Unconstrained Bond Correlations

EXCPX Fund

USD 9.94 0.02 0.20%

The current 90-days correlation between Unconstrained Bond Series and Manning Napier Callodine is -0.16 (i.e., Good diversification). The correlation of Unconstrained Bond 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.

Unconstrained Bond Correlation With Market

Good diversification

The correlation between Unconstrained Bond Series and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Unconstrained Bond Series and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Unconstrained Bond Series. 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 american community survey.

Moving together with Unconstrained Mutual Fund

1.0	MNCPX	Unconstrained Bond Series	Pair Corr
0.9	MCDIX	Manning Napier Credit	Pair Corr
0.94	MCBWX	Manning Napier Core	Pair Corr
0.94	MCBZX	Manning Napier Core	Pair Corr
0.95	MCDSX	Manning Napier Credit	Pair Corr
0.96	MCDWX	Manning Napier Credit	Pair Corr
1.0	MUBWX	Manning Napier Uncon	Pair Corr

Moving against Unconstrained Mutual Fund

0.62	MNHCX	Pro-blend(r) Maximum	Pair Corr
0.61	MNHIX	Pro-blend(r) Maximum	Pair Corr
0.61	MNHRX	Pro-blend(r) Maximum	Pair Corr
0.61	MNHWX	Manning Napier Pro	Pair Corr
0.49	MNECX	Pro-blend(r) Extended	Pair Corr
0.48	MNBWX	Manning Napier Pro	Pair Corr
0.47	MNBAX	Pro-blend(r) Extended	Pair Corr
0.47	MNBRX	Pro-blend(r) Extended	Pair Corr
0.43	MNMCX	Pro-blend(r) Moderate	Pair Corr
0.42	MNMIX	Pro-blend(r) Moderate	Pair Corr
0.42	MNMRX	Pro-blend(r) Moderate	Pair Corr
0.41	MNDFX	Disciplined Value Series	Pair Corr
0.4	MNMWX	Manning Napier Pro	Pair Corr
0.39	MNBIX	Pro-blend(r) Extended	Pair Corr
0.34	CEIZX	Manning Napier Callodine	Pair Corr
0.34	CEISX	Manning Napier Callodine	Pair Corr
0.33	CEIIX	Manning Napier Callodine	Pair Corr
0.71	MEYWX	Manning Napier Equity	Pair Corr
0.62	EXEYX	Equity Series Class	Pair Corr
0.56	EXHAX	Pro-blend(r) Maximum	Pair Corr
0.43	EXBAX	Pro-blend(r) Moderate	Pair Corr
0.4	MDFSX	Disciplined Value Series	Pair Corr
0.4	MDVWX	Manning Napier Disci	Pair Corr
0.4	MDVZX	Manning Napier Disci	Pair Corr

Related Correlations Analysis

	CEIIX	CEIZX	CEISX	MNBAX	MNBIX	MNCPX	MNCRX	MNCWX	MNDFX	MNBRX
CEIIX		1.0	1.0	0.89	0.97	-0.33	0.85	0.82	0.9	0.89	CEIIX
CEIZX	1.0		1.0	0.89	0.97	-0.33	0.85	0.82	0.9	0.89	CEIZX
CEISX	1.0	1.0		0.89	0.97	-0.33	0.85	0.82	0.9	0.89	CEISX
MNBAX	0.89	0.89	0.89		0.93	-0.46	0.8	0.76	0.86	1.0	MNBAX
MNBIX	0.97	0.97	0.97	0.93		-0.38	0.9	0.88	0.92	0.93	MNBIX
MNCPX	-0.33	-0.33	-0.33	-0.46	-0.38		-0.04	0.03	-0.4	-0.46	MNCPX
MNCRX	0.85	0.85	0.85	0.8	0.9	-0.04		1.0	0.86	0.8	MNCRX
MNCWX	0.82	0.82	0.82	0.76	0.88	0.03	1.0		0.83	0.76	MNCWX
MNDFX	0.9	0.9	0.9	0.86	0.92	-0.4	0.86	0.83		0.86	MNDFX
MNBRX	0.89	0.89	0.89	1.0	0.93	-0.46	0.8	0.76	0.86		MNBRX
	CEIIX	CEIZX	CEISX	MNBAX	MNBIX	MNCPX	MNCRX	MNCWX	MNDFX	MNBRX

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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

CEIZX	+ 1.0	CEIIX
CEISX	+ 1.0	CEIIX
CEISX	+ 1.0	CEIZX
MNBRX	+ 1.0	MNBAX
MNCWX	+ 1.0	MNCRX
MNBIX	+ 0.97	CEIIX

High negative correlations

MNBRX	- 0.46	MNCPX
MNCPX	- 0.46	MNBAX
MNDFX	- 0.4	MNCPX
MNCPX	- 0.38	MNBIX
MNCPX	- 0.33	CEISX
MNCPX	- 0.33	CEIZX

Risk-Adjusted Indicators

There is a big difference between Unconstrained Mutual Fund performing well and Unconstrained Bond 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 Unconstrained Bond'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
CEIIX	1.20	(0.20)	0.00	3.17	0.00	0.00	1.48	(2.11)	13.14
CEIZX	1.21	(0.20)	0.00	3.09	0.00	0.00	1.48	(2.10)	13.13
CEISX	1.21	(0.20)	0.00	3.13	0.00	0.00	1.48	(2.11)	13.02
MNBAX	0.64	0.02	0.00	(0.10)	0.00	0.00	0.99	(1.25)	5.83
MNBIX	0.65	(0.06)	0.00	0.83	0.00	0.00	1.04	(1.25)	5.87
MNCPX	0.12	0.01	0.70	(1.20)	0.00	(0.16)	0.30	(0.20)	0.81
MNCRX	0.26	0.00	0.38	(0.07)	0.29	(0.34)	0.61	(0.46)	1.68
MNCWX	0.26	0.00	0.37	(0.17)	0.29	(0.33)	0.61	(0.54)	1.64
MNDFX	1.02	(0.12)	0.00	2.60	0.00	0.00	1.59	(2.13)	10.28
MNBRX	0.63	0.02	0.00	(0.10)	0.00	0.00	0.98	(1.25)	5.81

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