Thornburg Global Correlations

THORX Fund  USD 38.31  0.22  0.57%   
The current 90-days correlation between Thornburg Global Opp and Thornburg Global Opportunities is 0.21 (i.e., Modest diversification). The correlation of Thornburg Global 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 Global Correlation With Market

Very weak diversification

The correlation between Thornburg Global Opportunities and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg Global Opportunities 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 Global Opportunities. 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 metropolitan statistical area.

Moving together with Thornburg Mutual Fund

  0.96TGIRX Thornburg InternationalPairCorr
  0.89TGVAX Thornburg InternationalPairCorr
  0.89TGVIX Thornburg InternationalPairCorr
  0.89TGVRX Thornburg InternationalPairCorr
  0.78THGIX Thornburg InternationalPairCorr
  0.86THGCX Thornburg InternationalPairCorr
  0.74THIIX Thornburg Limited TermPairCorr
  0.72THIRX Thornburg Limited TermPairCorr
  0.71THIQX Thornburg Limited TermPairCorr
  0.73THIFX Thornburg Limited TermPairCorr
  0.7THNMX Thornburg New MexicoPairCorr
  0.63THNIX Thornburg New MexicoPairCorr
  0.8THOVX Thornburg Global OppPairCorr
  0.94THOAX Thornburg Global OppPairCorr
  0.96THOIX Thornburg Global OppPairCorr
  0.94THOGX Thornburg Global OppPairCorr
  0.98THOFX Thornburg Global OppPairCorr
  0.94THOCX Thornburg Global OppPairCorr
  0.8THRLX Thornburg Limited TermPairCorr
  0.77THRIX Thornburg Limited TermPairCorr
  0.74THRRX Thornburg Limited TermPairCorr

Moving against Thornburg Mutual Fund

  0.34THCGX Thornburg E GrowthPairCorr
  0.33TVRFX Thornburg ValuePairCorr
  0.33THGRX Thornburg E GrowthPairCorr
  0.52THMGX Thornburg InvestmentPairCorr

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   
THOIXTHOCX
GMCDXTHOIX
GMCDXTHOCX
TARKXPNAIX
PNAIXTHOCX
PNAIXTHOIX
  
High negative correlations   
TARKXGMCDX
TARKXTHOCX
TARKXTHOIX

Risk-Adjusted Indicators

There is a big difference between Thornburg Mutual Fund performing well and Thornburg Global 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 Global'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.