Muzinich Correlations

MZHIX Fund

USD 8.05 0.01 0.12%

The current 90-days correlation between Muzinich High Yield and Muzinich Credit Opportunities is 0.65 (i.e., Poor diversification). The correlation of Muzinich 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.

Muzinich Correlation With Market

Very weak diversification

The correlation between Muzinich High Yield and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Muzinich High Yield 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 Muzinich High Yield. 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 Muzinich Mutual Fund

0.75	MZCIX	Muzinich Credit Oppo	Pair Corr
0.76	MZCSX	Muzinich Credit Oppo	Pair Corr
1.0	MZHSX	Muzinich High Yield	Pair Corr
0.77	MZLSX	Muzinich Low Duration	Pair Corr
0.84	BHYCX	Blackrock Hi Yld	Pair Corr
0.84	BHYIX	Blackrock High Yield	Pair Corr
0.84	BHYSX	Blackrock Hi Yld	Pair Corr
0.83	BHYAX	Blackrock High Yield	Pair Corr
0.84	AHTFX	American High Income	Pair Corr
0.82	AHTCX	American High Income	Pair Corr
0.84	AHITX	American High Income	Pair Corr
0.89	VWEHX	Vanguard High Yield	Pair Corr
0.89	VWEAX	Vanguard High Yield	Pair Corr
0.82	HLDIX	Hartford Emerging	Pair Corr
0.83	HLDRX	Hartford Emerging	Pair Corr
0.76	HLDAX	Hartford Emerging	Pair Corr
0.83	HLDCX	Hartford Emerging	Pair Corr
0.82	HLDTX	Hartford Emerging	Pair Corr
0.76	TASVX	Prudential Qma Small	Pair Corr
0.78	FTPPX	American Funds Conse	Pair Corr
0.79	WHGIX	Westwood Income Oppo	Pair Corr
0.87	FGIQX	First Investors Growth	Pair Corr
0.84	GFSDX	Columbia Dividend Income	Pair Corr
0.66	RYHEX	Health Care Fund	Pair Corr
0.64	PSILX	Spectrum International	Pair Corr
0.64	CPRSX	Clarion Partners Real	Pair Corr
0.76	TWBIX	Balanced Fund Investor	Pair Corr
0.76	SSFOX	State Street Target	Pair Corr

Moving against Muzinich Mutual Fund

0.54

MGGAX

Mirova Global Green

Pair Corr

Related Correlations Analysis

	MZCIX	MZCSX	MZHIX	MZHSX	MZLSX
MZCIX		0.99	0.75	0.75	0.82	MZCIX
MZCSX	0.99		0.76	0.76	0.81	MZCSX
MZHIX	0.75	0.76		1.0	0.77	MZHIX
MZHSX	0.75	0.76	1.0		0.77	MZHSX
MZLSX	0.82	0.81	0.77	0.77		MZLSX
	MZCIX	MZCSX	MZHIX	MZHSX	MZLSX

Risk-Adjusted Indicators

There is a big difference between Muzinich Mutual Fund performing well and Muzinich 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 Muzinich'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MZCIX	0.11	0.01	(0.43)	0.23	(0.15)	0.20	(0.20)	0.70
MZCSX	0.11	0.01	(0.34)	0.19	(0.15)	0.20	(0.20)	0.70
MZHIX	0.11	0.01	(0.27)	0.12	(0.17)	0.25	(0.25)	0.63
MZHSX	0.11	0.01	(0.27)	0.12	(0.17)	0.25	(0.25)	0.63
MZLSX	0.06	0.01	(0.55)	0.43	(0.11)	0.10	(0.10)	0.31

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