Tiaa-cref Small/mid-cap Correlations

TSMMX Fund

USD 14.14 0.11 0.77%

The current 90-days correlation between Tiaa-cref Small/mid-cap and Guidemark Large Cap is 0.6 (i.e., Poor diversification). The correlation of Tiaa-cref Small/mid-cap 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.

Tiaa-cref Small/mid-cap Correlation With Market

Very poor diversification

The correlation between Tiaa Cref Smallmid Cap Equity and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tiaa Cref Smallmid Cap 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 Tiaa Cref Smallmid Cap 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 population.

Moving together with Tiaa-cref Mutual Fund

0.97	TEQWX	Tiaa Cref Equity	Pair Corr
0.68	TFIHX	Tiaa Cref Lifecycle	Pair Corr
0.84	TFTIX	Tiaa Cref Lifecycle	Pair Corr
0.98	TGIWX	Tiaa Cref Growth	Pair Corr
0.63	THCVX	Tiaa-cref Large-cap	Pair Corr
0.95	TICHX	Tiaa Cref Social	Pair Corr
0.97	TIEIX	Tiaa Cref Equity	Pair Corr
0.98	TIIRX	Tiaa Cref Growth	Pair Corr

Moving against Tiaa-cref Mutual Fund

0.63	TIDRX	Tiaa Cref Bond	Pair Corr
0.6	TGRKX	Tiaa Cref Green	Pair Corr
0.6	TIDPX	Tiaa Cref Bond	Pair Corr
0.59	TGRNX	Tiaa Cref Green	Pair Corr
0.59	TIBDX	Tiaa Cref Bond	Pair Corr
0.59	TIBHX	Tiaa Cref Bond	Pair Corr
0.58	TIBFX	Tiaa Cref Bond	Pair Corr
0.46	TEMRX	Tiaa Cref Emerging	Pair Corr
0.45	TEDVX	Tiaa Cref Emerging	Pair Corr
0.44	TEDNX	Tiaa Cref Emerging	Pair Corr
0.44	TEDTX	Tiaa Cref Emerging	Pair Corr
0.43	TEDLX	Tiaa Cref Emerging	Pair Corr
0.43	TEDHX	Tiaa Cref Emerging	Pair Corr
0.43	TEDPX	Tiaa Cref Emerging	Pair Corr
0.42	TEMVX	Tiaa Cref Emerging	Pair Corr
0.41	TEMLX	Tiaa Cref Emerging	Pair Corr
0.41	TEMHX	Tiaa Cref Emerging	Pair Corr
0.38	TEQLX	Tiaa Cref Emerging	Pair Corr
0.38	TEQKX	Tiaa Cref Emerging	Pair Corr
0.38	TEQHX	Tiaa Cref Emerging	Pair Corr
0.38	TEQPX	Tiaa Cref Emerging	Pair Corr
0.58	TIIHX	Tiaa Cref Inflation	Pair Corr
0.58	TIILX	Tiaa-cref Inflation-linked	Pair Corr
0.58	TIIWX	Tiaa Cref Inflation	Pair Corr
0.58	TIKRX	Tiaa-cref Inflation-linked	Pair Corr
0.48	TIISX	Tiaa Cref Intl	Pair Corr
0.39	TIEHX	Tiaa Cref International	Pair Corr
0.39	TIERX	Tiaa Cref International	Pair Corr
0.39	TIIEX	Tiaa Cref International	Pair Corr

Related Correlations Analysis

	GMLVX	ANAGX	LMLRX	PHTTX	TADGX	TEDIX	SMYIX
GMLVX		0.66	0.52	0.66	0.48	0.82	0.15	GMLVX
ANAGX	0.66		0.44	0.6	0.45	0.8	-0.06	ANAGX
LMLRX	0.52	0.44		0.97	0.97	0.46	0.84	LMLRX
PHTTX	0.66	0.6	0.97		0.95	0.63	0.7	PHTTX
TADGX	0.48	0.45	0.97	0.95		0.5	0.8	TADGX
TEDIX	0.82	0.8	0.46	0.63	0.5		-0.02	TEDIX
SMYIX	0.15	-0.06	0.84	0.7	0.8	-0.02		SMYIX
	GMLVX	ANAGX	LMLRX	PHTTX	TADGX	TEDIX	SMYIX

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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

PHTTX	+ 0.97	LMLRX
TADGX	+ 0.97	LMLRX
TADGX	+ 0.95	PHTTX
SMYIX	+ 0.84	LMLRX
TEDIX	+ 0.82	GMLVX
TEDIX	+ 0.8	ANAGX

High negative correlations

SMYIX	- 0.06	ANAGX
SMYIX	- 0.02	TEDIX

Risk-Adjusted Indicators

There is a big difference between Tiaa-cref Mutual Fund performing well and Tiaa-cref Small/mid-cap 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 Tiaa-cref Small/mid-cap'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
GMLVX	0.70	0.06	0.07	0.10	0.88	(0.75)	1.57	(1.62)	5.51
ANAGX	0.18	0.00	0.10	(0.21)	0.17	(0.27)	0.44	(0.44)	1.46
LMLRX	0.32	0.02	0.07	0.01	0.37	(0.34)	0.61	(0.60)	2.17
PHTTX	0.33	0.02	0.08	0.02	0.39	(0.33)	0.67	(0.58)	1.95
TADGX	0.60	0.06	0.08	0.04	0.67	(0.66)	1.06	(1.32)	3.18
TEDIX	0.61	0.05	0.04	0.06	1.53	(0.57)	1.01	(0.89)	7.35
SMYIX	0.77	0.02	0.02	0.00	1.00	(0.80)	1.57	(1.62)	4.51

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