Mid Cap Correlations

Mutual Funds . USA . 
Fund . Mid Cap Growth
MPEGX Fund  USD 22.66  0.04  0.18%   
The current 90-days correlation between Mid Cap Growth and Growth Portfolio Class is 0.97 (i.e., Almost no diversification). The correlation of Mid Cap 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.

Mid Cap Correlation With Market

Poor diversification

The correlation between Mid Cap Growth and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mid Cap Growth 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 Mid Cap Growth. 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 price.

Moving together with Mid Mutual Fund

  0.88MLMAX Global E PortfolioPairCorr
  0.78MLMCX Global E PortfolioPairCorr
  0.75MLNSX Global Centrated PorPairCorr
  0.78MLMIX Global E PortfolioPairCorr
  0.88MLMSX Global E PortfolioPairCorr
  0.87MLNCX Global Centrated PorPairCorr
  0.75MLNAX Global Centrated PorPairCorr
  0.78MLNIX Global Centrated PorPairCorr
  0.82THYUX High Yield FundPairCorr
  0.83MPAIX Advantage Portfolio ClassPairCorr
  0.9TLGUX Large Cap EquityPairCorr
  0.68MRETX Msif Real EstatePairCorr
  0.87MRHYX Msift High YieldPairCorr
  0.9MAAQX Morgan Stanley InstiPairCorr
  0.63MAAWX Morgan Stanley InstiPairCorr

Moving against Mid Mutual Fund

  0.69TIIUX Core Fixed IncomePairCorr
  0.68TIEUX International EquityPairCorr
  0.67TILUX Inflation Linked FixedPairCorr
  0.65MPFDX Corporate Bond PortfolioPairCorr
  0.45MRJCX Real Assets PortfolioPairCorr
  0.42MRJAX Real Assets PortfolioPairCorr
  0.36MRJIX Real Assets PortfolioPairCorr
  0.39MRJSX Real Assets PortfolioPairCorr

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   
CPODX
+ 1.0
MSSGX
CPODX
+ 0.99
MSEQX
MSSGX
+ 0.98
MSEQX
MSUSX
+ 0.71
MSEQX
CPODX
+ 0.7
MSUSX
MSUSX
+ 0.67
MSSGX
  
High negative correlations   
MGEMX
- 0.2
MSSGX
CPODX
- 0.18
MGEMX
MGEMX
- 0.17
MSEQX

Risk-Adjusted Indicators

There is a big difference between Mid Mutual Fund performing well and Mid Cap 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 Mid Cap'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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