Nova Fund Correlations

Mutual Funds . USA . 
Fund . Nova Fund Class
RYANX Fund  USD 130.71  0.47  0.36%   
The current 90-days correlation between Nova Fund Class and Shelton International Select is 0.2 (i.e., Modest diversification). The correlation of Nova 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.

Nova Fund Correlation With Market

Good diversification

The correlation between Nova Fund Class and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova 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 Nova 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 board of governors.

Moving together with Nova Mutual Fund

  0.87RYBCX Basic MaterialsPairCorr
  0.8RYBAX Basic MaterialsPairCorr
  0.86RYBKX Banking Fund ClassPairCorr
  0.87RYBMX Basic MaterialsPairCorr
  0.9RYBHX Sp Midcap 400PairCorr
  0.88RYBIX Basic MaterialsPairCorr
  0.89RYAKX Russell 2000 15xPairCorr
  0.9RYAEX Europe 125x StrategyPairCorr
  0.89RYAHX Mid Cap 15xPairCorr
  0.81RYAUX Utilities Fund ClassPairCorr
  0.89RYATX Nasdaq 100 FundPairCorr
  0.85RYAZX Sp Smallcap 600PairCorr
  0.89RYAWX Sp 500 PurePairCorr
  0.84RYAVX Sp Midcap 400PairCorr
  0.87RYDHX Dow Jones IndustrialPairCorr
  0.88RYDCX Mid Cap 15xPairCorr
  0.88RYDKX Dow Jones IndustrialPairCorr
  0.68RYEAX Energy Fund ClassPairCorr
  0.69RYECX Energy Fund ClassPairCorr
  0.85RYCEX Europe 125x StrategyPairCorr
  0.92RYCHX Technology Fund ClassPairCorr
  0.93RYCCX Nasdaq 100 2xPairCorr
  0.83RYCNX Transportation Fund ClassPairCorr
  0.89RYCMX Russell 2000 15xPairCorr

Moving against Nova Mutual Fund

  0.88RYAFX Inverse Russell 2000PairCorr
  0.88RYARX Inverse Sp 500PairCorr
  0.87RYAGX Inverse Mid CapPairCorr
  0.86RYACX Inverse Nasdaq 100PairCorr
  0.86RYALX Inverse Nasdaq 100PairCorr
  0.86RYAPX Inverse Nasdaq 100PairCorr
  0.85RYAIX Inverse Nasdaq 100PairCorr
  0.49RYABX Government Long BondPairCorr
  0.88RYCLX Inverse Mid CapPairCorr
  0.88RYCQX Inverse Russell 2000PairCorr
  0.87RYCWX Inverse Dow 2xPairCorr
  0.87RYCZX Inverse Dow 2xPairCorr
  0.84RYCDX Rydex Inverse NasdaqPairCorr
  0.79RYCBX Inverse Sp 500PairCorr
  0.5RYCGX Government Long BondPairCorr
  0.47RYGBX Government Long BondPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Nova Mutual Fund performing well and Nova 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 Nova 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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