Third Avenue Correlations

TVSVX Fund

USD 21.66 0.06 0.28%

The current 90-days correlation between Third Avenue Small and Third Avenue Real is 0.73 (i.e., Poor diversification). The correlation of Third Avenue 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.

Third Avenue Correlation With Market

Very poor diversification

The correlation between Third Avenue Small Cap and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Third Avenue Small Cap 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 Third Avenue Small Cap. 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 real.

Moving together with Third Mutual Fund

0.85	TVRVX	Third Avenue Real	Pair Corr
0.85	TAREX	Third Avenue Real	Pair Corr
1.0	TASZX	Third Avenue Small	Pair Corr
0.85	TARZX	Third Avenue Real	Pair Corr
1.0	TASCX	Third Avenue Small	Pair Corr
0.92	VSIIX	Vanguard Small Cap	Pair Corr
0.92	VISVX	Vanguard Small Cap	Pair Corr
0.92	DFSVX	Us Small Cap	Pair Corr
0.85	DFFVX	Us Targeted Value	Pair Corr
0.91	UBVCX	Undiscovered Managers	Pair Corr
0.82	UBVAX	Undiscovered Managers	Pair Corr
0.91	UBVSX	Undiscovered Managers	Pair Corr
0.92	AVFIX	American Beacon Small	Pair Corr
0.75	KNPCX	Kinetics Paradigm	Pair Corr
0.75	KNPAX	Kinetics Paradigm	Pair Corr
0.75	KINCX	Kinetics Internet	Pair Corr
0.76	KSCOX	Kinetics Small Cap	Pair Corr
0.75	KMKCX	Kinetics Market Oppo	Pair Corr
0.75	KNPYX	Kinetics Paradigm	Pair Corr
0.76	LSHUX	Horizon Spin Off Potential Growth	Pair Corr
0.75	WWNPX	Kinetics Paradigm	Pair Corr
0.8	QCGRPX	College Retirement	Pair Corr
0.92	ASMOX	Aqr Small Cap	Pair Corr
0.82	FZROX	Fidelity Zero Total	Pair Corr
0.81	FLSZX	Franklin Lifesmart 2055	Pair Corr
0.87	VTCLX	Vanguard Tax Managed	Pair Corr
0.81	ICMVX	Intrepid Capital	Pair Corr
0.69	CCLFX	Cliffwater Corporate	Pair Corr
0.88	VWENX	Vanguard Wellington	Pair Corr

Moving against Third Mutual Fund

0.49

REIFX

Rems International Real

Pair Corr

Related Correlations Analysis

	TVRVX	TVSVX	TAREX	TASZX	TASCX	TAVFX	TAVZX	TVFVX
TVRVX		0.85	1.0	0.85	0.85	-0.5	-0.46	-0.47	TVRVX
TVSVX	0.85		0.85	1.0	1.0	-0.27	-0.24	-0.24	TVSVX
TAREX	1.0	0.85		0.85	0.85	-0.51	-0.46	-0.47	TAREX
TASZX	0.85	1.0	0.85		1.0	-0.28	-0.25	-0.25	TASZX
TASCX	0.85	1.0	0.85	1.0		-0.27	-0.24	-0.25	TASCX
TAVFX	-0.5	-0.27	-0.51	-0.28	-0.27		0.92	0.92	TAVFX
TAVZX	-0.46	-0.24	-0.46	-0.25	-0.24	0.92		1.0	TAVZX
TVFVX	-0.47	-0.24	-0.47	-0.25	-0.25	0.92	1.0		TVFVX
	TVRVX	TVSVX	TAREX	TASZX	TASCX	TAVFX	TAVZX	TVFVX

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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

TAREX	+ 1.0	TVRVX
TASZX	+ 1.0	TVSVX
TASCX	+ 1.0	TVSVX
TASCX	+ 1.0	TASZX
TVFVX	+ 1.0	TAVZX
TAVZX	+ 0.92	TAVFX

High negative correlations

TAVFX	- 0.51	TAREX
TAVFX	- 0.5	TVRVX
TVFVX	- 0.47	TAREX
TVFVX	- 0.47	TVRVX
TAVZX	- 0.46	TAREX
TAVZX	- 0.46	TVRVX

Risk-Adjusted Indicators

There is a big difference between Third Mutual Fund performing well and Third Avenue 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 Third Avenue'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
TVRVX	0.71	0.04	0.04	0.15	0.67	(0.82)	1.58	(1.23)	5.16
TVSVX	0.75	(0.10)	(0.10)	0.02	0.76	(0.95)	1.71	(1.32)	6.75
TAREX	0.72	0.04	0.04	0.15	0.67	(0.82)	1.57	(1.24)	5.18
TASZX	0.75	(0.10)	(0.09)	0.02	0.76	(0.96)	1.68	(1.35)	6.83
TASCX	0.75	(0.10)	(0.09)	0.02	0.76	(0.96)	1.69	(1.32)	6.78
TAVFX	0.76	(0.11)	0.00	2.59	0.00	0.00	1.56	(1.66)	4.25
TAVZX	0.76	(0.19)	0.00	(0.16)	0.00	0.00	1.56	(1.66)	4.26
TVFVX	0.76	(0.19)	0.00	(0.16)	0.00	0.00	1.56	(1.65)	4.25

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