Vela Small Correlations

Mutual Funds . USA . 
Fund . Vela Small Cap
VESAX Fund  USD 19.51  0.07  0.36%   
The current 90-days correlation between Vela Small Cap and Vanguard Small Cap Index is 0.99 (i.e., No risk reduction). The correlation of Vela Small 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.

Vela Small Correlation With Market

Almost no diversification

The correlation between Vela Small Cap and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela Small 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 Vela Small 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 nation.

Moving together with Vela Mutual Fund

  0.89VASDX Vela Short DurationPairCorr
  0.91VEILX Vela InternationalPairCorr
  0.91VEITX Vela InternationalPairCorr
  0.98VELAX Vela Large CapPairCorr
  0.98VELIX Vela Large CapPairCorr
  1.0VESMX Vela Small CapPairCorr
  0.88VESDX Vela Short DurationPairCorr
  0.97VIOAX Vela Income OpportunitiesPairCorr
  0.97VIOIX Vela Income OpportunitiesPairCorr
  0.99VSMAX Vanguard Small CapPairCorr
  0.99VSCIX Vanguard Small CapPairCorr
  0.99VSCPX Vanguard Small CapPairCorr
  0.99NAESX Vanguard Small CapPairCorr
  0.99FSSNX Fidelity Small CapPairCorr
  0.99DFSTX Us Small CapPairCorr
  0.99PASVX T Rowe PricePairCorr
  0.99PRVIX T Rowe PricePairCorr
  0.99TRZVX T Rowe PricePairCorr
  0.99PRSVX T Rowe PricePairCorr
  0.91PFN Pimco Income StrategyPairCorr
  0.92CIF Mfs Intermediate HighPairCorr
  0.7PCF Putnam High IncomePairCorr
  0.98VEXMX Vanguard Extended MarketPairCorr
  0.95TEQHX Tiaa Cref EmergingPairCorr
  0.97JABPX John Hancock FundsPairCorr
  0.94PMAIX Pioneer Multi AssetPairCorr
  0.98SEWIX Guggenheim World EquityPairCorr
  0.95LGRCX Loomis Sayles GrowthPairCorr
  0.97HSSAX Emerald Banking And Steady GrowthPairCorr
  0.96VFIFX Vanguard Target RetiPairCorr
  0.95NDXKX Nasdaq 100 IndexPairCorr
  0.81QMNNX Aqr Equity MarketPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela Small 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 Vela Small'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
VSMAX  1.22  0.03  0.02  0.13  1.86 
(1.34)
 2.24 
(2.76)
 13.62 
VSCIX  1.21  0.03  0.02  0.13  1.89 
(1.30)
 2.24 
(2.75)
 13.64 
VSCPX  1.21  0.04  0.03  0.14  1.92 
(1.27)
 2.24 
(2.75)
 13.62 
NAESX  1.21  0.03  0.02  0.13  1.89 
(1.30)
 2.24 
(2.76)
 13.64 
FSSNX  1.25  0.07  0.04  0.17  1.76 
(1.30)
 2.47 
(2.82)
 12.94 
DFSTX  1.23  0.05  0.03  0.15  1.86 
(1.36)
 2.37 
(2.68)
 13.22 
PASVX  1.17  0.00  0.00  0.10  1.85 
(1.15)
 2.10 
(2.78)
 12.25 
PRVIX  1.17  0.00  0.00  0.10  1.85 
(1.12)
 2.09 
(2.78)
 12.25 
TRZVX  1.17  0.00  0.00  0.11  1.82 
(1.19)
 2.46 
(2.78)
 12.23 
PRSVX  1.17  0.00  0.00  0.10  1.85 
(1.12)
 2.09 
(2.77)
 12.22 

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