Needham Small Correlations

NESIX Fund

USD 19.74 0.75 3.66%

The current 90-days correlation between Needham Small Cap and Needham Aggressive Growth is 0.03 (i.e., Significant diversification). The correlation of Needham Small 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.

Needham Small Correlation With Market

Poor diversification

The correlation between Needham Small Cap and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Needham Small 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 Needham Small 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 gross domestic product.

Moving together with Needham Mutual Fund

0.83	NEAIX	Needham Aggressive Growth	Pair Corr
0.83	NEAGX	Needham Aggressive Growth	Pair Corr
1.0	NESGX	Needham Small Cap	Pair Corr
0.84	VSMAX	Vanguard Small Cap	Pair Corr
0.84	VSCIX	Vanguard Small Cap	Pair Corr
0.84	VSCPX	Vanguard Small Cap	Pair Corr
0.87	NAESX	Vanguard Small Cap	Pair Corr
0.83	FSSNX	Fidelity Small Cap Potential Growth	Pair Corr
0.86	DFSTX	Us Small Cap	Pair Corr
0.89	DXQLX	Direxion Monthly Nasdaq Steady Growth	Pair Corr
0.89	RYVLX	Nasdaq 100 2x	Pair Corr
0.81	RYVYX	Nasdaq 100 2x	Pair Corr
0.89	UOPIX	Ultra Nasdaq 100 Steady Growth	Pair Corr
0.88	RYCCX	Nasdaq 100 2x	Pair Corr
0.89	UOPSX	Ultranasdaq 100 Profund	Pair Corr
0.86	INPIX	Internet Ultrasector	Pair Corr
0.86	INPSX	Internet Ultrasector	Pair Corr
0.87	GAB	Gabelli Equity Trust	Pair Corr
0.65	LPRDX	Blackrock Lifepath	Pair Corr
0.87	ADNPX	Amer Beacon Ark	Pair Corr
0.83	TEEAX	Rbc Small Cap	Pair Corr
0.82	VFIAX	Vanguard 500 Index	Pair Corr
0.88	AMEIX	Equity Growth	Pair Corr
0.87	RNPGX	New Perspective	Pair Corr
0.86	CPCTX	Counterpoint Tactical	Pair Corr
0.89	GGMMX	Gabelli Global Mini	Pair Corr
0.87	GMXIX	Nationwide Mid Cap	Pair Corr
0.84	VISVX	Vanguard Small Cap	Pair Corr
0.85	AMGCX	Alger Midcap Growth	Pair Corr

Moving against Needham Mutual Fund

0.32

TGLDX

Tocqueville Gold

Pair Corr

Related Correlations Analysis

	NEAGX	NEEGX	BIOPX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
NEAGX		-0.02	0.74	0.0	0.65	0.71	0.53	0.92	0.63	0.41	NEAGX
NEEGX	-0.02		-0.49	0.0	0.37	-0.18	-0.71	0.14	-0.67	-0.71	NEEGX
BIOPX	0.74	-0.49		0.0	0.33	0.62	0.81	0.56	0.8	0.83	BIOPX
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.65	0.37	0.33	0.0		0.5	-0.08	0.72	0.1	0.1	MSTSX
LBHIX	0.71	-0.18	0.62	0.0	0.5		0.49	0.79	0.59	0.4	LBHIX
VIASP	0.53	-0.71	0.81	0.0	-0.08	0.49		0.34	0.88	0.74	VIASP
RRTLX	0.92	0.14	0.56	0.0	0.72	0.79	0.34		0.47	0.22	RRTLX
OSHDF	0.63	-0.67	0.8	0.0	0.1	0.59	0.88	0.47		0.68	OSHDF
70082LAB3	0.41	-0.71	0.83	0.0	0.1	0.4	0.74	0.22	0.68		70082LAB3
	NEAGX	NEEGX	BIOPX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

RRTLX	+ 0.92	NEAGX
OSHDF	+ 0.88	VIASP
70082LAB3	+ 0.83	BIOPX
VIASP	+ 0.81	BIOPX
OSHDF	+ 0.8	BIOPX
RRTLX	+ 0.79	LBHIX

High negative correlations

70082LAB3	- 0.71	NEEGX
VIASP	- 0.71	NEEGX
OSHDF	- 0.67	NEEGX
BIOPX	- 0.49	NEEGX
LBHIX	- 0.18	NEEGX
VIASP	- 0.08	MSTSX

Risk-Adjusted Indicators

There is a big difference between Needham Mutual Fund performing well and Needham Small 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 Needham Small'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
NEAGX	1.00	0.10	0.05	0.40	0.94	(1.14)	2.18	(1.59)	6.71
NEEGX	1.08	(0.10)	0.00	(0.04)	0.00	0.00	1.94	(2.54)	8.10
BIOPX	0.88	0.16	0.10	0.23	1.17	(0.92)	2.02	(1.78)	5.79
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.44	0.03	(0.05)	1.68	0.43	(0.58)	1.21	(0.84)	2.80
LBHIX	0.10	0.00	(0.23)	0.02	0.03	(0.25)	0.24	(0.24)	0.71
VIASP	0.73	0.11	0.04	(0.98)	1.09	(0.80)	2.00	(1.20)	6.28
RRTLX	0.22	0.00	(0.18)	0.10	0.22	(0.24)	0.48	(0.47)	1.36
OSHDF	39.65	21.33	0.00	(0.96)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.66	0.08	0.02	19.46	0.95	(0.79)	1.75	(0.78)	6.86

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