Gmo High Correlations

Mutual Funds . USA . 
Fund . Gmo High Yield
GHVIX Fund  USD 17.81  0.01  0.06%   
The current 90-days correlation between Gmo High Yield and Msift High Yield is 0.83 (i.e., Very poor diversification). The correlation of Gmo High 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.

Gmo High Correlation With Market

Poor diversification

The correlation between Gmo High Yield and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gmo High Yield and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Gmo High Yield. 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 Gmo Mutual Fund

  0.93GUGAX Gmo E PlusPairCorr
  0.88GMAWX Gmo Small CapPairCorr
  0.95GMADX Gmo Global EquityPairCorr
  0.88GMAQX Gmo Emerging MarketsPairCorr
  0.89GMOWX Gmo ResourcesPairCorr
  0.93GSXMX Gmo International EquityPairCorr
  0.94GBMSX Gmo Benchmark FreePairCorr
  0.73VWEAX Vanguard High YieldPairCorr
  0.73VWEHX Vanguard High YieldPairCorr
  0.74BHYCX Blackrock Hi YldPairCorr
  0.73BHYIX Blackrock High YieldPairCorr
  0.74BHYSX Blackrock Hi YldPairCorr
  0.74BHYAX Blackrock High YieldPairCorr
  0.73FAHHX American Funds AmericanPairCorr
  0.73FTAHX American Funds AmericanPairCorr
  0.74AHTFX American High IncomePairCorr
  0.73AHTCX American High IncomePairCorr
  0.75HLDIX Hartford EmergingPairCorr
  0.76HLDRX Hartford EmergingPairCorr
  0.77HLDAX Hartford EmergingPairCorr
  0.95HLDCX Hartford EmergingPairCorr
  0.75HLDTX Hartford EmergingPairCorr
  0.69DABMX Dreyfus Yield EnhancementPairCorr
  0.74EBNGX American Funds EmergingPairCorr
  0.73JLMRX Lifestyle Ii ModeratePairCorr
  0.73FWWMX American Funds WashingtonPairCorr
  0.69FPPPX American Funds PresePairCorr
  0.64FBTIX Fidelity Advisor BioPairCorr
  0.69FSCEX Fidelity Advisor SmallPairCorr
  0.95BLSAX Blackrock EmergingPairCorr
  0.72AIOOX Aristotlesaul GlobalPairCorr
  0.74FNEFX New Economy FundPairCorr
  0.7CNBTX Columbia Conservative 529PairCorr
  0.98LBHIX Thrivent High YieldPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Gmo Mutual Fund performing well and Gmo High 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 Gmo High'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.

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