Sit Mid Correlations

Mutual Funds USA . 
Fund . Sit Mid Cap
NBNGX Fund  USD 25.47  0.23  0.89%   
The current 90-days correlation between Sit Mid Cap and Prudential Core Conservative is 0.08 (i.e., Significant diversification). The correlation of Sit Mid 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.

Sit Mid Correlation With Market

Poor diversification

The correlation between Sit Mid Cap and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sit Mid Cap 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 Sit Mid Cap. 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 Sit Mutual Fund

  0.97SSCDX Sit Small CapPairCorr
  0.77GDGIX Sit Global DividendPairCorr
  0.76GDGSX Sit Global DividendPairCorr
  0.96SSMGX Sit Small CapPairCorr
  0.95SDFSX Sit Small CapPairCorr
  0.93SDVSX Sit Dividend GrowthPairCorr
  0.93SDVGX Sit Dividend GrowthPairCorr
  0.88SESGX Sit Esg GrowthPairCorr
  0.96SIBAX Sit BalancedPairCorr
  0.93IESGX Sit Esg GrowthPairCorr
  0.93SNIGX Sit Large CapPairCorr
  0.95PAMCX T Rowe PricePairCorr
  0.92RRMGX T Rowe PricePairCorr
  0.95TRQZX T Rowe PricePairCorr
  0.92RPMGX T Rowe PricePairCorr
  0.94PRJIX T Rowe PricePairCorr
  0.95PRNHX T Rowe PricePairCorr
  0.96TRUZX T Rowe PricePairCorr
  0.96PCBIX Midcap Fund InstitutionalPairCorr
  0.94PEMGX Midcap Fund ClassPairCorr
  0.96PMBCX Midcap Fund ClassPairCorr
  0.97DXQLX Direxion Monthly NasdaqPairCorr
  0.97RYVLX Nasdaq 100 2xPairCorr
  0.93RYVYX Nasdaq 100 2xPairCorr
  0.96UOPIX Ultra Nasdaq 100PairCorr
  0.97RYCCX Nasdaq 100 2xPairCorr
  0.97UOPSX Ultranasdaq 100 ProfundPairCorr
  0.96INPIX Internet Ultrasector Steady GrowthPairCorr
  0.96INPSX Internet UltrasectorPairCorr

Moving against Sit Mutual Fund

  0.64SNGYX Sit Government SecuritiesPairCorr
  0.59SNGVX Sit U SPairCorr
  0.58SQIFX Sit Quality IncomePairCorr
  0.55SQIYX Sit Mutual FundsPairCorr

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   
WCAFX
+ 0.98
CFAIX
CFAIX
+ 0.71
JPDVX
WCAFX
+ 0.66
PQCNX
WCAFX
+ 0.65
JPDVX
CFAIX
+ 0.6
PQCNX
JPDVX
+ 0.39
FHCOX
  
High negative correlations   
FHCOX
- 0.78
PQCNX
WCAFX
- 0.35
FHCOX
CFAIX
- 0.24
FHCOX
JPDVX
- 0.08
PQCNX

Risk-Adjusted Indicators

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