Third Avenue Correlations

Mutual Funds . USA . 
Fund . Third Avenue Small Cap
TASCX Fund  USD 20.95  0.02  0.1%   
The current 90-days correlation between Third Avenue Small and Third Avenue Value is 0.66 (i.e., Poor diversification). The correlation of Third Avenue 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.

Third Avenue Correlation With Market

Poor diversification

The correlation between Third Avenue Small Cap and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Third Avenue Small Cap 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 Third Avenue 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 goods.

Moving together with Third Mutual Fund

  0.94TVRVX Third Avenue RealPairCorr
  1.0TVSVX Third Avenue SmallPairCorr
  0.94TAREX Third Avenue RealPairCorr
  1.0TASZX Third Avenue SmallPairCorr
  0.94TARZX Third Avenue RealPairCorr
  0.91TAVFX Third Avenue ValuePairCorr
  0.91TAVZX Third Avenue ValuePairCorr
  0.91TVFVX Third Avenue ValuePairCorr
  0.98VSIIX Vanguard Small CapPairCorr
  0.98VISVX Vanguard Small CapPairCorr
  0.98DFSVX Us Small CapPairCorr
  0.98DFFVX Us Targeted ValuePairCorr
  0.96UBVCX Undiscovered ManagersPairCorr
  0.96UBVAX Undiscovered ManagersPairCorr
  0.96UBVSX Undiscovered ManagersPairCorr
  0.97AVFIX American Beacon SmallPairCorr
  0.76PMPIX Precious Metals Ultr Steady GrowthPairCorr
  0.76PMPSX Precious Metals Ultr Steady GrowthPairCorr
  0.62FGPMX Franklin Gold And Steady GrowthPairCorr
  0.61FRGOX Franklin Gold Precious Steady GrowthPairCorr
  0.7FIJDX Gold Portfolio Fidelity Steady GrowthPairCorr
  0.85VMLTX Vanguard Limited TermPairCorr
  0.88XWEAX Western Asset PremierPairCorr
  0.95CGCMX Columbia Growth PortPairCorr
  0.93FXAIX Fidelity 500 IndexPairCorr
  0.91FHKCX Fidelity China RegionPairCorr
  0.9FBMPX Multimedia PortfolioPairCorr
  0.95IVIPX Vy Invesco EquityPairCorr
  0.98PSNSX Pimco Stocksplus SmallPairCorr
  0.97SVUIX Guggenheim Mid CapPairCorr
  0.96TBLNX T Rowe PricePairCorr
  0.92HERVX Hartford Emerging MarketsPairCorr
  0.94HBACX Hartford ModeratePairCorr
  0.86EDD Morgan Stanley EmergingPairCorr
  0.87CCIEX Future Scholar 529PairCorr
  0.88CRDWX Blackrock Credit StrPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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