Eventide Healthcare Correlations

Mutual Funds . USA . 
Fund . Eventide Healthcare Life
ETAHX Fund  USD 33.54  0.64  1.87%   
The current 90-days correlation between Eventide Healthcare Life and Franklin Emerging Market is 0.25 (i.e., Modest diversification). The correlation of Eventide Healthcare 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.

Eventide Healthcare Correlation With Market

Very weak diversification

The correlation between Eventide Healthcare Life and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Healthcare Life 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 Eventide Healthcare Life. 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 rate.

Moving together with Eventide Mutual Fund

  0.83ETARX Eventide Core BondPairCorr
  0.87ETAMX Eventide Multi AssetPairCorr
  0.9ETAGX Eventide GileadPairCorr
  0.77ETAEX Eventide ExponentialPairCorr
  0.83ETADX Eventide Global DividendPairCorr
  0.91ETABX Eventide Limited TermPairCorr
  0.81ETCRX Eventide Core BondPairCorr
  0.87ETCMX Eventide Multi AssetPairCorr
  1.0ETCHX Eventide Healthcare LifePairCorr
  0.9ETCGX Eventide GileadPairCorr
  0.77ETCEX Eventide ExponentialPairCorr
  0.83ETCDX Eventide Global DividendPairCorr
  0.9ETCBX Eventide Limitedterm BondPairCorr
  0.9ETGLX Eventide GileadPairCorr
  0.77ETIEX Eventide ExponentialPairCorr
  0.83ETIDX Eventide Global DividendPairCorr
  0.91ETIBX Eventide Limited TermPairCorr
  0.83ETIRX Eventide Core BondPairCorr
  0.87ETIMX Eventide Multi AssetPairCorr
  0.9ETILX Eventide GileadPairCorr
  1.0ETIHX Eventide Healthcare LifePairCorr
  0.86ETLIX Eventide Large CapPairCorr
  0.85ETLCX Eventide Large CapPairCorr
  0.85ETLAX Eventide Large CapPairCorr
  0.86ETLNX Eventide Large CapPairCorr
  0.87ETNMX Eventide Multi AssetPairCorr
  1.0ETNHX Eventide Healthcare LifePairCorr
  0.77ETNEX Eventide ExponentialPairCorr
  0.83ETNDX Eventide Global DividendPairCorr
  0.91ETNBX Eventide Limited TermPairCorr
  0.83ETNRX Eventide Core BondPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Healthcare 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 Eventide Healthcare'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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