Global Opportunity Correlations

Mutual Funds . USA . 
Fund . Global Opportunity Portfolio
MGGPX Fund  USD 33.21  0.01  0.03%   
The current 90-days correlation between Global Opportunity and Enhanced Fixed Income is 0.59 (i.e., Very weak 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 american community survey.

Moving together with Global Mutual Fund

  0.91MLMCX Global E PortfolioPairCorr
  0.92MLMSX Global E PortfolioPairCorr
  0.83MMCGX Mid Cap GrowthPairCorr
  0.79MPEGX Mid Cap GrowthPairCorr
  0.74MRHYX Msift High YieldPairCorr
  0.83MRNPX Msif InternationalPairCorr
  0.83MACGX Mid Cap GrowthPairCorr
  0.78MSCMX Morgan Stanley MultiPairCorr
  0.81MSEGX Growth Portfolio ClassPairCorr
  0.76MSEQX Growth Portfolio Class Steady GrowthPairCorr
  0.79MSHDX High Yield PortfolioPairCorr
  0.7MSJSX Morgan Stanley GlobalPairCorr
  0.83MSKLX Mid Cap GrowthPairCorr
  0.83MSMFX Msift Mid CapPairCorr
  0.76MSSOX Global StrategistPairCorr
  0.8EUGDX Morgan Stanley EuropeanPairCorr
  0.81EUGCX Morgan Stanley EuropeanPairCorr
  0.8EUGAX Morgan Stanley EuropeanPairCorr
  0.77MUOCX Msif Core PortfolioPairCorr
  0.85IDVSX Msif InternationalPairCorr

Related Correlations Analysis

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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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