Vela International Correlations

Mutual Funds . USA . 
Fund . Vela International
VEITX Fund  USD 14.05  0.19  1.37%   
The current 90-days correlation between Vela International and Deutsche Health And is -0.06 (i.e., Good diversification). The correlation of Vela International 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.

Vela International Correlation With Market

Very weak diversification

The correlation between Vela International and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela International 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 Vela International. 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 estimate.

Moving together with Vela Mutual Fund

  0.86VASDX Vela Short DurationPairCorr
  1.0VEILX Vela InternationalPairCorr
  0.83VESDX Vela Short DurationPairCorr
  0.97DISVX Dfa International SmallPairCorr
  0.98DFVQX Dfa International VectorPairCorr
  0.88FMNEX Free Market InternationalPairCorr
  0.9OANEX Oakmark InternationalPairCorr
  0.91KGGIX Kopernik Global AllPairCorr
  0.78KGGAX Kopernik Global AllPairCorr
  0.9OAZEX Oakmark InternationalPairCorr
  0.9OAYEX Oakmark InternationalPairCorr
  0.95OAKEX Oakmark InternationalPairCorr
  0.95VTISX Vanguard Total InterPairCorr
  0.95VTSNX Vanguard Total InterPairCorr
  0.98VTPSX Vanguard Total InterPairCorr
  0.91SGHIX Sextant Global HighPairCorr
  0.82JUCNX Janus Global UnconstPairCorr
  0.82BBSCX Sterling Capital ShortPairCorr
  0.88TGWNX Tcw Emerging MarketsPairCorr
  0.92OAZIX Oakmark InternationalPairCorr
  0.75GGN Gamco GlobalPairCorr
  0.84FJRLX Fidelity AdvisorPairCorr
  0.92LPXIX Cohen Steers LowPairCorr
  0.81FSHBX Fidelity Short TermPairCorr
  0.64PYBLX Payden Floating RatePairCorr

Moving against Vela Mutual Fund

  0.33VESMX Vela Small CapPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela International 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 Vela International'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.

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