World Energy Correlations

AIWEX Fund

USD 14.84 0.29 1.99%

The current 90-days correlation between World Energy and Ambrus Core Bond is 0.45 (i.e., Very weak diversification). The correlation of World Energy 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.

World Energy Correlation With Market

Good diversification

The correlation between World Energy Fund and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding World Energy Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in World Energy 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 income.

Moving together with World Mutual Fund

0.88	APLIX	Cavanal Hill Hedged	Pair Corr
0.89	APWEX	World Energy	Pair Corr
0.89	AAWEX	World Energy	Pair Corr
0.9	ACWEX	World Energy	Pair Corr
0.88	AILIX	Cavanal Hill Hedged	Pair Corr
0.64	VGENX	Vanguard Energy	Pair Corr
0.75	VENAX	Vanguard Energy Index	Pair Corr
0.82	FSENX	Fidelity Select Port	Pair Corr
0.73	FNRCX	Fidelity Advisor Energy	Pair Corr
0.77	FANAX	Fidelity Advisor Energy	Pair Corr
0.73	FAGNX	Fidelity Advisor Energy	Pair Corr
0.77	FANIX	Fidelity Advisor Energy	Pair Corr
0.64	FNARX	Fidelity Natural Res	Pair Corr
0.82	IENIX	Invesco Energy	Pair Corr
0.73	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.74	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.74	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.66	SPMJX	Invesco Steelpath Mlp	Pair Corr

Moving against World Mutual Fund

0.52	AAUSX	Cavanal Hill Ultra	Pair Corr
0.5	AASTX	Limited Duration	Pair Corr
0.43	APSTX	Limited Duration	Pair Corr
0.37	APBDX	Bond Fund Investor	Pair Corr
0.35	AIBNX	Bond Fund Institutional	Pair Corr
0.31	AISTX	Limited Duration	Pair Corr
0.74	PSTIX	Stocksplus Tr Short	Pair Corr
0.65	RYCBX	Inverse Sp 500	Pair Corr
0.49	ECLDX	Eaton Vance Short	Pair Corr
0.49	CFAMX	Short Term Bond	Pair Corr

Related Correlations Analysis

	TTRBX	OWFIX	ANAGX	BMOPX	ARTFX	TPYYX
TTRBX		0.74	0.65	0.89	0.54	0.0	TTRBX
OWFIX	0.74		0.74	0.87	-0.03	-0.38	OWFIX
ANAGX	0.65	0.74		0.69	0.17	-0.17	ANAGX
BMOPX	0.89	0.87	0.69		0.17	-0.35	BMOPX
ARTFX	0.54	-0.03	0.17	0.17		0.74	ARTFX
TPYYX	0.0	-0.38	-0.17	-0.35	0.74		TPYYX
	TTRBX	OWFIX	ANAGX	BMOPX	ARTFX	TPYYX

Click cells to compare fundamentals

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BMOPX	+ 0.89	TTRBX
BMOPX	+ 0.87	OWFIX
OWFIX	+ 0.74	TTRBX
ANAGX	+ 0.74	OWFIX
TPYYX	+ 0.74	ARTFX
BMOPX	+ 0.69	ANAGX

High negative correlations

TPYYX	- 0.38	OWFIX
TPYYX	- 0.35	BMOPX
TPYYX	- 0.17	ANAGX
ARTFX	- 0.03	OWFIX
TPYYX	- 0.0	TTRBX

Risk-Adjusted Indicators

There is a big difference between World Mutual Fund performing well and World Energy 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 World Energy'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
TTRBX	0.19	0.00	0.30	(0.14)	0.23	(0.21)	0.40	(0.31)	1.21
OWFIX	0.22	0.00	0.28	(0.19)	0.24	(0.24)	0.40	(0.40)	1.37
ANAGX	0.19	(0.01)	0.20	0.20	0.25	(0.24)	0.44	(0.44)	1.30
BMOPX	0.30	0.00	0.20	0.18	0.38	(0.29)	0.56	(0.56)	1.88
ARTFX	0.20	0.01	0.23	0.36	0.27	(0.23)	0.55	(0.34)	1.56
TPYYX	1.22	0.16	0.08	0.09	1.82	(1.21)	1.98	(2.75)	10.26

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