Westwood Market Correlations

WMNIX Fund

USD 9.88 0.01 0.10%

The current 90-days correlation between Westwood Market Neutral and Invesco Energy Fund is -0.03 (i.e., Good diversification). The correlation of Westwood Market 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.

Westwood Market Correlation With Market

Good diversification

The correlation between Westwood Market Neutral and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Westwood Market Neutral and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Westwood Market Neutral. 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 gross domestic product.

Moving together with Westwood Mutual Fund

0.61	WSDAX	Westwood Short Duration	Pair Corr
0.61	WHGHX	Westwood Short Duration	Pair Corr
1.0	WMNUX	Westwood Market Neutral	Pair Corr
1.0	WMNAX	Westwood Alternative	Pair Corr
0.86	CVSCX	Calamos Market Neutral	Pair Corr
0.89	CVSIX	Calamos Market Neutral	Pair Corr
0.88	CVSOX	Calamos Market Neutral	Pair Corr
0.88	CMNIX	Calamos Market Neutral	Pair Corr
0.96	ADAIX	Aqr Diversified Arbitrage	Pair Corr
0.96	ADANX	Aqr Diversified Arbitrage	Pair Corr
0.99	ARBIX	Absolute Convertible	Pair Corr
0.99	ARBOX	Absolute Convertible	Pair Corr
0.96	QDARX	Aqr Diversified Arbitrage	Pair Corr
0.97	FSAWX	Fidelity Sai Convertible	Pair Corr
0.97	BXECX	Barings Emerging Markets	Pair Corr
0.97	BXEIX	Barings Emerging Markets	Pair Corr
0.97	BXEAX	Barings Emerging Markets	Pair Corr
0.94	HLDIX	Hartford Emerging	Pair Corr
0.94	HLDRX	Hartford Emerging	Pair Corr
0.93	HLDAX	Hartford Emerging	Pair Corr
0.94	HLDCX	Hartford Emerging	Pair Corr
0.94	HLDTX	Hartford Emerging	Pair Corr
0.95	PIPTX	Virtus Kar Global	Pair Corr

Moving against Westwood Mutual Fund

0.58	WHGCX	Westwood Quality Smallcap	Pair Corr
0.57	WWSYX	Westwood Quality Smallcap	Pair Corr
0.57	WHGSX	Westwood Smallcap Value	Pair Corr
0.56	WHGAX	Westwood Quality Smallcap	Pair Corr
0.49	WWMCX	Ultimus Managers Trust	Pair Corr
0.48	WHGMX	Westwood Smidcap	Pair Corr
0.47	WWSMX	Westwood Quality Smidcap	Pair Corr

Related Correlations Analysis

	IEFCX	ALEFX	TREIX	GLEAX	GRHAX	TMLAX	XGNTX
IEFCX		0.87	0.49	0.92	0.76	0.92	0.68	IEFCX
ALEFX	0.87		0.46	0.9	0.69	0.89	0.65	ALEFX
TREIX	0.49	0.46		0.36	-0.03	0.39	0.86	TREIX
GLEAX	0.92	0.9	0.36		0.8	0.99	0.53	GLEAX
GRHAX	0.76	0.69	-0.03	0.8		0.76	0.28	GRHAX
TMLAX	0.92	0.89	0.39	0.99	0.76		0.56	TMLAX
XGNTX	0.68	0.65	0.86	0.53	0.28	0.56		XGNTX
	IEFCX	ALEFX	TREIX	GLEAX	GRHAX	TMLAX	XGNTX

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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

TMLAX	+ 0.99	GLEAX
GLEAX	+ 0.92	IEFCX
TMLAX	+ 0.92	IEFCX
GLEAX	+ 0.9	ALEFX
TMLAX	+ 0.89	ALEFX
ALEFX	+ 0.87	IEFCX

High negative correlations

GRHAX

- 0.03

TREIX

Risk-Adjusted Indicators

There is a big difference between Westwood Mutual Fund performing well and Westwood Market 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 Westwood Market'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
IEFCX	0.85	0.12	0.10	0.19	1.19	(0.80)	1.54	(2.18)	5.65
ALEFX	0.98	0.09	0.09	(1.34)	1.29	(1.03)	1.96	(2.27)	6.21
TREIX	0.07	0.00	0.28	0.00	0.00	(0.13)	0.20	(0.10)	0.60
GLEAX	1.05	0.14	0.10	0.17	1.38	(1.09)	1.92	(2.42)	6.59
GRHAX	1.17	0.07	0.04	0.07	1.90	(1.07)	2.46	(3.31)	8.53
TMLAX	1.04	0.12	0.09	0.15	1.31	(1.11)	1.88	(2.24)	6.23
XGNTX	0.56	0.08	0.13	2.80	0.75	(0.60)	1.26	(1.07)	3.07

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