Small-midcap Dividend Correlations

PMDIX Fund  USD 19.22  0.11  0.58%   
The current 90-days correlation between Small Midcap Dividend and The Short Term Municipal is 0.06 (i.e., Significant diversification). The correlation of Small-midcap Dividend 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 Dividend Correlation With Market

Poor diversification

The correlation between Small Midcap Dividend Income and DJI is 0.72 (i.e., 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-MIDCAP Mutual Fund

  0.98VMVAX Vanguard Mid CapPairCorr
  0.99JVMAX John Hancock DisciplinedPairCorr
  0.99JVMIX John Hancock DisciplinedPairCorr
  0.98VMVIX Vanguard Mid CapPairCorr
  0.98JMVZX Jpmorgan Mid CapPairCorr
  0.98JMVRX Jpmorgan Mid CapPairCorr
  0.98JMVQX Jpmorgan Mid CapPairCorr
  0.98JMVYX Jpmorgan Mid CapPairCorr
  0.98JMVPX Jpmorgan Mid CapPairCorr
  0.98VETAX Victory Sycamore EstPairCorr
  0.93SMPSX Semiconductor UltrasectorPairCorr
  0.93SMPIX Semiconductor UltrasectorPairCorr
  0.93TREMX T Rowe PricePairCorr
  0.93ONERX One Rock FundPairCorr
  0.93TTEEX T Rowe PricePairCorr
  0.94FIKGX Fidelity Advisor SemPairCorr
  0.94FELIX Fidelity Advisor SemPairCorr
  0.95FSELX Fidelity Select SemiPairCorr
  0.94FELAX Fidelity Advisor SemPairCorr
  0.94FELTX Fidelity Advisor SemPairCorr
  0.61IBM International BusinessPairCorr

Moving against SMALL-MIDCAP Mutual Fund

  0.51MCD McDonaldsPairCorr
  0.36TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between SMALL-MIDCAP Mutual Fund performing well and Small-midcap Dividend 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 Dividend'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.