Vanguard California Correlations

VCADX Fund

USD 11.24 0.02 0.18%

The current 90-days correlation between Vanguard California and Vanguard California Long Term is 0.96 (i.e., Almost no diversification). The correlation of Vanguard California 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.

Vanguard California Correlation With Market

Average diversification

The correlation between Vanguard California Intermedia and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vanguard California Intermedia 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 Vanguard California Intermediate Term. 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 Vanguard Mutual Fund

0.88	VMLUX	Vanguard Limited Term	Pair Corr
0.88	VMLTX	Vanguard Limited Term	Pair Corr
0.66	VMNVX	Vanguard Global Minimum	Pair Corr
0.76	VMSIX	Vanguard Multi Sector	Pair Corr
0.66	VMVFX	Vanguard Global Minimum	Pair Corr
0.92	VNJUX	Vanguard New Jersey	Pair Corr
0.9	VNJTX	Vanguard New Jersey	Pair Corr
0.87	VNYTX	Vanguard New York	Pair Corr
0.87	VNYUX	Vanguard New York	Pair Corr
0.95	VOHIX	Vanguard Ohio Long	Pair Corr
0.95	VPALX	Vanguard Pennsylvania	Pair Corr
0.95	VPAIX	Vanguard Pennsylvania	Pair Corr
0.78	VRTPX	Vanguard Reit Ii	Pair Corr
0.63	VAIGX	Vanguard Advice Select	Pair Corr
0.69	VAIPX	Vanguard Inflation-protec	Pair Corr
0.65	VSCSX	Vanguard Short Term	Pair Corr

Moving against Vanguard Mutual Fund

0.35	VMNFX	Vanguard Market Neutral	Pair Corr
0.34	VMNIX	Vanguard Market Neutral	Pair Corr
0.32	NAESX	Vanguard Small Cap	Pair Corr
0.32	VSCIX	Vanguard Small Cap	Pair Corr
0.34	VSGAX	Vanguard Small Cap Potential Growth	Pair Corr
0.34	VSGIX	Vanguard Small Cap Potential Growth	Pair Corr
0.32	VSCPX	Vanguard Small Cap	Pair Corr
0.32	VSMAX	Vanguard Small Cap	Pair Corr
0.31	VSEQX	Vanguard Strategic Equity	Pair Corr

Related Correlations Analysis

	VCLAX	VCAIX	VMLUX	VCITX	VWSUX
VCLAX		0.95	0.7	1.0	0.55	VCLAX
VCAIX	0.95		0.88	0.95	0.76	VCAIX
VMLUX	0.7	0.88		0.69	0.97	VMLUX
VCITX	1.0	0.95	0.69		0.53	VCITX
VWSUX	0.55	0.76	0.97	0.53		VWSUX
	VCLAX	VCAIX	VMLUX	VCITX	VWSUX

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Risk-Adjusted Indicators

There is a big difference between Vanguard Mutual Fund performing well and Vanguard California 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 Vanguard California'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VCLAX	0.18	(0.02)	0.00	(0.56)	0.00	0.36	(0.44)	1.14
VCAIX	0.14	(0.01)	0.00	(0.38)	0.00	0.35	(0.35)	0.80
VMLUX	0.08	0.00	0.43	0.18	(0.12)	0.18	(0.18)	0.56
VCITX	0.18	(0.02)	0.00	(0.60)	0.00	0.35	(0.44)	1.14
VWSUX	0.04	0.00	0.75	0.21	(0.10)	0.06	(0.06)	0.38

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