Zacks Small-cap Correlations

ZSCIX Fund

USD 29.26 0.21 0.71%

The current 90-days correlation between Zacks Small Cap and Zacks Small Cap E is 0.14 (i.e., Average diversification). The correlation of Zacks Small-cap 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.

Zacks Small-cap Correlation With Market

Modest diversification

The correlation between Zacks Small Cap E and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zacks Small Cap E 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 Zacks Small Cap E. 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 Zacks Mutual Fund

0.98	CZOVX	Zacks All Cap	Pair Corr
0.95	ZSCCX	Zacks Small Cap	Pair Corr
0.77	VSMAX	Vanguard Small Cap	Pair Corr
0.74	VSCIX	Vanguard Small Cap	Pair Corr
0.74	VSCPX	Vanguard Small Cap	Pair Corr
0.74	NAESX	Vanguard Small Cap	Pair Corr
0.78	FSSNX	Fidelity Small Cap	Pair Corr
0.77	DFSTX	Us Small Cap	Pair Corr
0.8	PASVX	T Rowe Price	Pair Corr
0.8	PRVIX	T Rowe Price	Pair Corr
0.79	TRZVX	T Rowe Price	Pair Corr
0.85	PRSVX	T Rowe Price	Pair Corr
0.65	SMPIX	Semiconductor Ultrasector	Pair Corr
0.66	SMPSX	Semiconductor Ultrasector	Pair Corr

Moving against Zacks Mutual Fund

0.47	TTEEX	T Rowe Price	Pair Corr
0.47	TREMX	T Rowe Price	Pair Corr
0.54	ACCOX	International Value	Pair Corr
0.48	VIITX	Vanguard Institutional	Pair Corr
0.47	ISD	Pgim High Yield	Pair Corr
0.42	DIMIX	Dreyfus Short Interm	Pair Corr
0.4	PAFRX	T Rowe Price	Pair Corr
0.36	PRAPX	Pimco Total Return	Pair Corr
0.32	BORIX	Collegeadvantage 529	Pair Corr
0.31	BRAMX	Bats Series M	Pair Corr
0.69	RYARX	Inverse Sp 500	Pair Corr
0.59	AGIVX	Invesco Government	Pair Corr

Related Correlations Analysis

	ZSCCX	TDVFX	TRACX	PVIVX	GSXIX
ZSCCX		0.6	0.78	0.7	0.49	ZSCCX
TDVFX	0.6		0.88	0.94	0.88	TDVFX
TRACX	0.78	0.88		0.88	0.77	TRACX
PVIVX	0.7	0.94	0.88		0.77	PVIVX
GSXIX	0.49	0.88	0.77	0.77		GSXIX
	ZSCCX	TDVFX	TRACX	PVIVX	GSXIX

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Risk-Adjusted Indicators

There is a big difference between Zacks Mutual Fund performing well and Zacks Small-cap 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 Zacks Small-cap'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ZSCCX	1.23	(0.45)	2.02	1.77	(2.93)	15.63
TDVFX	1.04	(0.19)	(0.26)	1.87	(2.68)	6.18
TRACX	1.05	(0.30)	(0.37)	1.57	(2.36)	11.17
PVIVX	1.31	(0.21)	(0.25)	2.01	(3.30)	8.10
GSXIX	0.98	(0.07)	(0.14)	1.77	(2.39)	6.14

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