International Smaller Correlations

BICIX Fund

USD 13.38 0.01 0.07%

The current 90-days correlation between The International Smaller and Franklin Government Money is 0.02 (i.e., Significant diversification). The correlation of International Smaller 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.

International Smaller Correlation With Market

Poor diversification

The correlation between The International Smaller and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The International Smaller 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 The International Smaller. 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 International Mutual Fund

0.97	BSGPX	Eafe Pure	Pair Corr
0.93	BSGLX	Long Term	Pair Corr
0.96	BTLSX	Baillie Gifford Inte	Pair Corr
0.96	BTLKX	Baillie Gifford Inte	Pair Corr
0.9	BGAKX	Global Alpha	Pair Corr
0.79	BGALX	Baillie Gifford Global	Pair Corr
0.9	BGASX	Global Alpha	Pair Corr
0.9	BGATX	Baillie Gifford Global	Pair Corr
0.97	BGCWX	Baillie Gifford Eafe	Pair Corr
0.97	BGCSX	Eafe Choice	Pair Corr
0.8	BGCBX	Baillie Gifford China	Pair Corr
0.9	BGEZX	Baillie Gifford Emerging	Pair Corr
0.9	BGEWX	Baillie Gifford Emerging	Pair Corr
0.96	BGEVX	Baillie Gifford Eafe	Pair Corr
0.96	BGESX	Eafe Fund	Pair Corr
0.96	BGETX	Baillie Gifford Eafe	Pair Corr
0.9	BGELX	Emerging Markets	Pair Corr
0.9	BGEGX	Baillie Gifford Emerging	Pair Corr
0.96	BGEFX	Baillie Gifford Eafe	Pair Corr
0.9	BGEDX	Baillie Gifford Emerging	Pair Corr
0.97	BGIVX	Baillie Gifford Inte	Pair Corr
0.97	BGIFX	Baillie Gifford Inte	Pair Corr
0.97	BGPKX	Eafe Pure	Pair Corr
1.0	BICKX	The International Smaller	Pair Corr
0.97	BINSX	The International Equity	Pair Corr
0.95	OSMYX	Oppenheimer Intl Small	Pair Corr
0.95	OSCIX	Oppenheimer Intl Small	Pair Corr
0.95	OSMNX	Oppenheimer Intl Small	Pair Corr
0.95	TIDDX	T Rowe Price	Pair Corr
0.95	MIDGX	Mfs International New	Pair Corr
0.95	MIDHX	Mfs International New	Pair Corr
0.95	MIDRX	Mfs International New	Pair Corr
0.68	PDI	Pimco Dynamic Income	Pair Corr

Moving against International Mutual Fund

0.94	USPSX	Profunds Ultrashort	Pair Corr
0.94	USPIX	Profunds Ultrashort	Pair Corr
0.92	UIPIX	Ultrashort Mid Cap	Pair Corr
0.87	TCTGX	Transamerica Cleartrack	Pair Corr
0.87	TCTJX	Transamerica Cleartrack	Pair Corr
0.86	TDKTX	Cleartrack 2015 Class	Pair Corr
0.83	TCSUX	Cleartrack 2020 Class	Pair Corr

Related Correlations Analysis

	FMFXX	AEYXX	FZDXX	PFCXX	SWGXX	GABXX	STPXX
FMFXX		0.0	1.0	1.0	0.62	0.83	0.97	FMFXX
AEYXX	0.0		0.0	0.0	0.0	0.0	0.0	AEYXX
FZDXX	1.0	0.0		1.0	0.62	0.83	0.97	FZDXX
PFCXX	1.0	0.0	1.0		0.62	0.83	0.97	PFCXX
SWGXX	0.62	0.0	0.62	0.62		0.75	0.64	SWGXX
GABXX	0.83	0.0	0.83	0.83	0.75		0.86	GABXX
STPXX	0.97	0.0	0.97	0.97	0.64	0.86		STPXX
	FMFXX	AEYXX	FZDXX	PFCXX	SWGXX	GABXX	STPXX

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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

FZDXX	+ 1.0	FMFXX
PFCXX	+ 1.0	FMFXX
PFCXX	+ 1.0	FZDXX
STPXX	+ 0.97	FMFXX
STPXX	+ 0.97	FZDXX
STPXX	+ 0.97	PFCXX

High negative correlations

STPXX	- 0.0	AEYXX
GABXX	- 0.0	AEYXX
SWGXX	- 0.0	AEYXX
PFCXX	- 0.0	AEYXX
FZDXX	- 0.0	AEYXX
AEYXX	- 0.0	FMFXX

Risk-Adjusted Indicators

There is a big difference between International Mutual Fund performing well and International Smaller 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 International Smaller'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	Treynor Ratio	Maximum Drawdown
FMFXX	0.03	0.01	3.79	1.01
AEYXX	0.00	0.00	0.00	0.00
FZDXX	0.03	0.01	3.79	1.01
PFCXX	0.03	0.01	3.79	1.01
SWGXX	0.03	0.00	1.36	1.01
GABXX	0.03	0.00	0.95	1.01
STPXX	0.03	0.00	1.43	1.01

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