Smallcap World Correlations

Mutual Funds . USA . 
Fund . Smallcap World Fund
CSPEX Fund  USD 69.19  0.84  1.23%   
The current 90-days correlation between Smallcap World and Pimco Energy Tactical is 0.3 (i.e., Weak diversification). The correlation of Smallcap World 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.

Smallcap World Correlation With Market

Very poor diversification

The correlation between Smallcap World Fund and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smallcap World 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 Smallcap World 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 Smallcap Mutual Fund

  0.97AMECX Income FundPairCorr
  0.99RNEBX New World FundPairCorr
  0.98AMFCX American MutualPairCorr
  0.98AMFFX American MutualPairCorr
  0.99RNCCX American Funds IncomePairCorr
  0.7FPPPX American Funds PresePairCorr
  0.98AMEFX Income FundPairCorr
  0.98RNGGX New Economy FundPairCorr
  1.0RNGFX New Economy FundPairCorr
  0.98RNGHX New Economy FundPairCorr
  0.98RNGBX New Economy FundPairCorr
  1.0RNGAX New Economy FundPairCorr
  0.98RNGEX New Economy FundPairCorr
  0.98RNGCX New Economy FundPairCorr
  0.69AMHIX American High IncomePairCorr
  0.63TEAFX Tax Exempt BondPairCorr
  0.98FPTPX American Funds ConsePairCorr
  1.0RNNEX New Economy FundPairCorr
  0.98CDJAX American Funds CollegePairCorr
  0.99AMPCX Amcap Fund ClassPairCorr
  0.99AMPFX Amcap Fund ClassPairCorr
  0.99RNPBX New PerspectivePairCorr
  0.98RNPAX New PerspectivePairCorr
  0.98RNPHX New PerspectivePairCorr
  0.99RNPGX New PerspectivePairCorr
  0.99RNPCX New PerspectivePairCorr
  0.99RNPFX New PerspectivePairCorr
  0.99RNPEX New PerspectivePairCorr
  0.98AMRMX American MutualPairCorr
  0.99AMRFX American MutualPairCorr
  0.98RNRPX American Funds RetirementPairCorr
  0.96TEPCX American Funds TaxPairCorr
  0.96TEPAX American Funds TaxPairCorr
  0.97TEPFX American Funds TaxPairCorr
  1.0RNWFX New World FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Smallcap Mutual Fund performing well and Smallcap World 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 Smallcap World'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.

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