SP MIDCAP Correlations

MIDKX Fund

USD 24.87 -0.23 -0.92%

Current 90-days correlation between Sampp Midcap Index and Nova Fund Class is 0.76 (i.e., Poor diversification).Investors use SP MIDCAP's correlation data to evaluate hedging opportunities. A negative correlation with another asset means the two positions can offset each other's risk during periods of market stress.

SP MIDCAP Correlation With Broad Market

Poor diversification

The correlation between MIDKX and DJI is 0.7, which Macroaxis classifies as Poor diversification for the selected horizon. The cleaner interpretation is to review correlation beside volatility, expected return, and the role each holding plays in the portfolio.

Use Correlation Analysis to better understand diversified portfolio construction. Such insight adds context to allocation decisions within a diversified portfolio. This reflects a position in Sampp Midcap Index within the portfolio mix. 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 industry.

Moving together with MIDKX Mutual Fund

0.86	EMSLX	Shelton Emerging Markets	Pair Corr
0.86	EMSQX	Shelton Emerging Markets	Pair Corr
0.86	CFNTX	California Tax Free	Pair Corr
0.9	NEXIX	Shelton Green Alpha	Pair Corr
0.9	NEXTX	Shelton Green Alpha	Pair Corr
0.87	SISEX	Shelton International	Pair Corr
0.88	SISLX	Shelton International	Pair Corr
0.97	SMCIX	Sampp Smallcap Index	Pair Corr
0.97	SMLKX	Sampp Smallcap Index	Pair Corr
0.81	DEBTX	Shelton Tactical Credit	Pair Corr
0.82	DEBIX	Shelton Tactical Credit	Pair Corr
0.67	CAUKX	Us Government Securities	Pair Corr
0.67	CAUSX	Us Government Securities	Pair Corr
1.0	SPMIX	Sampp Midcap Index	Pair Corr
0.94	VIMAX	Vanguard Mid Cap	Pair Corr
0.94	VIMSX	Vanguard Mid Cap	Pair Corr
0.94	VMCPX	Vanguard Mid Cap	Pair Corr
0.94	VMCIX	Vanguard Mid Cap	Pair Corr
0.69	VEXAX	Vanguard Extended Market	Pair Corr
0.69	VEMPX	Vanguard Extended Market	Pair Corr
0.69	VIEIX	Vanguard Extended Market	Pair Corr
0.69	VEXMX	Vanguard Extended Market	Pair Corr
0.99	FSMDX	Fidelity Mid Cap	Pair Corr
0.78	BRUFX	Bruce Fund Bruce	Pair Corr
0.74	KF	Korea Closed	Pair Corr
0.8	MPA	BlackRock Muniyield	Pair Corr
0.93	DFLVX	Us Large Cap	Pair Corr
0.83	SIDNX	Hartford Schroders	Pair Corr
0.84	PLMAX	PIMCO Emerging Markets	Pair Corr
0.88	COSZX	Columbia Overseas Value	Pair Corr

Related Correlations Analysis

	AFMCX	GMCQX	NQQQX	BXDCX	GMLVX	PRNHX	ARDBX	RYANX
AFMCX		0.85	0.19	0.57	0.68	0.95	0.63	0.6	AFMCX
GMCQX	0.85		0.29	0.56	0.67	0.87	0.58	0.79	GMCQX
NQQQX	0.19	0.29		-0.33	-0.23	0.32	-0.16	0.67	NQQQX
BXDCX	0.57	0.56	-0.33		0.9	0.46	0.9	0.01	BXDCX
GMLVX	0.68	0.67	-0.23	0.9		0.63	0.91	0.14	GMLVX
PRNHX	0.95	0.87	0.32	0.46	0.63		0.56	0.72	PRNHX
ARDBX	0.63	0.58	-0.16	0.9	0.91	0.56		0.08	ARDBX
RYANX	0.6	0.79	0.67	0.01	0.14	0.72	0.08		RYANX
	AFMCX	GMCQX	NQQQX	BXDCX	GMLVX	PRNHX	ARDBX	RYANX

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

PRNHX	+ 0.95	AFMCX
ARDBX	+ 0.91	GMLVX
GMLVX	+ 0.9	BXDCX
ARDBX	+ 0.9	BXDCX
PRNHX	+ 0.87	GMCQX
GMCQX	+ 0.85	AFMCX

High negative correlations

BXDCX	- 0.33	NQQQX
GMLVX	- 0.23	NQQQX
ARDBX	- 0.16	NQQQX

Risk-Adjusted Indicators

Evaluating MIDKX Mutual Fund requires separating price momentum from underlying business quality relative to competitors. A thorough review of SP MIDCAP's risk-adjusted indicators provides a clearer picture of whether returns are being earned efficiently. 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
AFMCX	0.97	0.06	0.00	-0.04	0.00	0.00	1.69	-2.14	6.13
GMCQX	0.73	0.03	0.00	-0.05	0.00	0.00	1.03	-1.60	4.14
NQQQX	0.80	-0.09	0.00	0.22	0.00	0.00	1.40	-1.88	4.19
BXDCX	0.06	-0.01	0.56	0.88	0.00	-0.15	0.11	-0.11	0.53
GMLVX	0.92	0.21	0.15	0.13	1.25	-1.00	2.03	-1.62	7.82
PRNHX	0.96	0.02	0.00	-0.07	0.00	0.00	1.80	-2.27	6.78
ARDBX	0.60	0.05	0.18	-0.35	0.73	-0.64	1.41	-1.26	4.14
RYANX	0.84	-0.01	0.00	-0.10	0.00	0.00	1.31	-2.09	5.27

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