Vela Small Correlations

VESMX Fund

USD 19.15 0.12 0.62%

The current 90-days correlation between Vela Small Cap and Vela Short Duration is 0.13 (i.e., Average diversification). 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

Very poor diversification

The correlation between Vela Small Cap and DJI is 0.82 (i.e., Very poor 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 population.

Moving together with Vela Mutual Fund

0.93	VASDX	Vela Short Duration	Pair Corr
0.94	VEILX	Vela International	Pair Corr
0.94	VEITX	Vela International	Pair Corr
0.98	VELAX	Vela Large Cap	Pair Corr
0.98	VELIX	Vela Large Cap	Pair Corr
1.0	VESAX	Vela Small Cap	Pair Corr
0.92	VESDX	Vela Short Duration	Pair Corr
0.98	VIOAX	Vela Income Opportunities	Pair Corr
0.98	VIOIX	Vela Income Opportunities	Pair Corr
0.71	VSMAX	Vanguard Small Cap	Pair Corr
0.71	VSCIX	Vanguard Small Cap	Pair Corr
0.71	VSCPX	Vanguard Small Cap	Pair Corr
0.71	NAESX	Vanguard Small Cap	Pair Corr
0.71	FSSNX	Fidelity Small Cap	Pair Corr
0.65	DFSTX	Us Small Cap	Pair Corr
0.99	PASVX	T Rowe Price	Pair Corr
0.73	PRVIX	T Rowe Price	Pair Corr
0.73	TRZVX	T Rowe Price	Pair Corr
0.73	PRSVX	T Rowe Price	Pair Corr
0.62	FSMMX	Fs Multi Strategy	Pair Corr
0.74	BTMPX	Ishares Msci Eafe	Pair Corr
0.92	BTMKX	Blackrock International	Pair Corr
0.74	MDIIX	Blackrock Intern Index	Pair Corr
0.73	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	SHXYX	American Beacon Shapiro	Pair Corr
0.66	PGP	Pimco Global Stocksplus	Pair Corr
0.62	CGQYX	Columbia Disciplined	Pair Corr
0.71	MITTX	Massachusetts Investors	Pair Corr
0.94	PHK	Pimco High Income	Pair Corr
0.64	SWCGX	Schwab Markettrack	Pair Corr
0.69	FMSDX	Fidelity Advisor Multi	Pair Corr
0.69	DOPIX	Dreyfus Opportunistic	Pair Corr
0.92	DIMIX	Dreyfus Short Interm	Pair Corr
0.72	JFFYX	Jpmorgan Smartretirement	Pair Corr
0.73	OAAIX	Oppenheimer Aggrssv	Pair Corr

Related Correlations Analysis

	VASDX	VEILX	VEITX	VELAX	VELIX	VESMX	VESAX	VESDX	VIOAX	VIOIX
VASDX		0.93	0.93	0.91	0.91	0.93	0.93	0.99	0.96	0.96	VASDX
VEILX	0.93		1.0	0.96	0.96	0.94	0.94	0.92	0.95	0.95	VEILX
VEITX	0.93	1.0		0.96	0.96	0.94	0.94	0.92	0.95	0.95	VEITX
VELAX	0.91	0.96	0.96		1.0	0.98	0.98	0.9	0.96	0.95	VELAX
VELIX	0.91	0.96	0.96	1.0		0.98	0.98	0.9	0.96	0.96	VELIX
VESMX	0.93	0.94	0.94	0.98	0.98		1.0	0.92	0.98	0.98	VESMX
VESAX	0.93	0.94	0.94	0.98	0.98	1.0		0.92	0.98	0.98	VESAX
VESDX	0.99	0.92	0.92	0.9	0.9	0.92	0.92		0.96	0.96	VESDX
VIOAX	0.96	0.95	0.95	0.96	0.96	0.98	0.98	0.96		1.0	VIOAX
VIOIX	0.96	0.95	0.95	0.95	0.96	0.98	0.98	0.96	1.0		VIOIX
	VASDX	VEILX	VEITX	VELAX	VELIX	VESMX	VESAX	VESDX	VIOAX	VIOIX

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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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VASDX	0.06	0.01	(1.06)	0.63	0.00	(0.14)	0.10	(0.10)	0.50
VEILX	0.45	0.12	0.05	0.56	0.28	(0.52)	0.93	(0.91)	3.11
VEITX	0.45	0.13	0.05	0.59	0.27	(0.52)	0.93	(0.90)	3.03
VELAX	0.60	0.02	(0.01)	0.15	0.51	(0.71)	1.77	(1.30)	4.70
VELIX	0.61	0.02	(0.01)	0.15	0.51	(0.72)	1.76	(1.29)	4.73
VESMX	0.79	0.05	0.04	0.19	0.78	(0.94)	2.11	(1.86)	6.06
VESAX	0.79	0.05	0.04	0.18	0.78	(0.94)	2.09	(1.87)	6.08
VESDX	0.07	0.02	(1.06)	1.28	0.00	(0.14)	0.10	(0.10)	0.60
VIOAX	0.34	0.05	(0.05)	0.27	0.09	(0.43)	0.87	(0.66)	2.58
VIOIX	0.35	0.05	(0.06)	0.25	0.08	(0.46)	0.87	(0.66)	2.79

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Vela Small Correlations

Vela Small Correlation With Market

Very poor diversification

Moving together with Vela Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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