Virtus Convertible Correlations

VAADX Fund

USD 34.30 0.24 0.69%

The current 90-days correlation between Virtus Convertible and T Rowe Price is 0.8 (i.e., Very poor diversification). The correlation of Virtus Convertible 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.

Virtus Convertible Correlation With Market

Very weak diversification

The correlation between Virtus Convertible and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Virtus Convertible 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 Virtus Convertible. 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 unemployment.

Moving together with Virtus Mutual Fund

0.75	STCZX	Ridgeworth Silvant Large	Pair Corr
0.62	SVIIX	Ridgeworth Ceredex Large	Pair Corr
0.73	VRMCX	Virtus Kar Mid	Pair Corr
0.84	VAAGX	Virtus Nfj Large	Pair Corr
0.93	SMVTX	Ridgeworth Ceredex Mid	Pair Corr
0.74	PSGAX	Virtus Kar Small	Pair Corr
0.8	FCSZX	Franklin Convertible	Pair Corr
0.8	FCSKX	Franklin Vertible	Pair Corr
0.8	FISCX	Franklin Convertible	Pair Corr
0.81	FROTX	Franklin Convertible	Pair Corr
0.81	ANZCX	Allianzgi Convertible	Pair Corr
0.81	ANZAX	Allianzgi Vertible	Pair Corr
0.81	ANNPX	Allianzgi Convertible	Pair Corr
0.78	FCVSX	Fidelity Vertible	Pair Corr

Moving against Virtus Mutual Fund

0.61	SSAGX	Virtus Seix Government	Pair Corr
0.53	VMSSX	Virtus Multi Sector	Pair Corr
0.42	SAVAX	Virtus Bond Fund	Pair Corr
0.58	USGDX	Morgan Stanley Government	Pair Corr
0.53	ABNOX	Ab Bond Inflation	Pair Corr
0.43	HRBDX	Harbor Bond Fund	Pair Corr
0.38	VICSX	Vanguard Intermediate-ter	Pair Corr
0.34	MCSVX	Mainstay Vertible	Pair Corr
0.34	PFN	Pimco Income Strategy	Pair Corr
0.33	UTF	Cohen And Steers	Pair Corr
0.32	GIOIX	Guggenheim Macro Opp	Pair Corr

Related Correlations Analysis

	RRMVX	VSFSX	PRSVX	ARSVX	TIMVX	RYCLX	PRDMX
RRMVX		0.95	0.95	0.87	0.98	-0.6	0.93	RRMVX
VSFSX	0.95		1.0	0.91	0.95	-0.56	0.95	VSFSX
PRSVX	0.95	1.0		0.91	0.94	-0.55	0.95	PRSVX
ARSVX	0.87	0.91	0.91		0.9	-0.39	0.89	ARSVX
TIMVX	0.98	0.95	0.94	0.9		-0.59	0.91	TIMVX
RYCLX	-0.6	-0.56	-0.55	-0.39	-0.59		-0.55	RYCLX
PRDMX	0.93	0.95	0.95	0.89	0.91	-0.55		PRDMX
	RRMVX	VSFSX	PRSVX	ARSVX	TIMVX	RYCLX	PRDMX

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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

PRSVX	+ 1.0	VSFSX
TIMVX	+ 0.98	RRMVX
VSFSX	+ 0.95	RRMVX
PRSVX	+ 0.95	RRMVX
TIMVX	+ 0.95	VSFSX
PRDMX	+ 0.95	VSFSX

High negative correlations

RYCLX	- 0.6	RRMVX
RYCLX	- 0.59	TIMVX
RYCLX	- 0.56	VSFSX
PRDMX	- 0.55	RYCLX
RYCLX	- 0.55	PRSVX
RYCLX	- 0.39	ARSVX

Risk-Adjusted Indicators

There is a big difference between Virtus Mutual Fund performing well and Virtus Convertible 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 Virtus Convertible'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
RRMVX	0.71	(0.04)	(0.12)	1.21	(1.60)	3.46
VSFSX	0.87	(0.10)	(0.17)	1.48	(2.07)	5.18
PRSVX	0.82	(0.10)	(0.17)	1.28	(2.04)	4.44
ARSVX	0.81	(0.16)	(0.27)	1.19	(1.54)	7.70
TIMVX	0.76	(0.05)	(0.12)	1.41	(1.75)	3.55
RYCLX	1.15	(0.12)	(1.52)	2.30	(1.54)	19.50
PRDMX	1.34	(0.18)	(0.22)	1.84	(3.77)	7.15

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