Power Momentum Correlations

Mutual Funds . USA . 
Fund . Power Momentum Index
MOJCX Fund  USD 14.64  0.09  0.62%   
The current 90-days correlation between Power Momentum Index and Power Income Fund is 0.08 (i.e., Significant diversification). The correlation of Power Momentum 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.

Power Momentum Correlation With Market

Poor diversification

The correlation between Power Momentum Index and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Power Momentum Index and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Power Momentum Index. 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 main economic indicators.

Moving together with Power Mutual Fund

  0.93PWRAX Power IncomePairCorr
  0.91PWRCX Power IncomePairCorr
  0.92PWRIX Power IncomePairCorr
  1.0MOJAX Power Momentum IndexPairCorr
  1.0MOJOX Power Momentum IndexPairCorr
  0.87FLOTX Power Floating RatePairCorr
  0.98GTAAX Power Global TacticalPairCorr
  0.98GTAIX Power Global TacticalPairCorr
  0.97PWDAX Power Dividend IndexPairCorr
  0.97PWDCX Power Dividend IndexPairCorr
  0.97PWDIX Power Dividend IndexPairCorr
  0.95PAALX All Asset FundPairCorr
  0.95PATRX Pimco All AssetPairCorr
  0.95PAAIX All Asset FundPairCorr
  0.95PALPX Pimco All AssetPairCorr
  0.95PASAX All Asset FundPairCorr
  0.95PASCX All Asset FundPairCorr
  0.95PAANX Pimco All AssetPairCorr
  0.92PAUPX Pimco All AssetPairCorr
  0.92PAUIX Pimco All AssetPairCorr
  0.97VTSAX Vanguard Total StockPairCorr
  0.98VFIAX Vanguard 500 IndexPairCorr
  0.97VTSMX Vanguard Total StockPairCorr
  0.97VSMPX Vanguard Total StockPairCorr
  0.97VSTSX Vanguard Total StockPairCorr
  0.98VITSX Vanguard Total StockPairCorr
  0.98VFINX Vanguard 500 IndexPairCorr
  0.97VFFSX Vanguard 500 IndexPairCorr
  0.97VGTSX Vanguard Total InterPairCorr
  0.98VTIAX Vanguard Total InterPairCorr
  0.99FRLPX Fidelity Freedom IndexPairCorr
  0.71MXEDX Great West EPairCorr
  0.85DLEUX Doubleline ShillerPairCorr
  0.79QMNIX Aqr Equity MarketPairCorr
  0.98BUFTX Buffalo DiscoveryPairCorr
  0.97RLBCX American BalancedPairCorr
  0.96CAPTX Canterbury PortfolioPairCorr
  0.99BTEUX Baron Select FundsPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Momentum 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 Power Momentum'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PWRAX  0.05  0.01 (0.80)(0.82) 0.00 
(0.13)
 0.11 
(0.11)
 0.56 
PWRCX  0.05  0.01  0.00  0.37  0.00 
 0.00 
 0.11 
(0.11)
 0.34 
PWRIX  0.06  0.02 (0.77)(1.33) 0.00 
(0.12)
 0.11 
(0.11)
 0.56 
MOJCX  0.71  0.17  0.17  0.36  0.50 
(0.83)
 1.95 
(1.23)
 4.42 
MOJAX  0.71  0.18  0.16  0.36  0.52 
(0.83)
 2.05 
(1.21)
 4.35 
MOJOX  0.71  0.18  0.17  0.36  0.52 
(0.85)
 2.01 
(1.31)
 4.39 
FLOTX  0.07  0.03 (0.65)(8.74) 0.00 
(0.13)
 0.11 
(0.11)
 0.66 
GTAAX  0.41  0.18  0.07 (2.07) 0.00 
(0.52)
 1.20 
(0.61)
 3.44 
GTAIX  0.42  0.18  0.07 (2.22) 0.00 
(0.52)
 1.20 
(0.62)
 3.27 
PWDAX  0.67  0.09  0.07  0.23  0.60 
(0.83)
 1.63 
(1.26)
 5.57 

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