Small Midcap Correlations

Mutual Funds . USA . 
Fund . Small Midcap Dividend Income
PMDDX Fund  USD 18.64  0.16  0.85%   
The current 90-days correlation between Small Midcap Dividend and Blackrock Government Bond is 0.2 (i.e., Modest diversification). The correlation of Small Midcap 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.

Small Midcap Correlation With Market

Very good diversification

The correlation between Small Midcap Dividend Income and DJI is -0.37 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Small Midcap Dividend Income 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 Small Midcap Dividend Income. 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 unemployment.

Moving together with Small Mutual Fund

  0.99SACAX Strategic Asset ManaPairCorr
  0.94PGBAX Global Diversified IncomePairCorr
  0.96PIIDX International FundPairCorr
  0.98PLRTX Principal Lifetime HybridPairCorr
  0.98PLZTX Principal Lifetime HybridPairCorr
  0.98PMBCX Midcap Fund ClassPairCorr
  1.0PMDAX Small Midcap DividendPairCorr
  0.95PPSAX Preferred SecuritiesPairCorr
  0.95PPSIX Preferred SecuritiesPairCorr
  0.94PRFCX Preferred SecuritiesPairCorr
  0.99PSBMX Smallcap Fund FkaPairCorr
  0.95PSBIX Strategic Asset ManaPairCorr
  0.98PSIJX Smallcap GrowthPairCorr
  0.98PSMVX Smallcap ValuePairCorr
  0.97LTINX Principal Lifetime 2015PairCorr
  0.95PCBFX Strategic Asset ManaPairCorr
  0.98PCBIX Midcap Fund InstitutionalPairCorr
  0.98PEMGX Midcap Fund ClassPairCorr
  0.95VMVAX Vanguard Mid CapPairCorr
  0.99JVMAX John Hancock DisciplinedPairCorr
  0.96JVMIX John Hancock DisciplinedPairCorr
  0.95VMVIX Vanguard Mid CapPairCorr
  0.94JMVZX Jpmorgan Mid CapPairCorr
  0.94JMVRX Jpmorgan Mid CapPairCorr
  0.94JMVQX Jpmorgan Mid CapPairCorr
  0.94JMVYX Jpmorgan Mid CapPairCorr
  0.94JMVPX Jpmorgan Mid CapPairCorr
  0.99VETAX Victory Sycamore EstPairCorr
  0.9PDI Pimco Dynamic IncomePairCorr
  0.89FTCAX Templeton Strained BondPairCorr
  0.94FLCNX Fidelity ContrafundPairCorr
  0.93NPSFX Nuveen Preferred SecPairCorr
  0.95CBLAX Columbia BalancedPairCorr

Moving against Small Mutual Fund

  0.97USPSX Profunds UltrashortPairCorr
  0.97USPIX Profunds UltrashortPairCorr
  0.94UIPIX Ultrashort Mid CapPairCorr
  0.86TCTGX Transamerica CleartrackPairCorr
  0.86TDKTX Cleartrack 2015 ClassPairCorr
  0.86TCTJX Transamerica CleartrackPairCorr
  0.8TCSUX Cleartrack 2020 ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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