Tekla Healthcare Correlations

XHQHX Fund

USD 19.24 0.04 0.21%

The current 90-days correlation between Tekla Healthcare Inv and Fidelity Advisor Diversified is -0.09 (i.e., Good diversification). The correlation of Tekla Healthcare 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.

Tekla Healthcare Correlation With Market

Average diversification

The correlation between Tekla Healthcare Investors and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tekla Healthcare Investors 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 Tekla Healthcare Investors. 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 rate.

Moving together with Tekla Mutual Fund

0.77

Korea Closed

Pair Corr

Moving against Tekla Mutual Fund

0.8	KNPAX	Kinetics Paradigm	Pair Corr
0.74	FGB	First Trust Specialty	Pair Corr
0.71	FTRNX	Fidelity Trend	Pair Corr
0.7	VTSAX	Vanguard Total Stock	Pair Corr
0.7	VTSMX	Vanguard Total Stock	Pair Corr
0.7	VSTSX	Vanguard Total Stock	Pair Corr
0.7	VSMPX	Vanguard Total Stock	Pair Corr
0.69	FIVUX	First Investors Oppo	Pair Corr
0.68	VITSX	Vanguard Total Stock	Pair Corr
0.68	VFFSX	Vanguard 500 Index	Pair Corr
0.68	FZROX	Fidelity Zero Total	Pair Corr
0.68	FGRIX	Fidelity Growth Income	Pair Corr
0.66	VFIAX	Vanguard 500 Index	Pair Corr
0.66	VFINX	Vanguard 500 Index	Pair Corr
0.63	HIX	Western Asset High	Pair Corr
0.61	XGEIX	Guggenheim Energy Income	Pair Corr
0.6	FLCNX	Fidelity Contrafund	Pair Corr
0.59	SPGSX	State Street Premier	Pair Corr
0.59	ELFNX	Elfun Trusts Elfun	Pair Corr
0.45	GRFXX	Money Market Obligations	Pair Corr
0.45	GOVXX	Money Market Obligations	Pair Corr
0.34	EOD	Allspring Global Dividend	Pair Corr
0.84	BTCVX	Cboe Vest Bitcoin	Pair Corr
0.83	WAMIX	Wstcm Credit Select	Pair Corr
0.82	VAADX	Virtus Convertible	Pair Corr
0.79	CLM	Cornerstone Strategic	Pair Corr
0.77	AMGOX	Alger Mid Cap	Pair Corr
0.77	WCPSX	Mobile Telecommunicatio	Pair Corr
0.76	CRF	Cornerstone Strategic	Pair Corr
0.7	FIUIX	Fidelity Telecom And	Pair Corr
0.7	VIGAX	Vanguard Growth Index	Pair Corr

Related Correlations Analysis

	FZABX	DTICX	ADX	XHNWX	PDNIX	SIGWX	TRHBX
FZABX		0.64	-0.46	0.32	0.52	-0.39	-0.42	FZABX
DTICX	0.64		-0.41	0.67	0.8	-0.21	-0.34	DTICX
ADX	-0.46	-0.41		0.02	0.01	0.91	0.88	ADX
XHNWX	0.32	0.67	0.02		0.77	0.25	0.04	XHNWX
PDNIX	0.52	0.8	0.01	0.77		0.23	0.05	PDNIX
SIGWX	-0.39	-0.21	0.91	0.25	0.23		0.89	SIGWX
TRHBX	-0.42	-0.34	0.88	0.04	0.05	0.89		TRHBX
	FZABX	DTICX	ADX	XHNWX	PDNIX	SIGWX	TRHBX

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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

SIGWX	+ 0.91	ADX
TRHBX	+ 0.89	SIGWX
TRHBX	+ 0.88	ADX
PDNIX	+ 0.8	DTICX
PDNIX	+ 0.77	XHNWX
XHNWX	+ 0.67	DTICX

High negative correlations

ADX	- 0.46	FZABX
TRHBX	- 0.42	FZABX
ADX	- 0.41	DTICX
SIGWX	- 0.39	FZABX
TRHBX	- 0.34	DTICX
SIGWX	- 0.21	DTICX

Risk-Adjusted Indicators

There is a big difference between Tekla Mutual Fund performing well and Tekla Healthcare 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 Tekla Healthcare'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
FZABX	0.66	(0.04)	(0.11)	0.04	0.79	(0.65)	1.18	(1.19)	4.32
DTICX	0.07	(0.01)	(0.77)	(0.42)	0.09	(0.14)	0.13	(0.13)	0.51
ADX	0.57	0.06	0.03	0.20	0.50	(0.64)	1.29	(1.10)	3.44
XHNWX	0.14	0.00	(0.31)	0.12	0.22	(0.16)	0.23	(0.46)	1.38
PDNIX	0.15	0.00	(0.49)	0.09	0.12	(0.21)	0.31	(0.31)	0.93
SIGWX	0.68	0.13	0.06	0.66	0.58	(0.83)	1.53	(1.10)	7.02
TRHBX	0.94	(0.07)	0.00	0.07	1.24	(0.98)	2.09	(1.60)	11.74

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