Clearbridge Mid Correlations

SMBYX Fund

USD 42.27 0.37 0.88%

The current 90-days correlation between Clearbridge Mid Cap and Tax Free Conservative Income is -0.01 (i.e., Good diversification). The correlation of Clearbridge Mid 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.

Clearbridge Mid Correlation With Market

Poor diversification

The correlation between Clearbridge Mid Cap and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Clearbridge Mid Cap 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 Clearbridge Mid Cap. 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 population.

Moving together with Clearbridge Mutual Fund

0.85	TEMGX	Templeton Global Smaller	Pair Corr
0.8	TEMTX	Franklin Mutual Shares	Pair Corr
0.78	TESIX	Franklin Mutual Shares	Pair Corr
0.85	TESGX	Templeton Global Smaller	Pair Corr
0.79	TESRX	Franklin Mutual Shares	Pair Corr
0.72	SASMX	Clearbridge Small Cap	Pair Corr

Moving against Clearbridge Mutual Fund

0.54	TEMEX	Franklin Mutual Beacon	Pair Corr
0.51	TEBIX	Franklin Mutual Beacon	Pair Corr
0.48	TEDMX	Templeton Developing	Pair Corr
0.59	FQEMX	Franklin Templeton Smacs	Pair Corr
0.56	FQCTX	Franklin Necticut Tax	Pair Corr
0.56	FQLAX	Franklin Louisiana Tax	Pair Corr
0.52	FQCHX	Franklin Templeton Smacs	Pair Corr
0.73	SBAYX	Western Asset Adjustable	Pair Corr
0.53	FQNCX	Franklin North Carolina	Pair Corr
0.52	FQTHX	Franklin Templeton Smacs	Pair Corr
0.51	FQMDX	Franklin Maryland Tax	Pair Corr
0.35	WAARX	Western Asset Total	Pair Corr
0.33	WACPX	Western Asset E	Pair Corr

Related Correlations Analysis

	TFCAX	VDSCX	MNDWX	FPTPX	QDARX	PQCNX
TFCAX		0.75	0.78	0.52	0.88	0.66	TFCAX
VDSCX	0.75		0.83	0.87	0.8	0.72	VDSCX
MNDWX	0.78	0.83		0.82	0.83	0.9	MNDWX
FPTPX	0.52	0.87	0.82		0.63	0.82	FPTPX
QDARX	0.88	0.8	0.83	0.63		0.73	QDARX
PQCNX	0.66	0.72	0.9	0.82	0.73		PQCNX
	TFCAX	VDSCX	MNDWX	FPTPX	QDARX	PQCNX

Risk-Adjusted Indicators

There is a big difference between Clearbridge Mutual Fund performing well and Clearbridge Mid 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 Clearbridge Mid'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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TFCAX	0.01	0.00	0.00	1.84	0.00	0.00	0.00	0.00	0.20
VDSCX	0.63	0.05	0.05	0.11	0.85	(0.64)	1.19	(1.27)	3.87
MNDWX	0.08	0.03	(0.20)	1.72	0.00	(0.13)	0.19	(0.19)	0.58
FPTPX	0.26	0.02	(0.06)	0.10	0.20	(0.31)	0.56	(0.42)	1.47
QDARX	0.07	0.02	(0.45)	0.41	0.00	(0.10)	0.15	(0.08)	0.38
PQCNX	0.18	0.03	(0.11)	5.43	0.03	(0.21)	0.35	(0.34)	1.03

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