Small Cap Correlations

Mutual Funds . USA . 
Fund . Small Cap Core
SCRYX Fund  USD 12.39  0.02  0.16%   
The current 90-days correlation between Small Cap Core and Fidelity Sai Convertible is -0.01 (i.e., Good diversification). The correlation of Small Cap 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 Cap Correlation With Market

Very weak diversification

The correlation between Small Cap Core and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Small Cap Core and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Small Cap Core. 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 manufacturing.

Moving together with Small Mutual Fund

  0.88GCEAX Ab Global EPairCorr
  0.92GCECX Ab Global EPairCorr
  0.92GCEYX Ab Global EPairCorr
  0.76AMTAX Ab All MarketPairCorr
  0.79AMTZX Ab All MarketPairCorr
  0.75AMTYX Ab All MarketPairCorr
  0.79AMTOX Ab All MarketPairCorr
  0.97STEYX International StrategicPairCorr
  0.97STEZX International StrategicPairCorr
  0.97STESX International StrategicPairCorr
  0.94SCAVX Ab Small CapPairCorr
  0.96SCCVX Ab Small CapPairCorr
  1.0SCRSX Small Cap CorePairCorr
  1.0SCRZX Small Cap CorePairCorr
  0.96SCYVX Ab Small CapPairCorr
  0.96APGZX Ab Large CapPairCorr
  0.96APGYX Ab Large CapPairCorr
  0.97APGAX Ab Large CapPairCorr
  0.96APGCX Ab Large CapPairCorr
  0.98CHCLX Ab Discovery GrowthPairCorr
  0.97CHCIX Ab Discovery GrowthPairCorr
  0.97CHCCX Ab Discovery GrowthPairCorr
  0.97CHCYX Ab Discovery GrowthPairCorr
  0.82CHCZX Ab Discovery GrowthPairCorr

Moving against Small Mutual Fund

  0.56ANACX Ab Global BondPairCorr
  0.53SUTAX Ab Sustainable ThematicPairCorr
  0.53SUTCX Ab Sustainable ThematicPairCorr
  0.51SUTZX Ab Sustainable ThematicPairCorr
  0.39ANAIX Ab Global BondPairCorr
  0.37ANAZX Ab Global BondPairCorr
  0.31ANAYX Ab Global BondPairCorr
  0.33ABNCX Ab Bond InflationPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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