Nasdaq 100 Correlations

Mutual Funds . USA . 
Fund . Nasdaq 100 Index Fund
URNQX Fund  USD 56.94  0.43  0.76%   
The current 90-days correlation between Nasdaq 100 Index and Capital Growth Fund is 0.87 (i.e., Very poor diversification). The correlation of Nasdaq 100 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.

Nasdaq 100 Correlation With Market

Good diversification

The correlation between Nasdaq 100 Index Fund and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund 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 Nasdaq 100 Index Fund. 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 producer price index.

Moving together with Nasdaq Mutual Fund

  0.99UICGX Capital GrowthPairCorr
  0.98UIEMX Emerging MarketsPairCorr
  0.98UIHIX High Income FundPairCorr
  0.96UIIFX International FundPairCorr
  1.0UIGIX Growth IncomePairCorr
  0.99UIGRX Growth Fund GrowthPairCorr
  0.72UIINX Income Fund IncomePairCorr
  0.96UIISX Income StockPairCorr
  0.72UIITX Intermediate Term BondPairCorr
  0.9UISBX Short Term BondPairCorr
  0.96UISCX Small Cap StockPairCorr
  1.0UIWGX World GrowthPairCorr
  0.72URIBX Intermediate Term BondPairCorr
  0.72URIFX Income Fund IncomePairCorr
  0.97URHIX High Income FundPairCorr
  0.9URSBX Short Term BondPairCorr
  0.94URUSX Ultra Short TermPairCorr
  0.99USPRX Sp 500 IndexPairCorr
  0.97UTMAX Target Managed AllocationPairCorr
  0.94UUSIX Ultra Short TermPairCorr
  0.99UGOFX Global Managed VolatilityPairCorr
  0.99UIAGX Aggressive GrowthPairCorr
  0.99FAFGX American FundsPairCorr
  0.99FFAFX American FundsPairCorr
  0.99GFACX Growth FundPairCorr
  1.0GFAFX Growth FundPairCorr
  1.0AGTHX Growth FundPairCorr
  0.99CGFFX Growth FundPairCorr
  1.0CGFCX Growth FundPairCorr
  1.0CGFAX Growth FundPairCorr
  1.0CGFEX Growth FundPairCorr
  0.99RGAEX Growth FundPairCorr
  0.97ASG Liberty All StarPairCorr
  0.89IIF Morgan Stanley IndiaPairCorr
  0.98CII Blackrock EnhancedPairCorr
  0.79IFN India ClosedPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Nasdaq Mutual Fund performing well and Nasdaq 100 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 Nasdaq 100'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
UICGX  0.54  0.22  0.10 (1.85) 0.33 
(0.60)
 1.51 
(1.12)
 3.34 
UIEMX  0.51  0.21  0.18  0.61  0.00 
(0.59)
 1.55 
(1.08)
 4.28 
UIHIX  0.15  0.08 (0.22)(1.46) 0.00 
(0.24)
 0.44 
(0.15)
 1.34 
UIIFX  0.50  0.14  0.08  0.51  0.34 
(0.53)
 1.24 
(1.16)
 3.04 
UIGIX  0.62  0.23  0.10 (1.84) 0.57 
(0.73)
 1.79 
(1.03)
 4.87 
UIGSX  0.23  0.02 (0.41)(1.88) 0.17 
(0.28)
 0.46 
(0.45)
 1.14 
UIGRX  0.85  0.19  0.20  0.32  0.66 
(1.05)
 2.49 
(1.08)
 5.60 
UIINX  0.23  0.01 (0.37) 0.21  0.20 
(0.27)
 0.53 
(0.44)
 1.15 
UIISX  0.63  0.02  0.00  0.16  0.61 
(0.71)
 1.54 
(1.08)
 4.46 
UIITX  0.25  0.02 (0.32)(3.39) 0.21 
(0.29)
 0.56 
(0.44)
 1.21 

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