Absolute Convertible Correlations

ARBIX Fund

USD 11.52 0.03 0.26%

The correlation of Absolute Convertible 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.

Absolute Convertible Correlation With Market

Very weak diversification

The correlation between Absolute Convertible Arbitrage and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Absolute Convertible Arbitrage 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 Absolute Convertible Arbitrage. 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 gross domestic product.

Moving together with Absolute Mutual Fund

1.0	ARBOX	Absolute Convertible	Pair Corr
0.96	ADAIX	Aqr Diversified Arbitrage	Pair Corr
0.96	ADANX	Aqr Diversified Arbitrage	Pair Corr
0.96	QDARX	Aqr Diversified Arbitrage	Pair Corr
0.94	FSAWX	Fidelity Sai Convertible	Pair Corr
0.85	GQJIX	Gqg Partners Interna	Pair Corr
0.78	ASDIX	Aamhimco Short Duration	Pair Corr
0.66	WMNIX	Westwood Market Neutral	Pair Corr
0.77	CGVRX	Columbia Government	Pair Corr
0.69	GGN	Gamco Global	Pair Corr
0.72	SECPX	Sdit Ultra Short	Pair Corr
0.78	RSDIX	Rbc Short Duration	Pair Corr

Moving against Absolute Mutual Fund

0.66	SMPSX	Semiconductor Ultrasector	Pair Corr
0.66	SMPIX	Semiconductor Ultrasector	Pair Corr
0.67	CISGX	Touchstone Sands Capital	Pair Corr

Related Correlations Analysis

	DHGCX	RTIUX	CIESX	OWFIX	DDCFX	TOIIX	QLENX
DHGCX		0.15	0.07	0.68	0.72	0.27	0.32	DHGCX
RTIUX	0.15		0.9	0.04	0.29	0.78	0.74	RTIUX
CIESX	0.07	0.9		-0.27	0.02	0.47	0.51	CIESX
OWFIX	0.68	0.04	-0.27		0.88	0.55	0.43	OWFIX
DDCFX	0.72	0.29	0.02	0.88		0.63	0.47	DDCFX
TOIIX	0.27	0.78	0.47	0.55	0.63		0.85	TOIIX
QLENX	0.32	0.74	0.51	0.43	0.47	0.85		QLENX
	DHGCX	RTIUX	CIESX	OWFIX	DDCFX	TOIIX	QLENX

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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

CIESX	+ 0.9	RTIUX
DDCFX	+ 0.88	OWFIX
QLENX	+ 0.85	TOIIX
TOIIX	+ 0.78	RTIUX
QLENX	+ 0.74	RTIUX
DDCFX	+ 0.72	DHGCX

High negative correlations

OWFIX

- 0.27

CIESX

Risk-Adjusted Indicators

There is a big difference between Absolute Mutual Fund performing well and Absolute Convertible 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 Absolute Convertible'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
DHGCX	0.21	0.00	0.34	(0.15)	0.30	(0.21)	0.47	(0.46)	1.39
RTIUX	0.89	0.16	0.13	0.15	1.47	(0.85)	1.71	(1.99)	8.52
CIESX	0.96	0.13	0.10	0.07	1.57	(0.94)	1.75	(2.03)	7.84
OWFIX	0.21	0.02	0.47	(0.83)	0.17	(0.24)	0.40	(0.39)	1.37
DDCFX	0.25	0.01	0.36	(1.01)	0.27	(0.27)	0.54	(0.43)	1.63
TOIIX	0.91	0.27	0.18	0.31	1.43	(0.93)	2.02	(2.16)	9.67
QLENX	0.58	0.13	0.17	0.19	1.01	(0.56)	0.96	(0.88)	5.33

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