Tekla Healthcare Correlations

THQ Fund

USD 20.30 0.04 0.20%

The current 90-days correlation between Tekla Healthcare Opp and Tekla Healthcare Investors is 0.62 (i.e., Poor diversification). The correlation of Tekla Healthcare 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.

Tekla Healthcare Correlation With Market

Poor diversification

The correlation between Tekla Healthcare Opportunities and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tekla Healthcare 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 Tekla Healthcare Opportunities. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Tekla Fund

0.8	CEE	Central Europe Russia	Pair Corr
0.76	KF	Korea Closed	Pair Corr
0.65	PGLSX	Global Multi Strategy	Pair Corr
0.83	HTD	John Hancock Tax	Pair Corr
0.78	SGDLX	Sprott Gold Equity	Pair Corr
0.61	GIOIX	Guggenheim Macro Opp	Pair Corr
0.7	USGDX	Morgan Stanley Government	Pair Corr
0.93	DBIWX	Dws Global Macro	Pair Corr
0.79	VICSX	Vanguard Intermediate-ter	Pair Corr
0.75	HWACX	Hotchkis Wiley Value	Pair Corr
0.81	UTF	Cohen And Steers	Pair Corr
0.78	HRBDX	Harbor Bond Fund	Pair Corr
0.83	ABNOX	Ab Bond Inflation	Pair Corr

Moving against Tekla Fund

0.53	TWN	Taiwan Closed	Pair Corr
0.41	CCD	Calamos Dynamic Conv	Pair Corr

Related Correlations Analysis

	HQH	HQL	RNP	XFLT	THW	RVT	BTO	ETO	LDP	FFC
HQH		0.9	0.73	-0.03	0.88	0.22	0.5	0.77	0.87	0.7	HQH
HQL	0.9		0.48	0.26	0.62	0.53	0.72	0.82	0.71	0.44	HQL
RNP	0.73	0.48		-0.48	0.87	-0.29	0.08	0.51	0.89	0.89	RNP
XFLT	-0.03	0.26	-0.48		-0.39	0.69	0.54	0.12	-0.13	-0.55	XFLT
THW	0.88	0.62	0.87	-0.39		-0.16	0.15	0.59	0.85	0.87	THW
RVT	0.22	0.53	-0.29	0.69	-0.16		0.9	0.57	-0.01	-0.29	RVT
BTO	0.5	0.72	0.08	0.54	0.15	0.9		0.73	0.34	0.03	BTO
ETO	0.77	0.82	0.51	0.12	0.59	0.57	0.73		0.67	0.53	ETO
LDP	0.87	0.71	0.89	-0.13	0.85	-0.01	0.34	0.67		0.82	LDP
FFC	0.7	0.44	0.89	-0.55	0.87	-0.29	0.03	0.53	0.82		FFC
	HQH	HQL	RNP	XFLT	THW	RVT	BTO	ETO	LDP	FFC

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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

HQL	+ 0.9	HQH
BTO	+ 0.9	RVT
LDP	+ 0.89	RNP
FFC	+ 0.89	RNP
THW	+ 0.88	HQH
LDP	+ 0.87	HQH

High negative correlations

FFC	- 0.55	XFLT
XFLT	- 0.48	RNP
THW	- 0.39	XFLT
FFC	- 0.29	RVT
RVT	- 0.29	RNP
RVT	- 0.16	THW

Risk-Adjusted Indicators

There is a big difference between Tekla Fund performing well and Tekla Healthcare 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 Tekla Healthcare'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
HQH	0.82	0.10	0.11	0.13	0.86	(0.89)	1.62	(1.69)	4.04
HQL	0.86	0.05	0.05	0.04	1.10	(0.82)	2.07	(1.67)	5.35
RNP	0.66	0.12	0.14	0.16	0.76	(0.71)	1.45	(1.41)	4.54
XFLT	0.59	(0.10)	0.00	(0.92)	0.00	0.00	0.95	(1.55)	4.53
THW	0.62	0.15	0.21	0.25	0.56	(0.69)	1.41	(1.26)	3.83
RVT	0.85	(0.02)	0.00	(0.06)	0.00	0.00	1.58	(1.85)	5.97
BTO	1.02	0.05	0.04	0.02	1.34	(1.02)	2.30	(2.22)	6.87
ETO	0.60	0.04	0.07	0.05	0.69	(0.66)	1.37	(1.26)	3.23
LDP	0.41	0.04	0.11	0.08	0.47	(0.46)	0.87	(0.95)	2.66
FFC	0.41	0.08	0.22	0.28	0.29	(0.47)	1.09	(0.64)	2.35

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