Third Avenue Correlations

Mutual Funds . USA . 
Fund . Third Avenue Real
TAREX Fund  USD 25.01  0.02  0.08%   
The current 90-days correlation between Third Avenue Real and Third Avenue Value is 0.48 (i.e., Very weak diversification). The correlation of Third Avenue 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.

Third Avenue Correlation With Market

Poor diversification

The correlation between Third Avenue Real 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 Third Avenue Real 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 Third Avenue Real. 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 income.

Moving together with Third Mutual Fund

  1.0TVRVX Third Avenue RealPairCorr
  0.97TVSVX Third Avenue SmallPairCorr
  0.95REIFX Rems International RealPairCorr
  0.96TASZX Third Avenue SmallPairCorr
  1.0TARZX Third Avenue RealPairCorr
  0.97TASCX Third Avenue SmallPairCorr
  0.97TAVFX Third Avenue ValuePairCorr
  0.97TAVZX Third Avenue ValuePairCorr
  0.97TVFVX Third Avenue ValuePairCorr
  0.94DFGEX Dfa Global RealPairCorr
  0.97VGRNX Vanguard Global ExPairCorr
  0.95DFITX Dfa International RealPairCorr
  0.96VGRLX Vanguard Global ExPairCorr
  0.9PGRKX Global Real EstatePairCorr
  0.9PGRUX Global Real EstatePairCorr
  0.92MGLAX Mfs Global RealPairCorr
  0.92MGLIX Mfs Global RealPairCorr
  0.79GAAKX Gmo Alternative AlloPairCorr
  0.79GAAGX Gmo Alternative AlloPairCorr
  0.75GPBFX Gmo E PlusPairCorr
  0.61UDBPX Ubs Sustainable DevePairCorr
  0.76NWHZX Nationwide Geneva SmallPairCorr
  0.97ROFCX Royce OpportunityPairCorr
  0.97ROGSX Red Oak TechnologyPairCorr
  0.97IASMX Guinness Atkinson Asia Steady GrowthPairCorr
  0.94BGEFX Baillie Gifford EafePairCorr
  0.97OBMCX Oberweis Micro CapPairCorr
  0.96PDARX Diversified Real AssetPairCorr
  0.96AVCNX American Century EtfPairCorr
  0.96SSCVX Columbia Select SmallerPairCorr
  0.76FPHAX Pharmaceuticals PortfolioPairCorr
  0.98CYYYX Columbia ThermostatPairCorr
  0.97VFIAX Vanguard 500 IndexPairCorr
  0.97SBQAX Americafirst Large CapPairCorr

Moving against Third Mutual Fund

  0.39GPMFX Guidepath Managed FuturesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Third Mutual Fund performing well and Third Avenue 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 Third Avenue'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.

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