Tortoise Capital Correlations

TPZ Fund

USD 20.29 0.14 0.69%

The current 90-days correlation between Tortoise Capital Series and Nuveen California Select is 0.02 (i.e., Significant diversification). The correlation of Tortoise Capital 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.

Tortoise Capital Correlation With Market

Weak diversification

The correlation between Tortoise Capital Series and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tortoise Capital Series 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 Tortoise Capital Series. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Tortoise Fund

0.83	RMQAX	Monthly Rebalance	Pair Corr
0.83	RMQHX	Monthly Rebalance	Pair Corr
0.82	RMQCX	Monthly Rebalance	Pair Corr
0.67	RSNYX	Victory Global Natural	Pair Corr
0.85	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.86	ELFNX	Elfun Trusts Elfun	Pair Corr
0.61	AMECX	Income Fund	Pair Corr
0.61	ACP	Aberdeen Income Credit	Pair Corr
0.95	DIS	Walt Disney Sell-off Trend	Pair Corr
0.93	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.81	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.96	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.72	HD	Home Depot	Pair Corr
0.89	CSCO	Cisco Systems	Pair Corr
0.97	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.78	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr

Moving against Tortoise Fund

0.82	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.92	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.86	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr

Related Correlations Analysis

	MYD	MUI	MQY	MYI	MUE	MVF	KTF	MHD	NXC	MVT
MYD		0.19	0.79	0.87	0.65	0.91	0.5	0.87	0.49	0.87	MYD
MUI	0.19		0.18	0.04	0.55	0.28	0.62	0.3	-0.26	0.07	MUI
MQY	0.79	0.18		0.94	0.49	0.86	0.25	0.93	0.75	0.89	MQY
MYI	0.87	0.04	0.94		0.53	0.89	0.22	0.92	0.74	0.92	MYI
MUE	0.65	0.55	0.49	0.53		0.71	0.61	0.68	-0.03	0.56	MUE
MVF	0.91	0.28	0.86	0.89	0.71		0.49	0.92	0.56	0.89	MVF
KTF	0.5	0.62	0.25	0.22	0.61	0.49		0.38	-0.17	0.22	KTF
MHD	0.87	0.3	0.93	0.92	0.68	0.92	0.38		0.56	0.89	MHD
NXC	0.49	-0.26	0.75	0.74	-0.03	0.56	-0.17	0.56		0.68	NXC
MVT	0.87	0.07	0.89	0.92	0.56	0.89	0.22	0.89	0.68		MVT
	MYD	MUI	MQY	MYI	MUE	MVF	KTF	MHD	NXC	MVT

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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

MYI	+ 0.94	MQY
MHD	+ 0.93	MQY
MHD	+ 0.92	MYI
MVT	+ 0.92	MYI
MHD	+ 0.92	MVF
MVF	+ 0.91	MYD

High negative correlations

NXC	- 0.26	MUI
NXC	- 0.17	KTF
NXC	- 0.03	MUE

Risk-Adjusted Indicators

There is a big difference between Tortoise Fund performing well and Tortoise Capital 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 Tortoise Capital'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
MYD	0.54	(0.01)	(0.19)	(0.03)	0.60	(0.62)	1.15	(1.06)	2.67
MUI	0.30	0.04	(0.11)	(12.72)	0.48	(0.32)	0.73	(0.64)	3.31
MQY	0.44	0.00	(0.18)	0.10	0.57	(0.47)	0.98	(1.07)	2.74
MYI	0.42	(0.02)	(0.20)	(0.17)	0.57	(0.44)	1.12	(0.94)	2.59
MUE	0.43	0.07	(0.08)	(3.90)	0.49	(0.46)	0.86	(0.77)	2.53
MVF	0.51	(0.01)	(0.17)	(1.08)	0.65	(0.60)	0.95	(1.09)	2.80
KTF	0.44	0.03	(0.13)	1.07	0.50	(0.52)	1.12	(0.61)	3.40
MHD	0.54	0.01	(0.12)	0.49	0.75	(0.51)	1.12	(1.14)	3.11
NXC	0.50	(0.09)	0.00	(2.07)	0.00	0.00	0.90	(1.04)	4.02
MVT	0.48	0.00	0.00	0.00	0.00	0.00	1.17	(1.26)	2.79

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