Vela Small Correlations

VESMX Fund

USD 19.30 0.20 1.05%

The current 90-days correlation between Vela Small Cap and Vela International is 0.07 (i.e., Significant diversification). The correlation of Vela Small 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 Small Correlation With Market

Modest diversification

The correlation between Vela Small Cap and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela 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 Vela 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 population.

Moving together with Vela Mutual Fund

0.69	VELAX	Vela Large Cap	Pair Corr
0.69	VELIX	Vela Large Cap	Pair Corr
0.78	VESAX	Vela Small Cap	Pair Corr
0.81	VIOAX	Vela Income Opportunities	Pair Corr
0.83	VIOIX	Vela Income Opportunities	Pair Corr
0.84	VSMAX	Vanguard Small Cap	Pair Corr
0.91	VSCIX	Vanguard Small Cap	Pair Corr
0.85	VSCPX	Vanguard Small Cap	Pair Corr
0.92	NAESX	Vanguard Small Cap	Pair Corr
0.89	FSSNX	Fidelity Small Cap	Pair Corr
0.95	DFSTX	Us Small Cap	Pair Corr
0.82	PASVX	T Rowe Price	Pair Corr
0.81	PRVIX	T Rowe Price	Pair Corr
0.81	TRZVX	T Rowe Price	Pair Corr
0.82	PRSVX	T Rowe Price	Pair Corr
0.75	VTSAX	Vanguard Total Stock	Pair Corr
0.87	HSSAX	Emerald Banking And	Pair Corr
0.8	GAB	Gabelli Equity Trust	Pair Corr
0.72	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.72	TORIX	Tortoise Mlp Pipeline	Pair Corr
0.62	VWELX	Vanguard Wellington	Pair Corr
0.72	TORTX	Tortoise Mlp Pipeline	Pair Corr
0.68	CGRIX	Calamos Growth	Pair Corr
0.82	BTO	John Hancock Financial	Pair Corr

Moving against Vela Mutual Fund

0.33

PFHCX

Pacific Funds Small

Pair Corr

Related Correlations Analysis

	VEILX	VEITX	VELAX	VELIX	VESMX	VESAX	VIOAX	VIOIX
VEILX		0.96	0.51	0.51	0.02	0.01	0.39	0.36	VEILX
VEITX	0.96		0.52	0.52	0.09	0.03	0.46	0.43	VEITX
VELAX	0.51	0.52		1.0	0.69	0.74	0.8	0.8	VELAX
VELIX	0.51	0.52	1.0		0.69	0.74	0.79	0.79	VELIX
VESMX	0.02	0.09	0.69	0.69		0.78	0.81	0.83	VESMX
VESAX	0.01	0.03	0.74	0.74	0.78		0.59	0.6	VESAX
VIOAX	0.39	0.46	0.8	0.79	0.81	0.59		1.0	VIOAX
VIOIX	0.36	0.43	0.8	0.79	0.83	0.6	1.0		VIOIX
	VEILX	VEITX	VELAX	VELIX	VESMX	VESAX	VIOAX	VIOIX

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Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela Small 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 Small'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
VEILX	0.51	(0.16)	0.00	(8.29)	0.00	0.00	0.73	(1.24)	4.51
VEITX	0.51	(0.15)	0.00	(2.54)	0.00	0.00	0.73	(1.24)	4.79
VELAX	0.47	(0.11)	0.00	1.64	0.00	0.00	0.66	(0.85)	7.72
VELIX	0.48	(0.11)	0.00	1.56	0.00	0.00	0.72	(0.84)	7.99
VESMX	0.63	0.00	(0.01)	0.02	0.79	(0.70)	1.16	(1.01)	7.03
VESAX	0.62	(0.02)	0.00	(0.17)	0.00	0.00	1.17	(1.06)	7.07
VIOAX	0.31	(0.03)	0.00	(0.61)	0.00	0.00	0.61	(0.73)	2.77
VIOIX	0.31	(0.03)	0.00	(0.62)	0.00	0.00	0.52	(0.73)	2.66

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