Small Midcap Correlations

PMDIX Fund  USD 19.11  0.26  1.38%   
The current 90-days correlation between Small Midcap Dividend and Strategic Asset Management is -0.15 (i.e., Good diversification). The correlation of Small Midcap 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.

Small Midcap Correlation With Market

Very poor diversification

The correlation between Small Midcap Dividend Income and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Small Midcap Dividend Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Small Midcap Dividend Income. 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 Small Mutual Fund

  0.96SACAX Strategic Asset ManaPairCorr
  0.93PGBAX Global Diversified IncomePairCorr
  0.95PIIDX International FundPairCorr
  0.98PLRTX Principal Lifetime HybridPairCorr
  0.97PLZTX Principal Lifetime HybridPairCorr
  0.98PMBCX Midcap Fund ClassPairCorr
  1.0PMDAX Small Midcap DividendPairCorr
  0.95PPSAX Preferred SecuritiesPairCorr
  0.94PPSIX Preferred SecuritiesPairCorr
  0.94PRFCX Preferred SecuritiesPairCorr
  0.99PSBMX Smallcap Fund FkaPairCorr
  0.98PSBIX Strategic Asset ManaPairCorr
  0.96PSIJX Smallcap GrowthPairCorr
  0.95PSMVX Smallcap ValuePairCorr
  0.95LTINX Principal Lifetime 2015PairCorr
  0.95PCBFX Strategic Asset ManaPairCorr
  0.95PCBIX Midcap Fund InstitutionalPairCorr
  0.95PEMGX Midcap Fund ClassPairCorr
  0.99VMVAX Vanguard Mid CapPairCorr
  0.96JVMAX John Hancock DisciplinedPairCorr
  0.99JVMIX John Hancock DisciplinedPairCorr
  0.99VMVIX Vanguard Mid CapPairCorr
  0.99JMVZX Jpmorgan Mid CapPairCorr
  0.99JMVRX Jpmorgan Mid CapPairCorr
  0.99JMVQX Jpmorgan Mid CapPairCorr
  0.99JMVYX Jpmorgan Mid CapPairCorr
  0.99JMVPX Jpmorgan Mid CapPairCorr
  0.95VETAX Victory Sycamore EstPairCorr
  0.96PDI Pimco Dynamic IncomePairCorr
  0.89FTCAX Templeton Strained BondPairCorr
  0.96FLCNX Fidelity ContrafundPairCorr
  0.93NPSFX Nuveen Preferred SecPairCorr
  0.97CBLAX Columbia BalancedPairCorr

Moving against Small Mutual Fund

  0.99UIPIX Ultrashort Mid CapPairCorr
  0.97USPSX Profunds UltrashortPairCorr
  0.97USPIX Profunds UltrashortPairCorr
  0.68TCTGX Transamerica CleartrackPairCorr
  0.68TCTJX Transamerica CleartrackPairCorr
  0.68TCSUX Cleartrack 2020 ClassPairCorr
  0.67TDKTX Cleartrack 2015 ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Small Mutual Fund performing well and Small Midcap 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 Small Midcap'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
SABPX  0.38  0.14 (0.05)(2.48) 0.26 
 1.21 
 2.84 
SACAX  0.53  0.20  0.03 (2.09) 0.43 
 1.64 
 3.89 
SAGPX  0.46  0.18 (0.01)(1.99) 0.38 
 1.49 
 3.45 
PFIJX  0.21  0.07 (0.27)(4.68) 0.00 
 0.51 
 1.60 
PFIEX  0.56  0.11  0.02  0.41  0.47 
 1.33 
 3.32 
PFIFX  0.23  0.03 (0.27) 0.27  0.00 
 0.60 
 1.51 
PFISX  0.49  0.17  0.06  0.86  0.23 
 1.29 
 2.75 
PFIPX  0.22  0.03 (0.24) 0.28  0.00 
 0.57 
 1.59 
SAIPX  0.27  0.10 (0.16)(3.42) 0.00 
 0.89 
 1.97 
PFLJX  0.51  0.09  0.07  0.29  0.30 
 1.62 
 3.85