Multi-manager High Correlations

NMHYX Fund

USD 8.42 0.03 0.36%

The current 90-days correlation between Multi Manager High and Fidelity Series Government is 0.21 (i.e., Modest diversification). The correlation of Multi-manager High 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.

Multi-manager High Correlation With Market

Good diversification

The correlation between Multi Manager High Yield and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Multi Manager High Yield 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 Multi Manager High Yield. 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 manufacturing.

Moving together with Multi-manager Mutual Fund

0.93	VWEAX	Vanguard High Yield	Pair Corr
0.93	VWEHX	Vanguard High Yield	Pair Corr
0.95	BHYCX	Blackrock Hi Yld	Pair Corr
0.94	BHYIX	Blackrock High Yield	Pair Corr
0.94	BHYSX	Blackrock Hi Yld	Pair Corr
0.94	BHYAX	Blackrock High Yield	Pair Corr
0.94	FAHHX	American Funds American	Pair Corr
0.93	FTAHX	American Funds American	Pair Corr
0.93	AHTFX	American High Income	Pair Corr
0.93	AHTCX	American High Income	Pair Corr
0.88	NHS	Neuberger Berman High	Pair Corr
0.74	PGLSX	Global Multi Strategy	Pair Corr
0.75	UTF	Cohen And Steers	Pair Corr
0.78	TIMUX	Transamerica Intermediate	Pair Corr
0.89	GIOIX	Guggenheim Macro Opp	Pair Corr
0.95	DBIWX	Dws Global Macro	Pair Corr
0.84	HTD	John Hancock Tax	Pair Corr
0.81	JNJ	Johnson Johnson	Pair Corr
0.64	MCD	McDonalds	Pair Corr
0.84	MMM	3M Company	Pair Corr
0.83	CSCO	Cisco Systems	Pair Corr
0.65	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.82	IBM	International Business	Pair Corr

Moving against Multi-manager Mutual Fund

0.36	CAT	Caterpillar	Pair Corr
0.7	MRK	Merck Company	Pair Corr
0.65	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	FHNFX	RGVCX	CGTCX	TWAVX	FCSCX	RGVJX
FHNFX		1.0	1.0	0.96	0.93	1.0	FHNFX
RGVCX	1.0		1.0	0.97	0.95	1.0	RGVCX
CGTCX	1.0	1.0		0.97	0.94	1.0	CGTCX
TWAVX	0.96	0.97	0.97		0.99	0.98	TWAVX
FCSCX	0.93	0.95	0.94	0.99		0.95	FCSCX
RGVJX	1.0	1.0	1.0	0.98	0.95		RGVJX
	FHNFX	RGVCX	CGTCX	TWAVX	FCSCX	RGVJX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between Multi-manager Mutual Fund performing well and Multi-manager High 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 Multi-manager High'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
FHNFX	0.23	0.00	0.03	0.00	0.23	(0.26)	0.55	(0.45)	1.31
RGVCX	0.25	0.02	0.05	1.47	0.23	(0.29)	0.51	(0.50)	1.38
CGTCX	0.25	0.02	0.05	0.68	0.25	(0.29)	0.61	(0.50)	1.56
TWAVX	0.07	0.01	0.04	0.65	0.00	(0.17)	0.22	(0.11)	0.55
FCSCX	0.06	0.01	0.05	0.76	0.00	(0.18)	0.13	(0.13)	0.66
RGVJX	0.25	0.02	0.06	1.06	0.24	(0.30)	0.60	(0.50)	1.55

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