Conestoga Micro Correlations

Mutual Funds . USA . 
Fund . Conestoga Micro Cap
CMIRX Fund  USD 7.88  0.29  3.82%   
The current 90-days correlation between Conestoga Micro Cap and Conestoga Small Cap is -0.19 (i.e., Good diversification). The correlation of Conestoga Micro 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.

Conestoga Micro Correlation With Market

Very poor diversification

The correlation between Conestoga Micro Cap and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Conestoga Micro Cap 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 Conestoga Micro 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 metropolitan statistical area.

Moving together with Conestoga Mutual Fund

  0.94CMCMX Conestoga Micro CapPairCorr
  0.91CCASX Conestoga Small CapPairCorr
  0.87CCALX Conestoga Small CapPairCorr
  0.79CCMMX Conestoga Mid CapPairCorr
  0.88CCMAX Columbia Large CapPairCorr
  0.93CCSMX Conestoga Smid CapPairCorr
  0.85CCSGX Conestoga Smid CapPairCorr
  0.97VSGAX Vanguard Small CapPairCorr
  0.97VSGIX Vanguard Small CapPairCorr
  0.97VISGX Vanguard Small CapPairCorr
  0.96VEXPX Vanguard ExplorerPairCorr
  0.96VEXRX Vanguard ExplorerPairCorr
  0.95JGMIX Janus TritonPairCorr
  0.95JGMRX Janus TritonPairCorr
  0.95JGMAX Janus TritonPairCorr
  0.95JGMCX Janus TritonPairCorr
  0.89JGMNX Janus TritonPairCorr
  0.62FSMMX Fs Multi StrategyPairCorr
  0.64SPMPX Invesco Steelpath MlpPairCorr
  0.63MLPNX Oppenheimer Steelpath MlpPairCorr
  0.63MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Conestoga Mutual Fund

  0.87HLLVX Jpmorgan Short DurationPairCorr
  0.79FSUUX American Funds GovernmentPairCorr
  0.76ATOIX Alpine Ultra ShortPairCorr
  0.72VBILX Vanguard Intermediate-terPairCorr
  0.7PIASX Pia Short TermPairCorr
  0.62KMDNX Kinetics Multi-disciplinaPairCorr
  0.59MXIOX Great West InflationPairCorr
  0.55PFUAX Foreign BondPairCorr
  0.5DIBAX Dreyfus InternationalPairCorr
  0.32DFCMX Dfa Calfrna ShrtPairCorr
  0.87WSGIX Wells Fargo ShortPairCorr
  0.8ILBPX Voya Limited MaturityPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Conestoga Mutual Fund performing well and Conestoga Micro 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 Conestoga Micro'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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