Conestoga Smid Correlations

CCSMX Fund

USD 24.77 0.07 0.28%

The current 90-days correlation between Conestoga Smid Cap and Conestoga Small Cap is 0.96 (i.e., Almost no diversification). The correlation of Conestoga Smid 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 Smid Correlation With Market

Poor diversification

The correlation between Conestoga Smid Cap and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Conestoga Smid 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 Smid 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

0.94	CCASX	Conestoga Small Cap	Pair Corr
0.94	CCALX	Conestoga Small Cap	Pair Corr
0.65	CCMMX	Conestoga Mid Cap	Pair Corr
0.65	CCMAX	Columbia Large Cap	Pair Corr
1.0	CCSGX	Conestoga Smid Cap	Pair Corr
0.82	PCBIX	Midcap Fund Institutional	Pair Corr
0.82	PEMGX	Midcap Fund Class	Pair Corr
0.83	PMBCX	Midcap Fund Class	Pair Corr

Moving against Conestoga Mutual Fund

0.37	ERH	Allspring Utilities And	Pair Corr
0.32	RPIDX	T Rowe Price	Pair Corr

Related Correlations Analysis

	CCASX	YCGEX	DFDPX	POLRX	BDFFX
CCASX		0.67	0.3	0.06	0.35	CCASX
YCGEX	0.67		0.18	0.14	0.29	YCGEX
DFDPX	0.3	0.18		0.62	0.51	DFDPX
POLRX	0.06	0.14	0.62		0.7	POLRX
BDFFX	0.35	0.29	0.51	0.7		BDFFX
	CCASX	YCGEX	DFDPX	POLRX	BDFFX

Risk-Adjusted Indicators

There is a big difference between Conestoga Mutual Fund performing well and Conestoga Smid 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 Smid'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
CCASX	0.96	(0.14)	0.00	(0.03)	0.00	0.00	2.13	(1.77)	5.56
YCGEX	0.50	(0.06)	(0.11)	(0.01)	0.63	(0.50)	1.03	(0.88)	2.56
DFDPX	0.53	(0.02)	(0.03)	0.05	0.66	(0.54)	1.18	(1.04)	3.45
POLRX	0.62	(0.01)	(0.02)	0.06	0.78	(0.61)	1.46	(1.28)	4.38
BDFFX	0.89	(0.03)	0.00	0.05	0.89	(0.94)	2.27	(1.41)	5.61

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