Nova Fund Correlations

RYNCX Fund

USD 104.98 2.41 2.35%

The current 90-days correlation between Nova Fund Class and Putnam Global Financials is 0.84 (i.e., Very poor diversification). The correlation of Nova 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.

Nova Fund Correlation With Market

Very weak diversification

The correlation between Nova Fund Class and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova 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 Nova 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 main economic indicators.

Moving together with Nova Mutual Fund

0.74	RYBKX	Banking Fund Class	Pair Corr
0.62	RYAKX	Russell 2000 15x	Pair Corr
0.65	RYAHX	Mid Cap 15x	Pair Corr
0.72	RYATX	Nasdaq 100 Fund	Pair Corr
1.0	RYANX	Nova Fund Class	Pair Corr
0.87	RYAWX	Sp 500 Pure	Pair Corr
0.78	RYDHX	Dow Jones Industrial	Pair Corr
0.64	RYDCX	Mid Cap 15x	Pair Corr
0.77	RYDKX	Dow Jones Industrial	Pair Corr
0.82	RYCHX	Technology Fund Class	Pair Corr
0.85	RYCCX	Nasdaq 100 2x	Pair Corr
0.61	RYCMX	Russell 2000 15x	Pair Corr

Moving against Nova Mutual Fund

0.53	RYAFX	Inverse Russell 2000	Pair Corr
0.38	RYAQX	Inverse Government Long	Pair Corr
0.83	RYCWX	Inverse Dow 2x	Pair Corr
0.83	RYCZX	Inverse Dow 2x	Pair Corr
0.53	RYCBX	Inverse Sp 500	Pair Corr
0.52	RYCQX	Inverse Russell 2000	Pair Corr
0.35	RYCDX	Rydex Inverse Nasdaq Steady Growth	Pair Corr

Related Correlations Analysis

	PGFMX	RMBLX	FIDSX	ICFAX	PSSRX	FIDAX	GCFSX
PGFMX		0.74	0.8	0.36	0.76	0.67	0.85	PGFMX
RMBLX	0.74		0.93	0.66	0.95	0.94	0.41	RMBLX
FIDSX	0.8	0.93		0.64	0.94	0.9	0.53	FIDSX
ICFAX	0.36	0.66	0.64		0.67	0.68	0.18	ICFAX
PSSRX	0.76	0.95	0.94	0.67		0.99	0.44	PSSRX
FIDAX	0.67	0.94	0.9	0.68	0.99		0.31	FIDAX
GCFSX	0.85	0.41	0.53	0.18	0.44	0.31		GCFSX
	PGFMX	RMBLX	FIDSX	ICFAX	PSSRX	FIDAX	GCFSX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between Nova Mutual Fund performing well and Nova 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 Nova 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PGFMX	0.35	0.02	0.05	0.03	0.48	(0.38)	0.78	(0.57)	2.76
RMBLX	1.01	(0.08)	0.00	(0.10)	0.00	0.00	1.64	(2.07)	6.47
FIDSX	0.75	(0.02)	0.00	(0.05)	0.00	0.00	1.37	(1.67)	4.93
ICFAX	0.89	(0.20)	0.00	(0.28)	0.00	0.00	1.27	(2.10)	15.91
PSSRX	0.80	(0.06)	0.00	(0.10)	0.00	0.00	1.22	(1.91)	6.45
FIDAX	0.81	(0.10)	0.00	(0.15)	0.00	0.00	1.31	(1.85)	8.18
GCFSX	0.60	0.07	0.09	0.09	0.78	(0.63)	1.08	(1.30)	3.58

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