Federated Max Correlations

FMXKX Fund

USD 8.15 0.04 0.49%

The current 90-days correlation between Federated Max Cap and Nuveen High Yield is 0.17 (i.e., Average diversification). The correlation of Federated Max 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.

Federated Max Correlation With Market

Very weak diversification

The correlation between Federated Max Cap Index and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Federated Max Cap Index and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Federated Max Cap Index. 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 board of governors.

Moving together with Federated Mutual Fund

0.76	QKACX	Federated Mdt All	Pair Corr
0.7	QKBGX	Federated Mdt Balanced	Pair Corr
0.64	FSTRX	Federated Mdt Large	Pair Corr

Moving against Federated Mutual Fund

0.36	FSTLX	Federated Mdt Large	Pair Corr
0.31	QLSCX	Federated Mdt Small	Pair Corr
0.31	SVAAX	Federated Strategic Value	Pair Corr

Related Correlations Analysis

	NHCCX	FHYIX	CRDOX	CHMCX	MRHYX	RTHAX	MZHIX	JYHRX
NHCCX		0.93	0.44	0.93	0.06	0.9	0.21	0.24	NHCCX
FHYIX	0.93		0.69	0.94	0.33	0.97	0.49	0.53	FHYIX
CRDOX	0.44	0.69		0.5	0.85	0.7	0.92	0.94	CRDOX
CHMCX	0.93	0.94	0.5		0.13	0.91	0.29	0.33	CHMCX
MRHYX	0.06	0.33	0.85	0.13		0.3	0.97	0.93	MRHYX
RTHAX	0.9	0.97	0.7	0.91	0.3		0.46	0.52	RTHAX
MZHIX	0.21	0.49	0.92	0.29	0.97	0.46		0.97	MZHIX
JYHRX	0.24	0.53	0.94	0.33	0.93	0.52	0.97		JYHRX
	NHCCX	FHYIX	CRDOX	CHMCX	MRHYX	RTHAX	MZHIX	JYHRX

Risk-Adjusted Indicators

There is a big difference between Federated Mutual Fund performing well and Federated Max 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 Federated Max'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
NHCCX	0.13	0.00	(0.30)	0.00	0.13	(0.17)	0.35	(0.21)	1.19
FHYIX	0.10	0.01	(0.31)	(3.13)	0.00	(0.18)	0.23	(0.22)	0.67
CRDOX	0.09	0.01	(0.29)	0.73	0.00	(0.15)	0.22	(0.11)	0.45
CHMCX	0.09	0.00	(0.26)	0.58	0.00	(0.19)	0.22	(0.22)	0.88
MRHYX	0.10	0.00	(0.26)	0.22	0.00	(0.17)	0.24	(0.24)	0.59
RTHAX	0.06	0.00	(0.36)	2.47	0.00	(0.13)	0.21	(0.10)	0.42
MZHIX	0.11	0.01	(0.26)	0.28	0.00	(0.17)	0.25	(0.25)	0.63
JYHRX	0.08	0.01	(0.26)	1.21	0.00	(0.16)	0.15	(0.15)	0.46

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