Smallcap Growth Correlations

Mutual Funds . USA . 
Fund . Smallcap Growth Fund
PPNMX Fund  USD 9.66  0.06  0.62%   
The current 90-days correlation between Smallcap Growth and Hunter Small Cap is -0.06 (i.e., Good diversification). The correlation of Smallcap Growth 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.

Smallcap Growth Correlation With Market

Good diversification

The correlation between Smallcap Growth Fund and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smallcap Growth Fund 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 Smallcap Growth 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 population.

Moving together with Smallcap Mutual Fund

  0.61PFLJX Principal Lifetime 2050PairCorr
  0.98PFPPX Midcap GrowthPairCorr
  0.93PGBEX Blue Chip FundPairCorr
  0.93PGBGX Blue Chip FundPairCorr
  0.92PGBHX Blue Chip FundPairCorr
  1.0PGRTX Smallcap GrowthPairCorr
  0.98PGWIX Midcap GrowthPairCorr
  0.61SCBPX Strategic Asset ManaPairCorr
  0.73SCGPX Strategic Asset ManaPairCorr
  0.69PHJGX Principal Lifetime HybridPairCorr
  0.69PHJDX Principal Lifetime HybridPairCorr

Moving against Smallcap Mutual Fund

  0.61PGBLX Global Diversified IncomePairCorr
  0.6PFUMX Finisterre UnconstrainedPairCorr
  0.52PFIEX International EquityPairCorr
  0.49PGBAX Global Diversified IncomePairCorr
  0.47PFISX International Small PanyPairCorr
  0.46PFRSX Real Estate SecuritiesPairCorr
  0.74STCCX Short Term IncomePairCorr
  0.68PYHIX High Yield FundPairCorr
  0.67PGSLX Principal Global SusPairCorr
  0.6PGDIX Global Diversified IncomePairCorr
  0.59PGDCX Global Diversified IncomePairCorr
  0.34PHSPX Pimco High YieldPairCorr

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   
GMAPX
+ 0.99
LMBMX
GMAPX
+ 0.98
HSCVX
PMDDX
+ 0.97
HSCVX
LMBMX
+ 0.97
HSCVX
LMBMX
+ 0.93
PMDDX
GMAPX
+ 0.93
PMDDX
  
High negative correlations   
GMAPX
- 0.54
TISVX
LMBMX
- 0.53
TISVX
TISVX
- 0.44
HSCVX
TISVX
- 0.38
PMDDX
GMAPX
- 0.0
CCMSX
CCMSX
- 0.0
LMBMX

Risk-Adjusted Indicators

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