Applied Finance Correlations

AFALX Fund

USD 12.01 0.25 2.13%

The current 90-days correlation between Applied Finance Core and Cullen Value Fund is 0.83 (i.e., Very poor diversification). The correlation of Applied Finance 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.

Applied Finance Correlation With Market

Poor diversification

The correlation between Applied Finance Core and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Applied Finance Core and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Applied Finance 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 bureau of economic analysis.

Moving together with Applied Mutual Fund

1.0	AFAZX	Applied Finance Core	Pair Corr
0.61	AFDVX	Applied Finance Explorer	Pair Corr
0.61	AFDZX	Applied Finance Explorer	Pair Corr
0.64	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.63	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.64	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.64	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.64	SPMJX	Invesco Steelpath Mlp	Pair Corr

Moving against Applied Mutual Fund

0.49	RSNRX	Victory Global Natural	Pair Corr
0.42	SMPSX	Semiconductor Ultrasector	Pair Corr
0.42	SMPIX	Semiconductor Ultrasector	Pair Corr
0.55	GWMZX	Amg Gwk Municipal	Pair Corr
0.49	RSNYX	Victory Global Natural	Pair Corr
0.49	RGNCX	Victory Global Natural	Pair Corr
0.49	VUSUX	Vanguard Long Term	Pair Corr
0.48	MSDOX	Morgan Stanley Insti	Pair Corr
0.47	FEHCX	First Eagle High	Pair Corr
0.43	PJNQX	Jennison Natural Res	Pair Corr
0.39	BIMPX	Blackrock Moderate	Pair Corr
0.38	FESOX	First Eagle Overseas	Pair Corr
0.37	REGEX	American Funds Emerging	Pair Corr
0.35	TPILX	Tiaa Cref Lifecycle	Pair Corr
0.34	JSNIX	Jhancock Short Duration	Pair Corr
0.32	WGIFX	Capital World Growth	Pair Corr
0.53	ONJYX	Oppenheimer Roc New	Pair Corr
0.47	NVG	Nuveen Amt Free	Pair Corr

Related Correlations Analysis

	CVLEX	RSJN	PCIG	MGPIX	LPRE	GTTMX	RYUIX	ADVGX	DIVE	TGFRX
CVLEX		0.76	0.53	0.51	-0.12	0.76	0.69	-0.31	0.0	0.72	CVLEX
RSJN	0.76		0.74	0.8	0.43	0.68	0.33	0.2	0.0	0.36	RSJN
PCIG	0.53	0.74		0.69	0.21	0.28	0.3	0.31	0.0	0.44	PCIG
MGPIX	0.51	0.8	0.69		0.46	0.52	-0.07	0.5	0.0	0.07	MGPIX
LPRE	-0.12	0.43	0.21	0.46		0.0	-0.4	0.67	0.0	-0.41	LPRE
GTTMX	0.76	0.68	0.28	0.52	0.0		0.45	-0.33	0.0	0.42	GTTMX
RYUIX	0.69	0.33	0.3	-0.07	-0.4	0.45		-0.73	0.0	0.94	RYUIX
ADVGX	-0.31	0.2	0.31	0.5	0.67	-0.33	-0.73		0.0	-0.62	ADVGX
DIVE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	DIVE
TGFRX	0.72	0.36	0.44	0.07	-0.41	0.42	0.94	-0.62	0.0		TGFRX
	CVLEX	RSJN	PCIG	MGPIX	LPRE	GTTMX	RYUIX	ADVGX	DIVE	TGFRX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TGFRX	+ 0.94	RYUIX
MGPIX	+ 0.8	RSJN
RSJN	+ 0.76	CVLEX
GTTMX	+ 0.76	CVLEX
PCIG	+ 0.74	RSJN
TGFRX	+ 0.72	CVLEX

High negative correlations

ADVGX	- 0.73	RYUIX
TGFRX	- 0.62	ADVGX
TGFRX	- 0.41	LPRE
RYUIX	- 0.4	LPRE
ADVGX	- 0.33	GTTMX
ADVGX	- 0.31	CVLEX

Risk-Adjusted Indicators

There is a big difference between Applied Mutual Fund performing well and Applied Finance 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 Applied Finance'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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CVLEX	0.52	0.00	(0.02)	0.04	0.66	(0.52)	0.99	(1.04)	3.41
RSJN	0.34	(0.03)	(0.10)	(0.01)	0.45	(0.36)	0.78	(0.77)	2.56
PCIG	0.81	(0.13)	0.00	(0.07)	0.00	0.00	1.42	(2.05)	4.74
MGPIX	0.78	(0.05)	(0.04)	0.00	1.02	(0.79)	1.74	(1.74)	5.05
LPRE	0.70	(0.04)	0.00	(0.01)	0.00	0.00	1.73	(1.53)	5.12
GTTMX	0.75	(0.01)	(0.01)	0.03	0.96	(0.82)	1.33	(1.71)	5.32
RYUIX	0.57	0.04	0.02	0.14	0.65	(0.62)	1.17	(1.18)	2.87
ADVGX	0.89	(0.16)	0.00	(0.10)	0.00	0.00	1.85	(1.94)	6.42
DIVE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TGFRX	1.46	0.21	0.12	0.19	1.74	(1.48)	3.46	(3.01)	11.73

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