Icon Longshort Correlations

ISTAX Fund  USD 23.66  0.18  0.76%   
The current 90-days correlation between Icon Longshort and Boston Partners Longshort is 0.87 (i.e., Very poor diversification). The correlation of Icon Longshort 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 Longshort Correlation With Market

Poor diversification

The correlation between Icon Longshort Fund and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Icon Longshort 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 Longshort 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

  1.0IOLZX Icon LongshortPairCorr
  0.93ICBAX Icon Natural ResourcesPairCorr
  0.93ICBMX Icon Natural ResourcesPairCorr
  0.93ICFAX Icon FinancialPairCorr
  0.94ICFSX Icon FinancialPairCorr
  0.92ICTEX Icon Information TecPairCorr
  0.92ICTTX Icon Information TecPairCorr
  0.99VIMAX Vanguard Mid CapPairCorr
  0.99VIMSX Vanguard Mid CapPairCorr
  0.99VMCPX Vanguard Mid CapPairCorr
  0.99VMCIX Vanguard Mid CapPairCorr
  0.93VEXAX Vanguard Extended MarketPairCorr
  0.93VEMPX Vanguard Extended MarketPairCorr
  0.93VIEIX Vanguard Extended MarketPairCorr
  0.93VSEMX Vanguard Extended MarketPairCorr
  0.93VEXMX Vanguard Extended MarketPairCorr
  0.93FSMAX Fidelity Extended MarketPairCorr

Moving against Icon Mutual Fund

  0.91UIPIX Ultrashort Mid CapPairCorr
  0.89USPSX Profunds UltrashortPairCorr
  0.88USPIX Profunds UltrashortPairCorr
  0.36MWSIX Metropolitan WestPairCorr
  0.33PRREX Putnam Absolute ReturnPairCorr

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   
DIAMXBPLEX
CVSIXDIAMX
CVSIXBPLEX
COAGXJMNAX
COAGXBPLEX
COAGXDIAMX
  
High negative correlations   
CVSIXJMNAX

Risk-Adjusted Indicators

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