Westwood Income Correlations

WWICX Fund

USD 12.31 0.02 0.16%

The current 90-days correlation between Westwood Income Oppo and Westwood Short Duration is 0.23 (i.e., Modest diversification). The correlation of Westwood Income 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 Income Correlation With Market

Very weak diversification

The correlation between Westwood Income Opportunity and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Westwood Income Opportunity 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 Income Opportunity. 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 main economic indicators.

Moving together with Westwood Mutual Fund

0.83	WSDAX	Westwood Short Duration	Pair Corr
0.79	WWIAX	Westwood Income Oppo	Pair Corr
0.63	WWLAX	Westwood Largecap Value	Pair Corr
0.78	WWSMX	Westwood Quality Smidcap	Pair Corr
0.66	WHGLX	Westwood Largecap Value	Pair Corr
0.81	WHGIX	Westwood Income Oppo	Pair Corr
0.98	WHGHX	Westwood Short Duration	Pair Corr
0.68	WQAIX	Westwood Quality Allcap	Pair Corr
0.67	WQAUX	Westwood Quality Allcap	Pair Corr
0.97	VWINX	Vanguard Wellesley Income	Pair Corr
0.7	VWIAX	Vanguard Wellesley Income	Pair Corr
0.81	BKMIX	Blackrock Multi Asset	Pair Corr
0.7	HBLTX	Hartford Balanced	Pair Corr
0.69	HBLRX	Hartford Balanced	Pair Corr
0.69	HBLSX	Hartford Balanced	Pair Corr
0.7	HBLVX	Hartford Balanced	Pair Corr
0.7	HBLYX	Hartford Balanced	Pair Corr
0.68	HBLCX	Hartford Balanced	Pair Corr
0.7	HBLIX	Hartford Balanced	Pair Corr
0.75	NXJ	Nuveen New Jersey	Pair Corr
0.84	PCF	Putnam High Income	Pair Corr
0.88	VGTSX	Vanguard Total Inter	Pair Corr

Related Correlations Analysis

	WSDAX	WWACX	WWHCX	WWICX	WWIAX	WWLCX	WWLAX	WWMCX	WWSMX	WWSYX
WSDAX		0.32	0.37	0.83	0.95	0.55	0.72	0.64	0.74	0.57	WSDAX
WWACX	0.32		0.17	0.24	0.4	0.2	0.26	0.11	0.12	-0.05	WWACX
WWHCX	0.37	0.17		0.54	0.32	0.52	0.19	0.11	0.2	0.24	WWHCX
WWICX	0.83	0.24	0.54		0.79	0.52	0.63	0.56	0.78	0.57	WWICX
WWIAX	0.95	0.4	0.32	0.79		0.57	0.76	0.66	0.74	0.58	WWIAX
WWLCX	0.55	0.2	0.52	0.52	0.57		0.84	0.83	0.69	0.7	WWLCX
WWLAX	0.72	0.26	0.19	0.63	0.76	0.84		0.97	0.85	0.77	WWLAX
WWMCX	0.64	0.11	0.11	0.56	0.66	0.83	0.97		0.89	0.8	WWMCX
WWSMX	0.74	0.12	0.2	0.78	0.74	0.69	0.85	0.89		0.77	WWSMX
WWSYX	0.57	-0.05	0.24	0.57	0.58	0.7	0.77	0.8	0.77		WWSYX
	WSDAX	WWACX	WWHCX	WWICX	WWIAX	WWLCX	WWLAX	WWMCX	WWSMX	WWSYX

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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

WWMCX	+ 0.97	WWLAX
WWIAX	+ 0.95	WSDAX
WWSMX	+ 0.89	WWMCX
WWSMX	+ 0.85	WWLAX
WWLAX	+ 0.84	WWLCX
WWICX	+ 0.83	WSDAX

High negative correlations

WWSYX

- 0.05

WWACX

Risk-Adjusted Indicators

There is a big difference between Westwood Mutual Fund performing well and Westwood Income 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 Income'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
WSDAX	0.24	0.02	0.05	0.12	0.23	(0.30)	0.60	(0.40)	1.60
WWACX	0.07	0.01	0.07	(0.71)	0.00	(0.12)	0.10	(0.10)	0.41
WWHCX	0.24	0.03	0.07	(0.51)	0.22	(0.31)	0.59	(0.60)	1.59
WWICX	0.33	0.01	0.03	0.05	0.42	(0.37)	0.76	(0.57)	2.64
WWIAX	0.33	0.04	0.07	0.13	0.39	(0.38)	0.82	(0.57)	2.55
WWLCX	0.66	(0.04)	0.00	0.93	0.00	0.00	1.10	(1.08)	9.11
WWLAX	0.61	(0.10)	0.00	(0.16)	0.00	0.00	1.04	(1.06)	7.18
WWMCX	0.64	(0.14)	0.00	(0.23)	0.00	0.00	1.08	(1.05)	6.62
WWSMX	0.70	(0.07)	0.00	(0.10)	0.00	0.00	1.55	(1.21)	5.67
WWSYX	0.88	(0.15)	0.00	(0.23)	0.00	0.00	1.61	(2.24)	7.29

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