Needham Small Correlations

NESIX Fund

USD 22.50 0.30 1.35%

The current 90-days correlation between Needham Small Cap and Paradigm Micro Cap Fund is 0.79 (i.e., Poor diversification). The correlation of Needham Small 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.

Needham Small Correlation With Market

Poor diversification

The correlation between Needham Small Cap and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Needham Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Needham Small Cap. 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 Needham Mutual Fund

0.93	NEAIX	Needham Aggressive Growth	Pair Corr
0.93	NEAGX	Needham Aggressive Growth	Pair Corr
0.84	NEEGX	Needham Growth	Pair Corr
1.0	NESGX	Needham Small Cap	Pair Corr
0.76	VSMAX	Vanguard Small Cap	Pair Corr
0.76	VSCIX	Vanguard Small Cap	Pair Corr
0.76	VSCPX	Vanguard Small Cap	Pair Corr
0.76	NAESX	Vanguard Small Cap	Pair Corr
0.85	FSSNX	Fidelity Small Cap	Pair Corr
0.64	DFSTX	Us Small Cap	Pair Corr
0.61	FTHNX	Fuller Thaler Behavioral	Pair Corr

Related Correlations Analysis

	PVIVX	POGSX	CFIMX	MSD	WMKSX	TRRTX	CBLSX	KF	NELCX
PVIVX		-0.18	0.28	0.61	0.39	0.29	0.42	-0.27	0.14	PVIVX
POGSX	-0.18		0.79	0.15	-0.02	0.83	0.15	0.83	0.26	POGSX
CFIMX	0.28	0.79		0.34	0.18	0.87	0.42	0.56	0.22	CFIMX
MSD	0.61	0.15	0.34		-0.06	0.41	0.1	0.0	-0.01	MSD
WMKSX	0.39	-0.02	0.18	-0.06		0.19	0.93	0.01	0.64	WMKSX
TRRTX	0.29	0.83	0.87	0.41	0.19		0.36	0.72	0.34	TRRTX
CBLSX	0.42	0.15	0.42	0.1	0.93	0.36		0.07	0.51	CBLSX
KF	-0.27	0.83	0.56	0.0	0.01	0.72	0.07		0.38	KF
NELCX	0.14	0.26	0.22	-0.01	0.64	0.34	0.51	0.38		NELCX
	PVIVX	POGSX	CFIMX	MSD	WMKSX	TRRTX	CBLSX	KF	NELCX

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

CBLSX	+ 0.93	WMKSX
TRRTX	+ 0.87	CFIMX
TRRTX	+ 0.83	POGSX
KF	+ 0.83	POGSX
CFIMX	+ 0.79	POGSX
KF	+ 0.72	TRRTX

High negative correlations

KF	- 0.27	PVIVX
POGSX	- 0.18	PVIVX
WMKSX	- 0.06	MSD
WMKSX	- 0.02	POGSX
NELCX	- 0.01	MSD
KF	- 0.0	MSD

Risk-Adjusted Indicators

There is a big difference between Needham Mutual Fund performing well and Needham Small 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 Needham Small'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
PVIVX	1.19	(0.17)	0.00	(0.05)	0.00	0.00	2.33	(3.35)	8.67
POGSX	0.61	0.03	0.03	0.09	0.63	(0.65)	1.47	(1.25)	3.00
CFIMX	0.71	(0.02)	(0.02)	0.04	1.05	(0.70)	1.65	(1.18)	5.57
MSD	0.43	(0.02)	(0.10)	(0.01)	0.49	(0.49)	0.99	(0.83)	2.21
WMKSX	1.26	(0.36)	0.00	(0.16)	0.00	0.00	2.11	(2.17)	22.22
TRRTX	0.20	(0.01)	(0.15)	0.03	0.20	(0.24)	0.49	(0.40)	1.23
CBLSX	0.73	(0.20)	0.00	(0.14)	0.00	0.00	1.20	(1.06)	12.85
KF	1.34	0.18	0.11	0.27	1.38	(1.49)	3.32	(2.83)	7.56
NELCX	0.52	(0.08)	0.00	(0.06)	0.00	0.00	0.89	(1.17)	4.73

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