Vela Short Correlations

Mutual Funds . USA . 
Fund . Vela Short Duration
VESDX Fund   10.08  0.01  0.1%   
The current 90-days correlation between Vela Short Duration and Vela Short Duration is -0.05 (i.e., Good diversification). The correlation of Vela Short 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 Short Correlation With Market

Average diversification

The correlation between Vela Short Duration and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela Short Duration 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 Short Duration. 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 unemployment.

Moving together with Vela Mutual Fund

  0.98VASDX Vela Short DurationPairCorr
  0.92VEILX Vela InternationalPairCorr
  0.93VEITX Vela InternationalPairCorr
  0.9VELAX Vela Large CapPairCorr
  0.9VELIX Vela Large CapPairCorr
  0.93VESMX Vela Small CapPairCorr
  0.93VESAX Vela Small CapPairCorr
  0.96VIOAX Vela Income OpportunitiesPairCorr
  0.96VIOIX Vela Income OpportunitiesPairCorr
  0.66VFSIX Vanguard Short TermPairCorr
  0.7VFSTX Vanguard Short TermPairCorr
  0.63VBITX Vanguard Short TermPairCorr
  0.71LALDX Lord Abbett ShortPairCorr
  0.62VSCSX Vanguard Short TermPairCorr
  0.7LDLAX Lord Abbett ShortPairCorr
  0.62LDLRX Lord Abbett ShortPairCorr
  0.77NHS Neuberger Berman HighPairCorr
  0.68MECZX Amg Managers CadencePairCorr
  0.64TEDTX Tiaa Cref EmergingPairCorr
  0.71PCIMX California IntermediatePairCorr
  0.93SMGAX Saat Servative StrategyPairCorr
  0.94VFINX Vanguard 500 IndexPairCorr
  0.64PINFX Invesco Multi AssetPairCorr
  0.95FLMFX Muirfield Fund RetailPairCorr
  0.62KNGLX Cboe Vest SpPairCorr
  0.66SHXYX American Beacon ShapiroPairCorr
  0.94MIFIX Miller Intermediate BondPairCorr
  0.93QTSSX Quantified TacticalPairCorr
  0.67VLSMX Valic Company IPairCorr
  0.91RVPHX Royce Smaller CompaniesPairCorr
  0.95FSELX Fidelity Select SemiPairCorr
  0.69PUDCX Prudential Real AssetsPairCorr
  0.95FBKFX Fidelity BalancedPairCorr
  0.65GSPQX Goldman Sachs EquityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela Short 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 Short'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
VASDX  0.07  0.02 (0.92) 2.35  0.00 
(0.15)
 0.20 
(0.10)
 0.50 
VEILX  0.48  0.22  0.13 (8.02) 0.09 
(0.58)
 1.03 
(0.91)
 3.85 
VEITX  0.45  0.19  0.08 (2.81) 0.24 
(0.54)
 1.03 
(0.90)
 3.03 
VELAX  0.62  0.13  0.02  1.00  0.49 
(0.73)
 1.77 
(1.30)
 4.70 
VELIX  0.62  0.15  0.01 (1.16) 0.51 
(0.71)
 1.76 
(1.29)
 4.73 
VESMX  0.78  0.22  0.06 (0.84) 0.77 
(0.92)
 2.11 
(1.86)
 6.06 
VESAX  0.78  0.22  0.05 (0.84) 0.78 
(0.92)
 2.09 
(1.87)
 6.08 
VESDX  0.07  0.02 (1.05) 1.72  0.00 
(0.14)
 0.20 
(0.10)
 0.60 
VIOAX  0.35  0.11 (0.03) 2.17  0.00 
(0.44)
 0.87 
(0.66)
 2.58 
VIOIX  0.36  0.13 (0.03)(1.90) 0.00 
(0.47)
 0.87 
(0.66)
 2.79 

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