Morningstar Growth Correlations

GETFX Fund

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The correlation of Morningstar Growth 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.

Morningstar Growth Correlation With Market

Weak diversification

The correlation between Morningstar Growth Etf and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morningstar Growth Etf and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Morningstar Growth Etf. 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 price.

Related Correlations Analysis

	XNCVX	LCFYX	PBXIX	GCV	FSAWX	VAADX
XNCVX		0.88	0.44	0.89	0.78	0.93	XNCVX
LCFYX	0.88		0.19	0.92	0.91	0.93	LCFYX
PBXIX	0.44	0.19		0.23	0.0	0.26	PBXIX
GCV	0.89	0.92	0.23		0.82	0.87	GCV
FSAWX	0.78	0.91	0.0	0.82		0.93	FSAWX
VAADX	0.93	0.93	0.26	0.87	0.93		VAADX
	XNCVX	LCFYX	PBXIX	GCV	FSAWX	VAADX

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

VAADX	+ 0.93	XNCVX
VAADX	+ 0.93	LCFYX
VAADX	+ 0.93	FSAWX
GCV	+ 0.92	LCFYX
FSAWX	+ 0.91	LCFYX
GCV	+ 0.89	XNCVX

High negative correlations

FSAWX

- 0.0

PBXIX

Risk-Adjusted Indicators

There is a big difference between Morningstar Mutual Fund performing well and Morningstar Growth 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 Morningstar Growth'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
XNCVX	0.70	0.07	0.01	0.61	0.96	(0.74)	1.20	(1.74)	5.47
LCFYX	0.72	0.05	0.04	0.15	0.84	(0.80)	1.31	(1.69)	4.63
PBXIX	0.37	0.01	(0.12)	0.63	0.49	(0.37)	0.64	(0.73)	2.25
GCV	0.82	0.10	0.04	0.37	0.89	(0.93)	1.52	(1.71)	4.54
FSAWX	0.12	0.04	(0.15)	0.53	0.00	(0.18)	0.27	(0.17)	1.04
VAADX	0.68	0.12	0.05	2.07	0.87	(0.71)	1.20	(1.71)	4.60

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