Health Biotchnology Correlations

Mutual Funds . USA . 
Fund . Health Biotchnology Portfolio
SHPCX Fund  USD 12.60  0.15  1.20%   
The current 90-days correlation between Health Biotchnology and Salient Alternative Beta is 0.71 (i.e., Poor 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

Good diversification

The correlation between Health Biotchnology Portfolio and DJI is -0.16 (i.e., Good 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 main economic indicators.

Moving together with Health Mutual Fund

  0.67SABAX Salient Alternative BetaPairCorr
  0.67SABIX Aggressive BalancedPairCorr
  0.68SABCX Salient Alternative BetaPairCorr
  0.68SAMAX Moderately AggressivePairCorr
  0.62SAMCX Salient Mlp FundPairCorr
  0.62SAMIX Moderately AggressivePairCorr
  0.66SSCCX Small CapitalizationPairCorr
  0.61SSCPX Small CapitalizationPairCorr
  0.68SSCYX Small CapitalizationPairCorr
  0.68SBCCX Moderately ConservativePairCorr
  0.72SBHIX Health BiotchnologyPairCorr
  0.62SBMCX Moderate BalancedPairCorr
  0.63SBMIX Moderate BalancedPairCorr
  0.61STPAX Technology MunicationsPairCorr
  0.61STPCX Technology MunicationsPairCorr
  0.65STPIX Technology MunicationsPairCorr
  0.68SCAAX Conservative BalancedPairCorr
  0.69SUMCX Conservative BalancedPairCorr
  0.68SFPAX Financial ServicesPairCorr
  0.71SHPAX Health BiotchnologyPairCorr
  0.66SIEYX International EquityPairCorr
  0.64SIECX International EquityPairCorr
  0.64SIEPX International EquityPairCorr
  0.61SLCGX Large CapitalizationPairCorr
  0.62SLCVX Large Cap ValuePairCorr
  0.61SLGCX Large CapitalizationPairCorr
  0.65SLGYX Large CapitalizationPairCorr
  0.62SLVCX Large Cap ValuePairCorr
  0.67SLVYX Large Cap ValuePairCorr
  0.7SMBCX Municipal Bond PortfolioPairCorr
  0.68SMACX Moderately ServativePairCorr
  0.68SMBPX Municipal Bond PortfolioPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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