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

0.96	TGIRX	Thornburg International	Pair Corr
0.89	TGVAX	Thornburg International	Pair Corr
0.89	TGVIX	Thornburg International	Pair Corr
0.89	TGVRX	Thornburg International	Pair Corr
0.78	THGIX	Thornburg International	Pair Corr
0.86	THGCX	Thornburg International	Pair Corr
0.74	THIIX	Thornburg Limited Term	Pair Corr
0.72	THIRX	Thornburg Limited Term	Pair Corr
0.71	THIQX	Thornburg Limited Term	Pair Corr
0.73	THIFX	Thornburg Limited Term	Pair Corr
0.7	THNMX	Thornburg New Mexico	Pair Corr
0.63	THNIX	Thornburg New Mexico	Pair Corr
0.8	THOVX	Thornburg Global Opp	Pair Corr
0.94	THOAX	Thornburg Global Opp	Pair Corr
0.96	THOIX	Thornburg Global Opp	Pair Corr
0.94	THOGX	Thornburg Global Opp	Pair Corr
0.98	THOFX	Thornburg Global Opp	Pair Corr
0.94	THOCX	Thornburg Global Opp	Pair Corr
0.8	THRLX	Thornburg Limited Term	Pair Corr
0.77	THRIX	Thornburg Limited Term	Pair Corr
0.74	THRRX	Thornburg Limited Term	Pair Corr

Moving against Thornburg Mutual Fund

0.34	THCGX	Thornburg E Growth	Pair Corr
0.33	TVRFX	Thornburg Value	Pair Corr
0.33	THGRX	Thornburg E Growth	Pair Corr
0.52	THMGX	Thornburg Investment	Pair Corr

Related Correlations Analysis

	THOCX	THOIX	GMCDX	PNAIX	TARKX
THOCX		0.98	0.93	0.2	-0.11	THOCX
THOIX	0.98		0.96	0.13	-0.1	THOIX
GMCDX	0.93	0.96		0.09	-0.18	GMCDX
PNAIX	0.2	0.13	0.09		0.52	PNAIX
TARKX	-0.11	-0.1	-0.18	0.52		TARKX
	THOCX	THOIX	GMCDX	PNAIX	TARKX

Click cells to compare fundamentals

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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

THOIX	+ 0.98	THOCX
GMCDX	+ 0.96	THOIX
GMCDX	+ 0.93	THOCX
TARKX	+ 0.52	PNAIX
PNAIX	+ 0.2	THOCX
PNAIX	+ 0.13	THOIX

High negative correlations

TARKX	- 0.18	GMCDX
TARKX	- 0.11	THOCX
TARKX	- 0.1	THOIX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
THOCX	0.52	0.10	0.19	0.19	0.57	(0.58)	1.30	(1.02)	2.76
THOIX	0.52	0.11	0.20	0.21	0.56	(0.58)	1.31	(0.99)	2.73
GMCDX	0.24	0.06	0.34	0.98	0.04	(0.30)	0.64	(0.41)	1.31
PNAIX	0.87	(0.17)	0.00	(0.32)	0.00	0.00	1.17	(1.98)	8.61
TARKX	1.18	(0.22)	0.00	(0.34)	0.00	0.00	1.79	(3.10)	8.08

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