Firsthand Alternative Correlations

Mutual Funds . USA . 
Fund . Firsthand Alternative Energy
ALTEX Fund  USD 10.53  0.24  2.33%   
The current 90-days correlation between Firsthand Alternative and Guinness Atkinson Alternative is 0.8 (i.e., Very poor diversification). The correlation of Firsthand Alternative 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.

Firsthand Alternative Correlation With Market

Very weak diversification

The correlation between Firsthand Alternative Energy and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Firsthand Alternative Energy 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 Firsthand Alternative Energy. 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 income.

Moving together with Firsthand Mutual Fund

  0.72VVPR VivoPower International Tech BoostPairCorr
  0.96DBD Diebold Nixdorf,PairCorr
  0.69GENVR Gen Digital ContingentPairCorr
  0.8BULLW Webull Warrants TrendingPairCorr
  0.65JNPR Juniper NetworksPairCorr
  0.65MIND Mind TechnologyPairCorr
  0.93HPE-PC Hewlett Packard EntePairCorr
  0.65DAICW CID HoldCo, WarrantsPairCorr
  0.87CORZZ Core Scientific, TranchePairCorr
  0.67RZLVW Rezolve AI LimitedPairCorr
  0.85SATX SatixFy CommunicationsPairCorr
  0.93STRF MicroStrategy IncorporatedPairCorr
  0.98TEFQX Firsthand TechnologyPairCorr
  0.98VITAX Vanguard InformationPairCorr

Moving against Firsthand Mutual Fund

  0.88NOVA Sunnova Energy InterPairCorr
  0.85HPAIW Helport AI LimitedPairCorr
  0.84VSTE Vast RenewablesPairCorr
  0.81VISL Vislink TechnologiesPairCorr
  0.68APCXW AppTech Payments CorpPairCorr
  0.55EXOD Exodus Movement, Tech BoostPairCorr
  0.41DVLT Datavault AI Symbol ChangePairCorr
  0.32BULLZ Webull IncentivePairCorr
  0.9SMTK SmartKem, Common StockPairCorr
  0.73APCX Apptech CorpPairCorr
  0.58XDSMX Dreyfus StrategicPairCorr
  0.55ODYS Odysightai Common StockPairCorr
  0.48AXIL AXIL Brands, TrendingPairCorr
  0.37SLNHP Soluna Holdings PreferredPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Firsthand Mutual Fund performing well and Firsthand Alternative 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 Firsthand Alternative'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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