Health Care Correlations

Mutual Funds . USA . 
Fund . Health Care Ultrasector
HCPIX Fund  USD 90.31  0.83  0.91%   
The current 90-days correlation between Health Care Ultrasector and Qs Large Cap is 0.56 (i.e., Very weak diversification). The correlation of Health Care 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.

Health Care Correlation With Market

Poor diversification

The correlation between Health Care Ultrasector and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Health Care Ultrasector 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 Health Care Ultrasector. 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 against Health Mutual Fund

  0.41INPSX Internet UltrasectorPairCorr
  0.4LGPSX Profunds Large CapPairCorr
  0.4UOPSX Ultranasdaq 100 ProfundPairCorr
  0.4RYVYX Nasdaq 100 2xPairCorr
  0.4RYVLX Nasdaq 100 2xPairCorr
  0.4RYCCX Nasdaq 100 2xPairCorr
  0.4DXQLX Direxion Monthly NasdaqPairCorr
  0.37SMPIX Semiconductor Ultrasector Steady GrowthPairCorr
  0.37SMPSX Semiconductor Ultrasector Steady GrowthPairCorr
  0.37FNPIX Financials UltrasectorPairCorr
  0.32FYAIX Access Flex HighPairCorr
  0.45DLY Doubleline Yield OppPairCorr
  0.32RYPIX Transportation FundPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Health Mutual Fund performing well and Health Care 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 Health Care'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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