Tekla World Correlations

THW Fund

USD 11.99 0.10 0.84%

The current 90-days correlation between Tekla World Healthcare and Tekla Healthcare Investors is 0.65 (i.e., Poor diversification). The correlation of Tekla World 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 World Correlation With Market

Very weak diversification

The correlation between Tekla World Healthcare and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tekla World Healthcare 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 World Healthcare. 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

0.82	VGTSX	Vanguard Total Inter	Pair Corr
0.82	VTIAX	Vanguard Total Inter	Pair Corr
0.9	DNP	Dnp Select Income	Pair Corr
0.81	EXG	Eaton Vance Tax	Pair Corr
0.75	NEA	Nuveen Amt Free	Pair Corr
0.75	GAB	Gabelli Equity Trust	Pair Corr
0.83	FAX	Aberdeen Asia Pacific	Pair Corr
0.77	NAD	Nuveen Dividend Advantage	Pair Corr
0.84	NVG	Nuveen Amt Free	Pair Corr
0.93	DBIWX	Dws Global Macro	Pair Corr
0.87	HTD	John Hancock Tax	Pair Corr
0.77	BISMX	Brandes International	Pair Corr
0.84	UTF	Cohen And Steers	Pair Corr
0.86	RXRPX	American Funds Retirement	Pair Corr
0.87	GIOIX	Guggenheim Macro Opp	Pair Corr
0.78	VSGDX	Vanguard Short Term	Pair Corr
0.71	HRBDX	Harbor Bond Fund	Pair Corr
0.88	DLDFX	Destinations Low Duration	Pair Corr
0.83	ABNOX	Ab Bond Inflation	Pair Corr
0.76	PGLSX	Global Multi Strategy	Pair Corr
0.64	GF	New Germany Closed	Pair Corr
0.81	PSDNX	Putnam Ultra Short	Pair Corr
0.85	ARBOX	Absolute Convertible	Pair Corr
0.85	EBSIX	Campbell Systematic Macro	Pair Corr
0.72	VICSX	Vanguard Intermediate-ter	Pair Corr
0.8	SGDLX	Sprott Gold Equity	Pair Corr
0.81	EMBAX	Unconstrained Emerging	Pair Corr
0.82	RNCIX	Rivernorth E Opportunity	Pair Corr
0.84	RMDUX	American Funds Multi	Pair Corr

Related Correlations Analysis

	HQH	HQL	DFP	UTF	THQ	RVT	BTO	ETO	LDP	RQI
HQH		0.88	0.83	0.63	0.87	0.2	0.48	0.74	0.86	0.84	HQH
HQL	0.88		0.59	0.31	0.58	0.52	0.72	0.84	0.73	0.65	HQL
DFP	0.83	0.59		0.88	0.88	-0.15	0.16	0.59	0.88	0.86	DFP
UTF	0.63	0.31	0.88		0.84	-0.34	-0.09	0.39	0.67	0.74	UTF
THQ	0.87	0.58	0.88	0.84		-0.18	0.11	0.49	0.78	0.87	THQ
RVT	0.2	0.52	-0.15	-0.34	-0.18		0.9	0.6	0.01	-0.01	RVT
BTO	0.48	0.72	0.16	-0.09	0.11	0.9		0.74	0.36	0.31	BTO
ETO	0.74	0.84	0.59	0.39	0.49	0.6	0.74		0.68	0.68	ETO
LDP	0.86	0.73	0.88	0.67	0.78	0.01	0.36	0.68		0.91	LDP
RQI	0.84	0.65	0.86	0.74	0.87	-0.01	0.31	0.68	0.91		RQI
	HQH	HQL	DFP	UTF	THQ	RVT	BTO	ETO	LDP	RQI

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

RQI	+ 0.91	LDP
BTO	+ 0.9	RVT
HQL	+ 0.88	HQH
UTF	+ 0.88	DFP
THQ	+ 0.88	DFP
LDP	+ 0.88	DFP

High negative correlations

RVT	- 0.34	UTF
RVT	- 0.18	THQ
RVT	- 0.15	DFP
BTO	- 0.09	UTF
RQI	- 0.01	RVT

Risk-Adjusted Indicators

There is a big difference between Tekla Fund performing well and Tekla World 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 World'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	0.86	0.06	0.08	0.04	1.06	(0.89)	1.62	(1.69)	3.79
HQL	0.91	0.01	0.00	(0.05)	0.00	0.00	2.07	(1.73)	5.35
DFP	0.43	0.03	0.18	0.08	0.43	(0.52)	0.84	(0.88)	2.52
UTF	0.67	0.08	0.14	0.12	0.77	(0.75)	1.61	(1.66)	3.59
THQ	0.86	0.17	0.20	0.18	0.86	(0.99)	1.92	(1.41)	4.40
RVT	0.88	(0.07)	0.00	(0.17)	0.00	0.00	1.43	(1.97)	5.97
BTO	1.05	(0.06)	0.00	(0.13)	0.00	0.00	2.30	(2.35)	6.87
ETO	0.62	(0.01)	0.00	(0.08)	0.00	0.00	1.37	(1.32)	3.23
LDP	0.46	0.01	0.00	(0.03)	0.00	0.00	0.87	(0.97)	2.75
RQI	0.89	0.03	0.00	(0.02)	0.00	0.00	1.81	(1.93)	4.75

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