Health Biotchnology Correlations

Mutual Funds . USA . 
Fund . Health Biotchnology Portfolio
SBHIX Fund  USD 22.40  0.27  1.19%   
The current 90-days correlation between Health Biotchnology and Salient Alternative Beta is -0.21 (i.e., Very good diversification). The correlation of Health Biotchnology 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 Biotchnology Correlation With Market

Poor diversification

The correlation between Health Biotchnology Portfolio 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 Health Biotchnology Portfolio and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Health Biotchnology Portfolio. 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 Health Mutual Fund

  0.61SABAX Salient Alternative BetaPairCorr
  0.61SABIX Aggressive BalancedPairCorr
  0.61SABCX Salient Alternative BetaPairCorr
  0.62SAMAX Moderately AggressivePairCorr
  0.65SAMCX Salient Mlp FundPairCorr
  0.64SAMIX Moderately AggressivePairCorr
  0.65SSCPX Small CapitalizationPairCorr
  0.62SBCCX Moderately ConservativePairCorr
  0.65SBMCX Moderate BalancedPairCorr
  0.64SBMIX Moderate BalancedPairCorr
  0.61STPAX Technology MunicationsPairCorr
  0.61STPCX Technology MunicationsPairCorr
  0.62SCAAX Conservative BalancedPairCorr
  0.63SUMCX Conservative BalancedPairCorr
  0.64SFPCX Financial ServicesPairCorr
  0.64SFPIX Financial ServicesPairCorr
  1.0SHPAX Health BiotchnologyPairCorr
  0.72SHPCX Health BiotchnologyPairCorr
  0.61SIEYX International EquityPairCorr
  0.64SIECX International EquityPairCorr
  0.64SIEPX International EquityPairCorr
  0.62SLCGX Large CapitalizationPairCorr
  0.65SLCVX Large Cap ValuePairCorr
  0.62SLGCX Large CapitalizationPairCorr
  0.65SLVCX Large Cap ValuePairCorr
  0.61SLVYX Large Cap ValuePairCorr
  0.69SMBCX Municipal Bond PortfolioPairCorr
  0.62SMACX Moderately ServativePairCorr
  0.66SMBPX Municipal Bond PortfolioPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Health Mutual Fund performing well and Health Biotchnology 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 Biotchnology'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
SABAX  0.47  0.20  0.09 (1.85) 0.23 
(0.58)
 1.44 
(0.99)
 3.39 
SABIX  0.47  0.20  0.09 (1.96) 0.21 
(0.59)
 1.43 
(0.98)
 3.37 
SABCX  0.47  0.20  0.09 (1.85) 0.27 
(0.58)
 1.45 
(1.00)
 3.42 
SAMAX  0.43  0.18  0.06 (2.01) 0.22 
(0.52)
 1.35 
(0.90)
 3.12 
SAMCX  0.42  0.09  0.05  0.28  0.20 
(0.51)
 1.28 
(0.91)
 3.08 
SAMIX  0.42  0.09  0.05  0.29  0.17 
(0.51)
 1.34 
(0.80)
 3.10 
SSCCX  0.97  0.29  0.05 (1.52) 0.78 
(2.94)
 3.03 
(2.78)
 6.17 
SSCPX  0.88  0.10  0.09  0.22  0.82 
(1.00)
 2.29 
(1.42)
 5.66 
SSCYX  0.86  0.29  0.11 (1.13) 0.75 
(0.98)
 2.37 
(1.49)
 5.47 
SBCCX  0.38  0.17  0.04 (2.24) 0.17 
(0.46)
 1.21 
(0.79)
 2.70 

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