Defense And Correlations

FSDAX Fund

USD 24.27 0.04 0.17%

The current 90-days correlation between Defense And Aerospace and Chemicals Portfolio Chemicals is 0.32 (i.e., Weak diversification). The correlation of Defense And 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.

Defense And Correlation With Market

Very weak diversification

The correlation between Defense And Aerospace and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Defense And Aerospace 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 Defense And Aerospace. 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 nation.

Moving together with Defense Mutual Fund

0.94	J	Jacobs Solutions	Pair Corr
0.87	R	Ryder System Earnings Call This Week	Pair Corr
0.91	AL	Air Lease	Pair Corr
0.86	AP	Ampco Pittsburgh	Pair Corr
0.91	AZ	A2Z Smart Technologies	Pair Corr
0.95	BA	Boeing	Pair Corr
0.86	BE	Bloom Energy Corp	Pair Corr
0.74	BV	BrightView Holdings	Pair Corr
0.88	BW	Babcock Wilcox Enter	Pair Corr
0.82	CP	Canadian Pacific Railway Earnings Call This Week	Pair Corr
0.94	CR	Crane Company Earnings Call This Week	Pair Corr
0.97	CW	Curtiss Wright	Pair Corr
0.83	DE	Deere Company	Pair Corr
0.97	DY	Dycom Industries	Pair Corr
0.73	FA	First Advantage Corp	Pair Corr
0.77	GD	General Dynamics Earnings Call This Week	Pair Corr
0.98	GE	GE Aerospace Earnings Call Tomorrow	Pair Corr
0.66	HY	Hyster Yale Materials	Pair Corr
0.93	IR	Ingersoll Rand	Pair Corr
0.75	LZ	LegalZoom	Pair Corr
0.78	NX	Quanex Building Products	Pair Corr
0.95	PH	Parker Hannifin	Pair Corr
0.89	PL	Planet Labs PBC	Pair Corr
0.93	SB	Safe Bulkers Earnings Call This Week	Pair Corr
0.96	ST	Sensata Technologies	Pair Corr
0.95	TG	Tredegar	Pair Corr
0.9	TT	Trane Technologies plc	Pair Corr

Moving against Defense Mutual Fund

0.7	MG	Mistras Group	Pair Corr
0.56	G	Genpact Limited	Pair Corr
0.51	GP	GreenPower Motor	Pair Corr
0.77	NL	NL Industries	Pair Corr
0.69	VCIG	VCI Global Limited	Pair Corr
0.68	DNOW	Now Inc	Pair Corr
0.58	VATE	Innovate Corp	Pair Corr
0.51	CODI-PA	Compass Diversified	Pair Corr
0.45	CODI-PB	Compass Diversified	Pair Corr
0.44	CODI-PC	Compass Diversified	Pair Corr

Related Correlations Analysis

	FSCHX	FSHOX	FSRPX	FSHCX	FSRFX
FSCHX		0.94	0.93	-0.76	0.93	FSCHX
FSHOX	0.94		0.98	-0.77	0.96	FSHOX
FSRPX	0.93	0.98		-0.8	0.96	FSRPX
FSHCX	-0.76	-0.77	-0.8		-0.85	FSHCX
FSRFX	0.93	0.96	0.96	-0.85		FSRFX
	FSCHX	FSHOX	FSRPX	FSHCX	FSRFX

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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

FSRPX	+ 0.98	FSHOX
FSRFX	+ 0.96	FSHOX
FSRFX	+ 0.96	FSRPX
FSHOX	+ 0.94	FSCHX
FSRPX	+ 0.93	FSCHX
FSRFX	+ 0.93	FSCHX

High negative correlations

FSRFX	- 0.85	FSHCX
FSHCX	- 0.8	FSRPX
FSHCX	- 0.77	FSHOX
FSHCX	- 0.76	FSCHX

Risk-Adjusted Indicators

There is a big difference between Defense Mutual Fund performing well and Defense And 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 Defense And'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
FSCHX	0.82	(0.02)	(0.04)	0.11	0.85	(0.95)	2.23	(1.57)	5.11
FSHOX	0.94	0.02	0.03	0.15	0.95	(1.08)	2.17	(2.09)	6.07
FSRPX	0.78	0.01	0.01	0.14	0.77	(0.90)	1.86	(1.76)	6.28
FSHCX	1.06	(0.53)	0.00	(0.44)	0.00	0.00	1.34	(4.29)	9.20
FSRFX	1.05	0.09	0.10	0.22	0.83	(1.31)	2.15	(1.75)	8.32

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