Multifactor Correlations

Mutual Funds . USA . 
Fund . Multifactor Equity Fund
RTDAX Fund  USD 14.88  0.03  0.20%   
The current 90-days correlation between Multifactor Equity and Calamos Dynamic Convertible is 0.56 (i.e., Very weak diversification). The correlation of Multifactor 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.

Multifactor Correlation With Market

Very poor diversification

The correlation between Multifactor Equity Fund and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Multifactor Equity 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 Multifactor Equity 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 nation.

Moving together with Multifactor Mutual Fund

  0.8RALAX Growth StrategyPairCorr
  0.78RALCX Growth StrategyPairCorr
  0.8RALSX Growth StrategyPairCorr
  0.8RALRX Growth StrategyPairCorr
  0.78RALVX Growth StrategyPairCorr
  0.96RSCRX Us Small CapPairCorr
  0.64RSECX Us Strategic EquityPairCorr
  1.0RSEAX Us Strategic EquityPairCorr
  0.65RSESX Us Strategic EquityPairCorr
  0.71RBLCX Balanced StrategyPairCorr
  0.68RBLAX Balanced StrategyPairCorr
  0.65RBLVX Balanced StrategyPairCorr
  0.93RTDCX Multifactor EquityPairCorr
  1.0RTDYX Select EquityPairCorr
  1.0RTDSX Select EquityPairCorr
  1.0RTDRX Select EquityPairCorr

Moving against Multifactor Mutual Fund

  0.67RSBCX Short Duration BondPairCorr
  0.66RSBTX Short Duration BondPairCorr
  0.64RSBYX Short Duration BondPairCorr
  0.49RSBRX Strategic BondPairCorr
  0.47RSDTX Short Duration BondPairCorr
  0.4RNTTX International DevelopedPairCorr
  0.59RSYTX Strategic BondPairCorr
  0.41RTIRX Select InternationalPairCorr
  0.41RTITX Select InternationalPairCorr
  0.4RTISX Select InternationalPairCorr

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   
PBXIX
+ 0.93
PCNTX
PCNTX
+ 0.89
CCD
PBXIX
+ 0.85
LCFYX
LCFYX
+ 0.84
PCNTX
PBXIX
+ 0.77
CCD
LCFYX
+ 0.72
CCD
  
High negative correlations   
FSAWX
- 0.78
CCD
FSAWX
- 0.64
PCNTX
FSAWX
- 0.41
PBXIX
FSAWX
- 0.26
LCFYX

Risk-Adjusted Indicators

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