Midcap Fund Correlations

Mutual Funds . USA . 
Fund . Midcap Fund Class
PEMGX Fund  USD 45.47  0.06  0.13%   
The current 90-days correlation between Midcap Fund Class and American Funds Conservative is 0.83 (i.e., Very poor diversification). The correlation of Midcap Fund 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.

Midcap Fund Correlation With Market

Almost no diversification

The correlation between Midcap Fund Class and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Midcap Fund Class and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Midcap Fund Class. 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 price.

Moving together with Midcap Mutual Fund

  0.96SABPX Strategic Asset ManaPairCorr
  0.97SACAX Strategic Asset ManaPairCorr
  0.61SAGPX Strategic Asset ManaPairCorr
  0.65PFIJX Strategic Asset ManaPairCorr
  0.65PFIEX International EquityPairCorr
  0.89PFISX International Small PanyPairCorr
  0.65PFIPX Strategic Asset ManaPairCorr
  0.62PFLJX Principal Lifetime 2050PairCorr
  0.97PFPPX Midcap GrowthPairCorr
  0.92SAUPX Strategic Asset ManaPairCorr
  0.9PGBAX Global Diversified IncomePairCorr
  0.64PGBLX Global Diversified IncomePairCorr
  0.62PGBEX Blue Chip FundPairCorr
  0.98PGBGX Blue Chip FundPairCorr
  0.62PGBHX Blue Chip FundPairCorr
  0.65PGDCX Global Diversified IncomePairCorr
  0.97PGWIX Midcap GrowthPairCorr
  0.61SCGPX Strategic Asset ManaPairCorr
  0.96PHJDX Principal Lifetime HybridPairCorr
  0.95PHJJX Principal Lifetime HybridPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Midcap Mutual Fund performing well and Midcap Fund 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 Midcap Fund'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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