Free Market Correlations

FMFIX Fund

USD 10.10 0.01 0.1%

The current 90-days correlation between Free Market Fixed and Elfun Government Money is 0.08 (i.e., Significant diversification). The correlation of Free Market 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.

Free Market Correlation With Market

Average diversification

The correlation between Free Market Fixed and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Free Market Fixed 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 Free Market Fixed. 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 Free Mutual Fund

0.63	FMNEX	Free Market International	Pair Corr
0.85	FMUEX	Free Market Equity	Pair Corr
0.81	VBIRX	Vanguard Short Term	Pair Corr
0.89	VFSUX	Vanguard Short Term	Pair Corr
0.98	VFSIX	Vanguard Short Term	Pair Corr
0.94	VFSTX	Vanguard Short Term	Pair Corr
0.95	VBITX	Vanguard Short Term	Pair Corr
0.9	VBISX	Vanguard Short Term	Pair Corr
0.89	LALDX	Lord Abbett Short	Pair Corr
0.99	VSCSX	Vanguard Short Term	Pair Corr
0.93	LDLAX	Lord Abbett Short	Pair Corr
0.9	LDLRX	Lord Abbett Short	Pair Corr
0.84	PDI	Pimco Dynamic Income	Pair Corr
0.93	FTCAX	Templeton Strained Bond	Pair Corr
0.94	TEDTX	Tiaa Cref Emerging	Pair Corr
0.93	PUDCX	Prudential Real Assets	Pair Corr
0.61	MECZX	Amg Managers Cadence	Pair Corr
0.86	SMGAX	Saat Servative Strategy	Pair Corr
0.89	VLSMX	Valic Company I	Pair Corr
0.93	DIMIX	Dreyfus Short Interm	Pair Corr
0.92	FMSDX	Fidelity Advisor Multi	Pair Corr
0.83	VFFIX	Victory Incore	Pair Corr
0.87	VFINX	Vanguard 500 Index	Pair Corr
0.71	SENYX	Stet New York	Pair Corr
0.89	ISGAX	Voya Solution Balanced	Pair Corr
0.87	JFFYX	Jpmorgan Smartretirement	Pair Corr
0.86	GSPQX	Goldman Sachs Equity	Pair Corr
0.86	CNPCX	New Perspective	Pair Corr
0.86	MITTX	Massachusetts Investors	Pair Corr
0.96	VWINX	Vanguard Wellesley Income	Pair Corr

Moving against Free Mutual Fund

0.83	USPSX	Profunds Ultrashort	Pair Corr
0.78	TCSUX	Cleartrack 2020 Class	Pair Corr
0.74	TCTGX	Transamerica Cleartrack	Pair Corr
0.74	TCTJX	Transamerica Cleartrack	Pair Corr
0.73	TDKTX	Cleartrack 2015 Class	Pair Corr
0.83	USPIX	Profunds Ultrashort	Pair Corr
0.79	UIPIX	Ultrashort Mid Cap	Pair Corr

Related Correlations Analysis

	ELMXX	RYAQX	SMAAX	BIGLX	DPIGX	SSAGX	SIGVX	DNCGX
ELMXX		0.3	0.7	0.33	0.42	0.56	0.57	0.44	ELMXX
RYAQX	0.3		0.4	-0.33	-0.02	0.36	0.36	0.03	RYAQX
SMAAX	0.7	0.4		0.68	0.83	0.95	0.95	0.81	SMAAX
BIGLX	0.33	-0.33	0.68		0.91	0.71	0.73	0.83	BIGLX
DPIGX	0.42	-0.02	0.83	0.91		0.9	0.91	0.91	DPIGX
SSAGX	0.56	0.36	0.95	0.71	0.9		0.99	0.84	SSAGX
SIGVX	0.57	0.36	0.95	0.73	0.91	0.99		0.85	SIGVX
DNCGX	0.44	0.03	0.81	0.83	0.91	0.84	0.85		DNCGX
	ELMXX	RYAQX	SMAAX	BIGLX	DPIGX	SSAGX	SIGVX	DNCGX

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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

SIGVX	+ 0.99	SSAGX
SSAGX	+ 0.95	SMAAX
SIGVX	+ 0.95	SMAAX
DPIGX	+ 0.91	BIGLX
SIGVX	+ 0.91	DPIGX
DNCGX	+ 0.91	DPIGX

High negative correlations

BIGLX	- 0.33	RYAQX
DPIGX	- 0.02	RYAQX

Risk-Adjusted Indicators

There is a big difference between Free Mutual Fund performing well and Free Market 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 Free Market'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
ELMXX	0.03	0.00	0.00	2.12	0.00	0.00	0.00	0.00	1.01
RYAQX	0.63	0.05	(0.13)	(4.31)	0.61	(0.78)	1.28	(1.11)	3.33
SMAAX	0.11	0.03	(0.58)	(6.24)	0.00	(0.16)	0.21	(0.10)	0.72
BIGLX	0.30	0.01	(0.33)	0.44	0.31	(0.34)	0.66	(0.56)	1.46
DPIGX	0.09	0.00	(0.97)	0.40	0.00	(0.13)	0.11	(0.21)	0.63
SSAGX	0.06	0.01	(1.22)	2.26	0.00	(0.18)	0.10	(0.10)	0.61
SIGVX	0.06	0.01	(1.15)	0.79	0.00	(0.20)	0.10	(0.10)	0.61
DNCGX	0.19	0.01	(0.43)	0.25	0.15	(0.23)	0.32	(0.41)	1.05

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