Royce Micro-cap Correlations

Mutual Funds USA . 
Fund . Royce Micro Cap Fund
RMCFX Fund  USD 12.76  0.09  0.71%   
The current 90-days correlation between Royce Micro Cap and Royce Micro Cap Fund is 1.0 (i.e., No risk reduction). The correlation of Royce Micro-cap 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.

Royce Micro-cap Correlation With Market

Very poor diversification

The correlation between Royce Micro Cap Fund and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Royce Micro Cap 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 Royce Micro Cap 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 census.
For more information on how to buy Royce Mutual Fund please use our How to Invest in Royce Micro-cap guide.

Moving together with Royce Mutual Fund

  0.97RPFFX Royce PremierPairCorr
  0.95RSEFX Royce Special EquityPairCorr
  0.92RDVIX Royce Dividend ValuePairCorr
  0.93RVPHX Royce Smaller CompaniesPairCorr
  0.97RVVHX Royce Small CapPairCorr
  0.92RYDVX Royce Dividend ValuePairCorr
  0.94RYOFX Royce OpportunityPairCorr
  1.0RYOTX Royce Micro CapPairCorr
  0.98RYPFX Royce Pennsylvania MutualPairCorr
  0.97RYPRX Royce PremierPairCorr
  0.94RYPNX Royce OpportunityPairCorr
  0.95RYSEX Royce Special EquityPairCorr
  0.98RYTFX Royce Total ReturnPairCorr
  0.98RYTRX Royce Total ReturnPairCorr
  0.97RYVFX Royce Small CapPairCorr
  0.93RYVPX Royce Smaller CompaniesPairCorr
  0.98PENNX Royce Pennsylvania MutualPairCorr
  0.93VSMAX Vanguard Small CapPairCorr
  0.93VSCIX Vanguard Small CapPairCorr
  0.93VSCPX Vanguard Small CapPairCorr
  0.96NAESX Vanguard Small CapPairCorr
  0.93FSSNX Fidelity Small CapPairCorr
  0.93DFSTX Us Small CapPairCorr
  0.98PASVX T Rowe PricePairCorr
  0.93PRVIX T Rowe PricePairCorr
  0.93TRZVX T Rowe PricePairCorr
  0.98PRSVX T Rowe PricePairCorr
  0.91VTSAX Vanguard Total StockPairCorr
  0.84VFIAX Vanguard 500 IndexPairCorr
  0.91VTSMX Vanguard Total StockPairCorr
  0.91VSMPX Vanguard Total StockPairCorr
  0.91VSTSX Vanguard Total StockPairCorr
  0.86VITSX Vanguard Total StockPairCorr
  0.84VFINX Vanguard 500 IndexPairCorr
  0.88VFFSX Vanguard 500 IndexPairCorr

Moving against Royce Mutual Fund

  0.52RYIPX Royce InternationalPairCorr
  0.52RIPNX Royce InternationalPairCorr
  0.52RIPIX Royce InternationalPairCorr
  0.37VGTSX Vanguard Total InterPairCorr
  0.37VTIAX Vanguard Total InterPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Royce Mutual Fund performing well and Royce Micro-cap 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 Royce Micro-cap'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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