Conestoga Mid Correlations

CCMMX Fund

USD 9.07 0.17 1.91%

The current 90-days correlation between Conestoga Mid Cap and Conestoga Micro Cap is 0.77 (i.e., Poor diversification). The correlation of Conestoga Mid 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.

Conestoga Mid Correlation With Market

Poor diversification

The correlation between Conestoga Mid Cap and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Conestoga Mid Cap 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 Conestoga Mid 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 industry.

Moving together with Conestoga Mutual Fund

0.89	CCASX	Conestoga Small Cap	Pair Corr
0.89	CCALX	Conestoga Small Cap	Pair Corr
1.0	CCMAX	Columbia Large Cap	Pair Corr
0.95	CCSMX	Conestoga Smid Cap	Pair Corr
0.95	CCSGX	Conestoga Smid Cap	Pair Corr
0.81	PAMCX	T Rowe Price	Pair Corr
0.82	RRMGX	T Rowe Price	Pair Corr
0.77	TRQZX	T Rowe Price	Pair Corr
0.8	RPMGX	T Rowe Price	Pair Corr
0.92	PCBIX	Midcap Fund Institutional	Pair Corr
0.92	PEMGX	Midcap Fund Class	Pair Corr
0.92	PMBCX	Midcap Fund Class	Pair Corr

Moving against Conestoga Mutual Fund

0.72	VCMDX	Vanguard Commodity	Pair Corr
0.7	QNZIX	Aqr Sustainable Long	Pair Corr
0.68	VPALX	Vanguard Pennsylvania	Pair Corr
0.68	CMERX	Calvert Emerging Markets	Pair Corr
0.67	LFTAX	Lincoln Inflation Plus	Pair Corr
0.54	ACMTX	Ab All Market	Pair Corr
0.48	DHGAX	Dreyfusstandish Global	Pair Corr
0.45	SDLAX	Siit Dynamic Asset	Pair Corr
0.35	LANIX	Qs Growth Fund	Pair Corr
0.81	GUSTX	Gmo Treasury	Pair Corr
0.73	DULTX	Delaware Investments	Pair Corr

Related Correlations Analysis

	CMCMX	CMIRX	CCASX	CCALX	CCMAX	CCSMX	CCSGX
CMCMX		1.0	0.35	0.35	0.44	0.27	0.27	CMCMX
CMIRX	1.0		0.35	0.35	0.43	0.27	0.27	CMIRX
CCASX	0.35	0.35		1.0	0.89	0.94	0.94	CCASX
CCALX	0.35	0.35	1.0		0.89	0.94	0.94	CCALX
CCMAX	0.44	0.43	0.89	0.89		0.95	0.95	CCMAX
CCSMX	0.27	0.27	0.94	0.94	0.95		1.0	CCSMX
CCSGX	0.27	0.27	0.94	0.94	0.95	1.0		CCSGX
	CMCMX	CMIRX	CCASX	CCALX	CCMAX	CCSMX	CCSGX

Risk-Adjusted Indicators

There is a big difference between Conestoga Mutual Fund performing well and Conestoga Mid 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 Conestoga Mid'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CMCMX	1.12	(0.09)	(0.02)	2.85	(2.25)	6.75
CMIRX	1.12	(0.09)	(0.02)	2.82	(2.33)	6.79
CCASX	0.92	(0.12)	(0.05)	1.88	(1.70)	5.22
CCALX	0.92	(0.12)	(0.05)	1.89	(1.70)	5.24
CCMAX	0.69	(0.12)	(0.10)	1.30	(1.36)	4.79
CCSMX	0.84	(0.14)	(0.09)	1.61	(1.72)	4.98
CCSGX	0.84	(0.14)	(0.09)	1.57	(1.70)	4.97

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