1290 Smartbeta Correlations

TNBIX Fund

USD 18.84 0.18 0.96%

The current 90-days correlation between 1290 Smartbeta Equity and 1290 Unconstrained Bond is 0.44 (i.e., Very weak diversification). The correlation of 1290 Smartbeta 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.

1290 Smartbeta Correlation With Market

Poor diversification

The correlation between 1290 Smartbeta Equity and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 1290 Smartbeta Equity 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 1290 Smartbeta Equity. 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 gross domestic product.

Moving together with 1290 Mutual Fund

1.0	TNBRX	1290 Smartbeta Equity	Pair Corr
1.0	TNBAX	1290 Smartbeta Equity	Pair Corr
0.69	TNIIX	1290 Retirement 2020	Pair Corr
0.63	TNHAX	1290 High Yield	Pair Corr
0.63	TNHRX	1290 High Yield	Pair Corr
0.77	TNKIX	1290 Retirement 2030	Pair Corr
0.71	TNJIX	1290 Retirement 2025	Pair Corr
0.86	TNMAX	1290 Multi Alternative	Pair Corr
0.86	TNMIX	1290 Multi Alternative	Pair Corr
0.86	TNMRX	1290 Multi Alternative	Pair Corr
0.8	TNLIX	1290 Retirement 2035	Pair Corr
0.85	TNOIX	1290 Retirement 2045	Pair Corr
0.83	TNNIX	1290 Retirement 2040	Pair Corr
0.89	TNQIX	1290 Retirement 2055	Pair Corr
0.86	TNVDX	1290 Doubleline Dynamic	Pair Corr
0.61	TNVAX	1290 Gamco Smallmid	Pair Corr
0.61	TNVIX	1290 Gamco Smallmid	Pair Corr
0.88	TNXAX	1290 Doubleline Dynamic	Pair Corr
0.61	TNVRX	1290 Gamco Smallmid	Pair Corr
0.88	TNWIX	1290 Retirement 2050	Pair Corr
0.88	TNYRX	1290 Doubleline Dynamic	Pair Corr
0.9	FCWGX	American Funds Capital	Pair Corr
0.9	FWCGX	American Funds Capital	Pair Corr
0.91	CWGIX	Capital World Growth	Pair Corr
0.91	CWGFX	Capital World Growth	Pair Corr
0.91	CWGCX	Capital World Growth	Pair Corr
0.92	RWIFX	Capital World Growth	Pair Corr
0.91	CWICX	Capital World Growth	Pair Corr
0.91	RWIAX	Capital World Growth	Pair Corr
0.91	CWIAX	Capital World Growth	Pair Corr

Related Correlations Analysis

	TNUIX	TNHIX	TNVIX	TNBAX	TNBRX
TNUIX		0.83	-0.42	0.27	0.26	TNUIX
TNHIX	0.83		-0.09	0.59	0.58	TNHIX
TNVIX	-0.42	-0.09		0.62	0.63	TNVIX
TNBAX	0.27	0.59	0.62		1.0	TNBAX
TNBRX	0.26	0.58	0.63	1.0		TNBRX
	TNUIX	TNHIX	TNVIX	TNBAX	TNBRX

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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

TNBRX	+ 1.0	TNBAX
TNHIX	+ 0.83	TNUIX
TNBRX	+ 0.63	TNVIX
TNBAX	+ 0.62	TNVIX
TNBAX	+ 0.59	TNHIX
TNBRX	+ 0.58	TNHIX

High negative correlations

TNVIX	- 0.42	TNUIX
TNVIX	- 0.09	TNHIX

Risk-Adjusted Indicators

There is a big difference between 1290 Mutual Fund performing well and 1290 Smartbeta 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 1290 Smartbeta'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
TNUIX	0.22	0.01	0.15	0.21	0.22	(0.25)	0.49	(0.37)	1.12
TNHIX	0.13	0.01	0.16	0.06	0.12	(0.16)	0.24	(0.24)	1.07
TNVIX	0.86	(0.07)	0.00	(0.12)	0.00	0.00	1.43	(1.88)	3.97
TNBAX	0.59	(0.01)	0.00	(0.05)	0.00	0.00	1.17	(1.41)	2.99
TNBRX	0.60	(0.01)	0.00	(0.05)	0.00	0.00	1.20	(1.36)	3.00

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