Thornburg Developing Correlations

THDCX Fund

USD 20.52 0.09 0.44%

The current 90-days correlation between Thornburg Developing and Intal High Relative is 0.6 (i.e., Poor diversification). The correlation of Thornburg Developing 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.

Thornburg Developing Correlation With Market

Modest diversification

The correlation between Thornburg Developing World and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg Developing World 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 Thornburg Developing World. 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 Thornburg Mutual Fund

0.95	THDAX	Thornburg Developing	Pair Corr
0.94	THDIX	Thornburg Developing	Pair Corr
0.94	THDRX	Thornburg Developing	Pair Corr
0.72	THGIX	Thornburg International	Pair Corr
0.69	THOGX	Thornburg Global Opp	Pair Corr

Related Correlations Analysis

	DIHRX	WABMSX	OPTCX	RTIUX	FZNOPX	FZDAQX	BXECX	PRVBX
DIHRX		0.35	0.78	0.99	-0.16	0.38	0.95	0.91	DIHRX
WABMSX	0.35		0.06	0.34	0.72	0.57	0.18	0.11	WABMSX
OPTCX	0.78	0.06		0.77	-0.25	0.16	0.78	0.79	OPTCX
RTIUX	0.99	0.34	0.77		-0.17	0.37	0.94	0.89	RTIUX
FZNOPX	-0.16	0.72	-0.25	-0.17		0.25	-0.3	-0.32	FZNOPX
FZDAQX	0.38	0.57	0.16	0.37	0.25		0.32	0.39	FZDAQX
BXECX	0.95	0.18	0.78	0.94	-0.3	0.32		0.95	BXECX
PRVBX	0.91	0.11	0.79	0.89	-0.32	0.39	0.95		PRVBX
	DIHRX	WABMSX	OPTCX	RTIUX	FZNOPX	FZDAQX	BXECX	PRVBX

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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

RTIUX	+ 0.99	DIHRX
BXECX	+ 0.95	DIHRX
PRVBX	+ 0.95	BXECX
BXECX	+ 0.94	RTIUX
PRVBX	+ 0.91	DIHRX
PRVBX	+ 0.89	RTIUX

High negative correlations

PRVBX	- 0.32	FZNOPX
BXECX	- 0.3	FZNOPX
FZNOPX	- 0.25	OPTCX
FZNOPX	- 0.17	RTIUX
FZNOPX	- 0.16	DIHRX

Risk-Adjusted Indicators

There is a big difference between Thornburg Mutual Fund performing well and Thornburg Developing 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 Thornburg Developing'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
DIHRX	0.59	0.08	0.09	0.15	0.67	(0.68)	1.51	(1.19)	3.80
WABMSX	0.61	0.03	0.03	0.04	0.78	(0.63)	1.38	(1.29)	3.66
OPTCX	0.06	(0.01)	(0.03)	3.08	0.07	(0.18)	0.21	(0.21)	0.93
RTIUX	0.60	0.09	0.09	0.17	0.73	(0.65)	1.47	(1.45)	5.02
FZNOPX	0.76	0.01	0.01	0.02	0.84	(0.87)	1.55	(1.59)	3.75
FZDAQX	0.11	(0.01)	(0.03)	(0.05)	0.17	(0.15)	0.21	(0.21)	1.03
BXECX	0.19	0.04	0.12	(0.45)	0.00	(0.32)	0.55	(0.27)	1.21
PRVBX	0.10	0.01	0.06	(0.46)	0.00	(0.13)	0.23	(0.17)	0.53

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