Nasdaq-100 Index Correlations

Mutual Funds . USA . 
Fund . Nasdaq 100 Index Fund
NASDX Fund  USD 39.27  0.44  1.13%   
The current 90-days correlation between Nasdaq 100 Index and Nasdaq 100 Index Fund is 0.72 (i.e., Poor diversification). The correlation of Nasdaq-100 Index 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.

Nasdaq-100 Index Correlation With Market

Very weak diversification

The correlation between Nasdaq 100 Index Fund and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund 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 Nasdaq 100 Index Fund. 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 unemployment.

Moving together with Nasdaq-100 Mutual Fund

  1.0NQQQX Shelton FundsPairCorr
  0.91EQTKX Shelton E ValuePairCorr
  0.91EQTIX Shelton E ValuePairCorr
  1.0NDXKX Nasdaq 100 IndexPairCorr
  0.73NEXIX Shelton Green AlphaPairCorr
  0.73NEXTX Shelton Green AlphaPairCorr
  0.83SMCIX Sp Smallcap IndexPairCorr
  0.83SMLKX Sp Smallcap IndexPairCorr
  0.97SPFIX Sp 500 IndexPairCorr
  0.91SPMIX Sp Midcap IndexPairCorr
  0.91MIDKX Sp Midcap IndexPairCorr
  0.97SPXKX Sp 500 IndexPairCorr
  0.93FAFGX American FundsPairCorr
  0.93FFAFX American FundsPairCorr
  0.93GFACX Growth FundPairCorr
  0.93GFAFX Growth FundPairCorr
  0.93AGTHX Growth FundPairCorr
  0.93CGFFX Growth FundPairCorr
  0.93CGFCX Growth FundPairCorr
  0.93CGFAX Growth FundPairCorr
  0.93CGFEX Growth FundPairCorr
  0.93RGAEX Growth FundPairCorr
  0.78KNPCX Kinetics ParadigmPairCorr
  0.8KSCOX Kinetics Small Cap Steady GrowthPairCorr
  0.76KINCX Kinetics InternetPairCorr
  0.77KMKCX Kinetics Market OppoPairCorr
  0.79LSHUX Horizon Spin Off Steady GrowthPairCorr
  0.8KSCYX Kinetics Small CapPairCorr
  0.8KSOCX Kinetics Small CapPairCorr
  0.67LETRX Voya Russia FundPairCorr

Moving against Nasdaq-100 Mutual Fund

  0.77CAUKX Us Government SecuritiesPairCorr
  0.77CAUSX Us Government SecuritiesPairCorr
  0.58DEBTX Shelton Tactical CreditPairCorr
  0.56DEBIX Shelton Tactical CreditPairCorr
  0.44CFNTX California Tax FreePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Nasdaq-100 Mutual Fund performing well and Nasdaq-100 Index 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 Nasdaq-100 Index'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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