Global Opportunity Correlations

Mutual Funds . USA . 
Fund . Global Opportunity Portfolio
MGGIX Fund  USD 37.34  0.60  1.63%   
The current 90-days correlation between Global Opportunity and Morgan Stanley Multi is 0.09 (i.e., Significant diversification). The correlation of Global Opportunity 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.

Global Opportunity Correlation With Market

Very weak diversification

The correlation between Global Opportunity Portfolio and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global Opportunity Portfolio and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Global Opportunity Portfolio. 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 Global Mutual Fund

  0.68TEMUX Emerging Markets EquityPairCorr
  0.81MLMAX Global E PortfolioPairCorr
  0.8MLNSX Global Centrated PorPairCorr
  0.84MLMSX Global E PortfolioPairCorr
  0.77MMKBX Emerging Markets PorPairCorr
  0.72MNOPX International OpportunityPairCorr
  0.61THYUX High Yield FundPairCorr
  0.69TIFUX International FixedPairCorr
  0.81TIIUX Core Fixed IncomePairCorr
  0.76TILUX Inflation Linked FixedPairCorr
  0.92MPBAX Global StrategistPairCorr
  0.82MPFDX Corporate Bond PortfolioPairCorr
  0.63MPEGX Mid Cap GrowthPairCorr
  0.67MRJSX Real Assets PortfolioPairCorr
  0.73MRNPX Msif InternationalPairCorr
  0.63MAADX Morgan Stanley InstiPairCorr
  0.63MAAOX Morgan Stanley InstiPairCorr
  0.63MACGX Mid Cap GrowthPairCorr
  0.78MAIJX Morgan Stanley InstiPairCorr
  0.92MSFBX Global Franchise PorPairCorr
  0.87MSFAX Global Franchise PorPairCorr
  0.63MSKLX Mid Cap GrowthPairCorr
  0.83MSIQX International EquityPairCorr
  0.7MSOCX International OpportunityPairCorr
  0.76MSQLX International EquityPairCorr
  0.82TMUUX Municipal BondPairCorr
  0.93MSSOX Global StrategistPairCorr

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   
MSEQX
+ 0.99
CPODX
MIOIX
+ 0.84
MSEQX
MIOIX
+ 0.81
CPODX
BGSIX
+ 0.64
CPODX
BGSIX
+ 0.58
MSEQX
BGSIX
+ 0.46
MIOIX
  
High negative correlations   
PXSGX
- 0.05
MIOIX
PXSGX
- 0.05
MSEQX

Risk-Adjusted Indicators

There is a big difference between Global Mutual Fund performing well and Global Opportunity 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 Global Opportunity'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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