Power Momentum Correlations

MOJAX Fund

USD 13.62 0.03 0.22%

The current 90-days correlation between Power Momentum Index and Goldman Sachs Technology is 0.91 (i.e., Almost no diversification). The correlation of Power Momentum 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.

Power Momentum Correlation With Market

Good diversification

The correlation between Power Momentum Index and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Power Momentum Index 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 Power Momentum Index. 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 Power Mutual Fund

1.0	MOJCX	Power Momentum Index	Pair Corr
1.0	MOJOX	Power Momentum Index	Pair Corr
0.7	FLOTX	Power Floating Rate	Pair Corr
0.92	GTAAX	Power Global Tactical	Pair Corr
0.92	GTAIX	Power Global Tactical	Pair Corr
0.71	PWDAX	Power Dividend Index	Pair Corr
0.72	PWDCX	Power Dividend Index	Pair Corr
0.71	PWDIX	Power Dividend Index	Pair Corr
0.62	ABRIX	Invesco Balanced Risk	Pair Corr
0.7	WHIYX	Ivy High Income	Pair Corr
0.69	IVHIX	Ivy High Income	Pair Corr
0.7	IHIFX	Ivy High Income	Pair Corr
0.69	WRHIX	Ivy High Income	Pair Corr
0.67	WHIAX	Ivy High Income	Pair Corr

Moving against Power Mutual Fund

0.53	GF	New Germany Closed	Pair Corr
0.44	VSGDX	Vanguard Short Term	Pair Corr
0.43	TASTX	Transamerica Short Term	Pair Corr
0.35	PSDNX	Putnam Ultra Short	Pair Corr

Related Correlations Analysis

	GISTX	NWHOX	GITAX	JNGTX	BSTSX	CONIX
GISTX		0.99	1.0	0.98	0.98	0.95	GISTX
NWHOX	0.99		0.99	0.97	0.97	0.95	NWHOX
GITAX	1.0	0.99		0.98	0.98	0.95	GITAX
JNGTX	0.98	0.97	0.98		1.0	0.94	JNGTX
BSTSX	0.98	0.97	0.98	1.0		0.93	BSTSX
CONIX	0.95	0.95	0.95	0.94	0.93		CONIX
	GISTX	NWHOX	GITAX	JNGTX	BSTSX	CONIX

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Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Momentum 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 Power Momentum'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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
GISTX	1.21	(0.17)	1.22	1.72	(2.80)	7.54
NWHOX	1.26	(0.14)	1.27	2.08	(3.17)	7.26
GITAX	1.21	(0.17)	1.20	1.73	(2.82)	7.57
JNGTX	1.17	(0.15)	1.44	2.00	(3.18)	6.41
BSTSX	1.46	(0.19)	1.15	2.37	(3.59)	9.07
CONIX	0.59	(0.07)	2.12	1.07	(1.07)	3.04

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