	Thornburg Intermediate	Pair Corr
0.77	PAOPX	T Rowe Price	Pair Corr
0.85	THCAX	Thornburg Core Plus	Pair Corr
0.76	WFITX	Intermediate Tax/amt-free	Pair Corr
0.88	MOALX	Moalx	Pair Corr
0.95	NSIVX	North Square Investments	Pair Corr
0.67	LHYRX	Lord Abbett High	Pair Corr
0.82	MXIPX	Great West Servative	Pair Corr

Moving against International Mutual Fund

0.65	HSCSX	Small-company Stock	Pair Corr
0.42	HNASX	Growth Fund Growth	Pair Corr

Related Correlations Analysis

	FZDAQX	OPTCX	FLAKQX	FURYAX	WABMSX	FFCGX	FUHKBX
FZDAQX		0.16	0.6	0.35	0.57	0.47	0.18	FZDAQX
OPTCX	0.16		0.04	-0.14	0.06	0.24	-0.3	OPTCX
FLAKQX	0.6	0.04		0.64	0.81	0.73	0.24	FLAKQX
FURYAX	0.35	-0.14	0.64		0.84	0.84	0.81	FURYAX
WABMSX	0.57	0.06	0.81	0.84		0.94	0.49	WABMSX
FFCGX	0.47	0.24	0.73	0.84	0.94		0.51	FFCGX
FUHKBX	0.18	-0.3	0.24	0.81	0.49	0.51		FUHKBX
	FZDAQX	OPTCX	FLAKQX	FURYAX	WABMSX	FFCGX	FUHKBX

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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

FFCGX	+ 0.94	WABMSX
WABMSX	+ 0.84	FURYAX
FFCGX	+ 0.84	FURYAX
WABMSX	+ 0.81	FLAKQX
FUHKBX	+ 0.81	FURYAX
FFCGX	+ 0.73	FLAKQX

High negative correlations

FUHKBX	- 0.3	OPTCX
FURYAX	- 0.14	OPTCX

Risk-Adjusted Indicators

There is a big difference between International Mutual Fund performing well and International Equity 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 International Equity'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
FZDAQX	0.11	(0.01)	(0.03)	(0.05)	0.17	(0.15)	0.21	(0.21)	1.03
OPTCX	0.06	(0.01)	(0.03)	3.08	0.07	(0.18)	0.21	(0.21)	0.93
FLAKQX	0.84	0.01	0.01	0.10	1.11	(0.93)	1.75	(2.40)	4.80
FURYAX	0.69	0.00	(0.01)	0.00	0.80	(0.78)	1.21	(1.39)	2.96
WABMSX	0.61	0.03	0.03	0.04	0.78	(0.63)	1.38	(1.29)	3.66
FFCGX	0.74	0.00	0.00	0.00	1.02	(0.75)	1.37	(1.56)	4.66
FUHKBX	0.69	(0.01)	(0.01)	(0.01)	0.93	(0.71)	1.13	(1.61)	4.79

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