Icon Bond Correlations

IOBAX Fund  USD 8.67  0.01  0.12%   
The current 90-days correlation between Icon Bond Fund and Angel Oak Ultrashort is 0.13 (i.e., Average diversification). The correlation of Icon Bond 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.

Icon Bond Correlation With Market

Weak diversification

The correlation between Icon Bond Fund and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Icon Bond 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 Icon Bond 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 Icon Mutual Fund

  1.0IOBZX Icon Bond FundPairCorr
  0.83IOEZX Icon Equity IncomePairCorr
  0.92ICTVX Icon UtilitiesPairCorr
  0.92ICTUX Icon Utilities AndPairCorr
  0.86IEQAX Icon Equity IncomePairCorr
  0.9PONAX Pimco IncomePairCorr
  0.9PONCX Pimco IncomePairCorr
  0.93PIPNX Pimco IncomePairCorr
  0.93PONRX Pimco IncomePairCorr
  0.9PONPX Pimco Incme FundPairCorr
  0.94PIINX Pimco IncomePairCorr
  0.9PIMIX Pimco IncomePairCorr
  0.86LBNDX Lord Abbett BondPairCorr
  0.82FSTAX Fidelity Advisor StrPairCorr
  0.84FSRIX Fidelity Advisor StrPairCorr
  0.87UGPIX Ultrachina ProfundPairCorr
  0.86UGPSX Ultrachina ProfundPairCorr
  0.86PMPIX Precious Metals Ultr Steady GrowthPairCorr
  0.97MFIRX Ms Global FixedPairCorr
  0.89NSITX Northern Short-intermediaPairCorr
  0.95HFHCX Hartford FloatingPairCorr
  0.85LAIIX Lord Abbett IntermediatePairCorr
  0.78BRAMX Bats Series MPairCorr
  0.79TEDMX Templeton DevelopingPairCorr
  0.8PNMCX Prudential National MuniPairCorr
  0.94NHILX Neuberger Berman HighPairCorr
  0.94OSIIX Oppenheimer Global StrtgcPairCorr
  0.87TRIGX T Rowe PricePairCorr
  0.92GCMDX Goldman Sachs LocalPairCorr
  0.72TEMHX Tiaa Cref EmergingPairCorr

Moving against Icon Mutual Fund

  0.33ICTTX Icon Information TecPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Icon Mutual Fund performing well and Icon Bond 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 Icon Bond'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.