Third Avenue Correlations

TAVFX Fund

USD 61.39 0.63 1.02%

The current 90-days correlation between Third Avenue Value and Morningstar Global Income is 0.67 (i.e., Poor diversification). The correlation of Third Avenue 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.

Third Avenue Correlation With Market

Very weak diversification

The correlation between Third Avenue Value and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Third Avenue Value and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Third Avenue Value. 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.

Moving together with Third Mutual Fund

0.84	REIFX	Rems International Real	Pair Corr
1.0	TAVZX	Third Avenue Value	Pair Corr
1.0	TVFVX	Third Avenue Value	Pair Corr
0.9	TREMX	T Rowe Price	Pair Corr
0.75	HRBDX	Harbor Bond Fund	Pair Corr
0.89	GF	New Germany Closed	Pair Corr
0.87	EMBAX	Unconstrained Emerging	Pair Corr
0.89	SGDLX	Sprott Gold Equity	Pair Corr
0.83	HTD	John Hancock Tax	Pair Corr
0.64	HWACX	Hotchkis Wiley Value	Pair Corr
0.82	DBIWX	Dws Global Macro	Pair Corr
0.77	GIOIX	Guggenheim Macro Opp	Pair Corr
0.89	ARBOX	Absolute Convertible	Pair Corr
0.7	USGDX	Morgan Stanley Government	Pair Corr
0.72	DLDFX	Destinations Low Duration	Pair Corr
0.81	ABNOX	Ab Bond Inflation	Pair Corr
0.76	VICSX	Vanguard Intermediate-ter	Pair Corr
0.61	EBSIX	Campbell Systematic Macro	Pair Corr

Moving against Third Mutual Fund

0.6	SMPIX	Semiconductor Ultrasector	Pair Corr
0.6	SMPSX	Semiconductor Ultrasector	Pair Corr
0.37	TASZX	Third Avenue Small	Pair Corr
0.35	SCWCX	American Fds Smallcap	Pair Corr
0.34	SCWFX	Smallcap World	Pair Corr
0.34	SMCWX	Smallcap World	Pair Corr
0.34	CSPFX	Smallcap World	Pair Corr
0.34	CSPEX	Smallcap World	Pair Corr
0.33	RLLGX	Smallcap World	Pair Corr

Related Correlations Analysis

	MSTGX	SGMAX	BCGDX	TEDIX	LFLCX	MFIRX	ANAGX
MSTGX		0.75	0.83	0.81	0.98	0.96	0.87	MSTGX
SGMAX	0.75		0.72	0.89	0.78	0.69	0.74	SGMAX
BCGDX	0.83	0.72		0.75	0.8	0.73	0.68	BCGDX
TEDIX	0.81	0.89	0.75		0.83	0.75	0.74	TEDIX
LFLCX	0.98	0.78	0.8	0.83		0.97	0.92	LFLCX
MFIRX	0.96	0.69	0.73	0.75	0.97		0.93	MFIRX
ANAGX	0.87	0.74	0.68	0.74	0.92	0.93		ANAGX
	MSTGX	SGMAX	BCGDX	TEDIX	LFLCX	MFIRX	ANAGX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Third Mutual Fund performing well and Third Avenue 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 Third Avenue'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
MSTGX	0.31	0.07	0.23	0.14	0.34	(0.34)	0.74	(0.62)	1.58
SGMAX	0.57	(0.05)	0.00	(0.18)	0.00	0.00	0.95	(0.77)	9.52
BCGDX	0.64	0.05	0.08	0.02	0.93	(0.66)	1.28	(1.27)	3.69
TEDIX	0.66	0.01	0.00	(0.06)	0.00	0.00	1.01	(1.47)	7.35
LFLCX	0.18	0.01	0.31	0.08	0.15	(0.21)	0.43	(0.33)	0.98
MFIRX	0.11	0.02	0.29	0.92	0.00	(0.21)	0.19	(0.19)	0.77
ANAGX	0.18	0.00	0.22	(0.03)	0.19	(0.27)	0.44	(0.44)	1.46

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC