Davis Real Correlations

DRECX Fund

USD 40.95 0.12 0.29%

The current 90-days correlation between Davis Real Estate and Realty Income is -0.07 (i.e., Good diversification). The correlation of Davis Real 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.

Davis Real Correlation With Market

Poor diversification

The correlation between Davis Real Estate and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Real Estate and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Davis Real Estate. 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 main economic indicators.

Moving together with Davis Mutual Fund

0.77	DX	Dynex Capital Earnings Call This Week	Pair Corr
0.78	FR	First Industrial Realty	Pair Corr
0.7	OZ	Belpointe PREP LLC	Pair Corr
0.64	PK	Park Hotels Resorts	Pair Corr
0.81	UE	Urban Edge Properties	Pair Corr
0.72	WY	Weyerhaeuser Earnings Call This Week	Pair Corr
0.67	AHT-PH	Ashford Hospitality Trust	Pair Corr
0.7	AHT-PI	Ashford Hospitality Trust	Pair Corr
0.77	AHT-PD	Ashford Hospitality Trust	Pair Corr
0.75	AHT-PF	Ashford Hospitality Trust	Pair Corr
0.76	AHT-PG	Ashford Hospitality Trust	Pair Corr
0.64	DOUG	Douglas Elliman	Pair Corr
0.82	VNO-PL	Vornado Realty Trust	Pair Corr
0.82	VNO-PM	Vornado Realty Trust	Pair Corr
0.8	VNO-PN	Vornado Realty Trust	Pair Corr
0.68	VNO-PO	Vornado Realty Trust	Pair Corr
0.73	MITT-PB	AG Mortgage Investment	Pair Corr
0.82	MITT-PC	AG Mortgage Investment	Pair Corr
0.9	ELME	Elme Communities	Pair Corr
0.66	WELL	Welltower	Pair Corr
0.72	ESBA	Empire State Realty	Pair Corr
0.72	CDR-PC	Cedar Realty Trust	Pair Corr
0.82	ESRT	Empire State Realty Earnings Call This Week	Pair Corr

Moving against Davis Mutual Fund

0.51	UK	Ucommune International	Pair Corr
0.63	WETH	Wetouch Technology Common	Pair Corr
0.58	WHLR	Wheeler Real Estate	Pair Corr
0.58	ADC	Agree Realty Earnings Call This Week	Pair Corr

Related Correlations Analysis

	O	DX	FR	HR	KW	LB	OZ	PK	PW	RC
O		0.32	-0.11	0.59	0.51	-0.58	0.09	0.13	-0.07	0.63	O
DX	0.32		0.66	0.45	0.7	-0.37	0.65	0.86	0.26	0.49	DX
FR	-0.11	0.66		-0.08	0.24	0.12	0.74	0.72	0.34	-0.02	FR
HR	0.59	0.45	-0.08		0.82	-0.75	-0.03	0.41	-0.05	0.66	HR
KW	0.51	0.7	0.24	0.82		-0.74	0.28	0.67	0.13	0.63	KW
LB	-0.58	-0.37	0.12	-0.75	-0.74		-0.08	-0.33	-0.04	-0.42	LB
OZ	0.09	0.65	0.74	-0.03	0.28	-0.08		0.67	0.19	0.1	OZ
PK	0.13	0.86	0.72	0.41	0.67	-0.33	0.67		0.29	0.29	PK
PW	-0.07	0.26	0.34	-0.05	0.13	-0.04	0.19	0.29		-0.25	PW
RC	0.63	0.49	-0.02	0.66	0.63	-0.42	0.1	0.29	-0.25		RC
	O	DX	FR	HR	KW	LB	OZ	PK	PW	RC

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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

PK	+ 0.86	DX
KW	+ 0.82	HR
OZ	+ 0.74	FR
PK	+ 0.72	FR
KW	+ 0.7	DX
PK	+ 0.67	KW

High negative correlations

LB	- 0.75	HR
LB	- 0.74	KW
LB	- 0.58	O
RC	- 0.42	LB
LB	- 0.37	DX
PK	- 0.33	LB

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Real 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 Davis Real'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
O	0.77	0.07	(0.08)	(0.33)	0.93	(0.85)	1.84	(1.56)	6.17
DX	0.82	0.08	0.03	0.25	0.93	(0.88)	2.06	(1.51)	6.79
FR	0.95	0.01	(0.01)	0.14	1.25	(0.99)	1.95	(1.39)	7.30
HR	0.92	0.01	(0.05)	0.17	1.31	(0.96)	1.90	(1.57)	6.60
KW	1.84	(0.04)	0.01	0.10	2.43	(2.02)	4.22	(3.81)	14.63
LB	2.19	(0.38)	0.00	(0.28)	0.00	0.00	4.42	(4.24)	16.03
OZ	1.25	0.13	0.00	13.14	1.20	(1.66)	2.93	(2.38)	7.48
PK	1.55	0.03	0.05	0.15	1.56	(1.77)	4.11	(2.21)	12.90
PW	1.23	0.12	0.01	0.61	1.30	(1.72)	2.78	(2.59)	8.05
RC	1.83	0.03	(0.05)	(0.04)	2.32	(2.25)	3.87	(5.63)	11.09

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