Global Opportunity Correlations

Mutual Funds . USA . 
Fund . Global Opportunity Portfolio
MGGIX Fund  USD 35.67  0.01  0.03%   
The current 90-days correlation between Global Opportunity and Morgan Stanley Multi is 0.03 (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

Poor diversification

The correlation between Global Opportunity Portfolio and DJI is 0.69 (i.e., Poor 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

  0.92MLMCX Global E PortfolioPairCorr
  0.93MLMSX Global E PortfolioPairCorr
  0.86MMCGX Mid Cap GrowthPairCorr
  0.84MPEGX Mid Cap GrowthPairCorr
  0.73MRHYX Msift High YieldPairCorr
  0.77MRNPX Msif InternationalPairCorr
  0.86MACGX Mid Cap GrowthPairCorr
  0.75MSCMX Morgan Stanley MultiPairCorr
  0.82MSEGX Growth Portfolio ClassPairCorr
  0.82MSEQX Growth Portfolio ClassPairCorr
  0.81MSHDX High Yield PortfolioPairCorr
  0.84MSKLX Mid Cap GrowthPairCorr
  0.77MSMFX Msift Mid CapPairCorr
  0.66MSSMX Small Pany Growth Steady GrowthPairCorr
  0.65MSSLX Small Pany Growth Steady GrowthPairCorr
  0.71MSSOX Global StrategistPairCorr
  0.8EUGDX Morgan Stanley EuropeanPairCorr
  0.81EUGCX Morgan Stanley EuropeanPairCorr
  0.8EUGAX Morgan Stanley EuropeanPairCorr
  0.82MUOCX Msif Core PortfolioPairCorr
  0.81IDVSX Msif InternationalPairCorr

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
+ 1.0
CPODX
BGSIX
+ 0.88
CPODX
BGSIX
+ 0.88
PXSGX
BGSIX
+ 0.87
MSEQX
PXSGX
+ 0.71
CPODX
PXSGX
+ 0.7
MSEQX
  
High negative correlations   
PXSGX
- 0.17
MIOIX

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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