Morningstar Total Correlations

MSTRX Fund

USD 8.85 0.03 0.34%

The current 90-days correlation between Morningstar Total Return and Qs Defensive Growth is 0.4 (i.e., Very weak diversification). The correlation of Morningstar Total 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.

Morningstar Total Correlation With Market

Significant diversification

The correlation between Morningstar Total Return and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morningstar Total Return 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 Morningstar Total Return. 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 metropolitan statistical area.

Moving together with Morningstar Mutual Fund

0.94	MSTBX	Morningstar Defensive	Pair Corr
0.88	MSTFX	Morningstar International	Pair Corr
0.89	MSTGX	Morningstar Global Income	Pair Corr
0.72	MSTPX	Morningstar Municipal	Pair Corr
0.91	MSTMX	Morningstar Multisector	Pair Corr
0.85	MSTVX	Morningstar Alternatives	Pair Corr
0.95	VBTLX	Vanguard Total Bond	Pair Corr
0.99	VBMFX	Vanguard Total Bond	Pair Corr
0.99	VBTIX	Vanguard Total Bond	Pair Corr
0.95	VTBSX	Vanguard Total Bond	Pair Corr
0.99	VTBIX	Vanguard Total Bond	Pair Corr
0.99	VTBNX	Vanguard Total Bond	Pair Corr
0.99	FBOFX	American Funds	Pair Corr
0.99	FFBOX	American Funds	Pair Corr
0.99	BFAFX	Bond Fund	Pair Corr
0.99	ABNDX	Bond Fund	Pair Corr
0.88	BXECX	Barings Emerging Markets	Pair Corr
0.88	BXEIX	Barings Emerging Markets	Pair Corr
0.88	BXEAX	Barings Emerging Markets	Pair Corr
0.89	HLDIX	Hartford Emerging	Pair Corr
0.9	HLDRX	Hartford Emerging	Pair Corr
0.89	HLDAX	Hartford Emerging	Pair Corr
0.9	HLDCX	Hartford Emerging	Pair Corr
0.89	HLDTX	Hartford Emerging	Pair Corr
0.99	MWTTX	Metropolitan West Total	Pair Corr
0.82	RWIIX	Redwood Alphafactor	Pair Corr
0.86	PDI	Pimco Dynamic Income Sell-off Trend	Pair Corr
0.79	RWDIX	Redwood Managed Vola	Pair Corr
0.97	GSRUX	Goldman Sachs Inflation	Pair Corr
0.91	REGAX	American Funds Emerging	Pair Corr
0.9	PYGFX	Payden Global Fixed	Pair Corr
0.9	NAWIX	Voya Global Equity	Pair Corr
0.83	IIXAX	Catalyst Insider Income	Pair Corr
0.92	LWSTX	Western Asset Short	Pair Corr

Moving against Morningstar Mutual Fund

0.37

MSTQX

Morningstar Equity

Pair Corr

Related Correlations Analysis

	LMLRX	GCIGX	GGRYX	EIPFX	CDGCX	SRGAX	GETFX	AWPIX
LMLRX		0.59	0.98	0.65	0.6	0.93	0.94	0.9	LMLRX
GCIGX	0.59		0.62	0.43	0.67	0.4	0.37	0.63	GCIGX
GGRYX	0.98	0.62		0.69	0.58	0.93	0.93	0.93	GGRYX
EIPFX	0.65	0.43	0.69		0.14	0.53	0.56	0.68	EIPFX
CDGCX	0.6	0.67	0.58	0.14		0.61	0.57	0.5	CDGCX
SRGAX	0.93	0.4	0.93	0.53	0.61		0.99	0.82	SRGAX
GETFX	0.94	0.37	0.93	0.56	0.57	0.99		0.86	GETFX
AWPIX	0.9	0.63	0.93	0.68	0.5	0.82	0.86		AWPIX
	LMLRX	GCIGX	GGRYX	EIPFX	CDGCX	SRGAX	GETFX	AWPIX

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Risk-Adjusted Indicators

There is a big difference between Morningstar Mutual Fund performing well and Morningstar Total 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 Morningstar Total'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LMLRX	0.33	(0.01)	0.00	(0.07)	0.00	0.00	0.61	(0.69)	2.17
GCIGX	0.81	0.00	0.00	(0.03)	0.00	0.00	1.83	(2.11)	6.40
GGRYX	0.54	0.01	0.00	(0.02)	0.00	0.00	1.01	(1.15)	3.13
EIPFX	0.83	0.03	0.03	0.02	1.69	(0.74)	1.69	(1.72)	7.28
CDGCX	0.67	(0.05)	0.00	(0.11)	0.00	0.00	1.12	(1.61)	7.00
SRGAX	0.66	(0.01)	0.00	(0.04)	0.00	0.00	1.25	(1.51)	3.64
GETFX	0.59	(0.01)	0.00	(0.05)	0.00	0.00	1.04	(1.20)	3.31
AWPIX	0.70	0.01	0.00	(0.03)	0.00	0.00	1.45	(1.57)	4.44

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