Midcap Fund Correlations

Mutual Funds . USA . 
Fund . Midcap Fund Class
PEMGX Fund  USD 41.78  0.25  0.59%   
The current 90-days correlation between Midcap Fund Class and Summit Global Investments is 0.24 (i.e., Modest diversification). The correlation of Midcap Fund 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.

Midcap Fund Correlation With Market

Poor diversification

The correlation between Midcap Fund Class and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Midcap Fund Class and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Midcap Fund Class. 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 Midcap Mutual Fund

  0.77SABPX Strategic Asset ManaPairCorr
  0.82SACAX Strategic Asset ManaPairCorr
  0.8SAGPX Strategic Asset ManaPairCorr
  0.79SAIPX Strategic Asset ManaPairCorr
  0.83PFLJX Principal Lifetime 2050PairCorr
  0.8PFPPX Midcap GrowthPairCorr
  0.92PGBEX Blue Chip FundPairCorr
  0.93PGBGX Blue Chip FundPairCorr
  0.93PGBHX Blue Chip FundPairCorr
  0.66PGLSX Global Multi StrategyPairCorr
  0.71PGRTX Smallcap GrowthPairCorr
  0.8PGWIX Midcap GrowthPairCorr
  0.76SCBPX Strategic Asset ManaPairCorr
  0.81SCIPX Strategic Asset ManaPairCorr
  0.77SCGPX Strategic Asset ManaPairCorr
  0.91PHJEX Principal Lifetime HybridPairCorr
  0.65PHJFX Principal Lifetime HybridPairCorr
  0.93PHJGX Principal Lifetime HybridPairCorr
  0.93PHJBX Principal Lifetime HybridPairCorr
  0.93PHJDX Principal Lifetime HybridPairCorr
  0.86PHJNX Principal Lifetime HybridPairCorr
  0.8PHJQX Principal Lifetime HybridPairCorr

Moving against Midcap Mutual Fund

  0.44PYHIX High Yield FundPairCorr

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   
LMLRX
+ 0.97
PHTTX
ARECX
+ 0.92
PHTTX
DBIWX
+ 0.83
PHTTX
ARECX
+ 0.83
LMLRX
ARECX
+ 0.82
DBIWX
DHGCX
+ 0.81
ARECX
  
High negative correlations   
BXFIX
- 0.17
SGICX
DBIWX
- 0.0
SGICX

Risk-Adjusted Indicators

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