Utilities Portfolio Correlations

Mutual Funds . USA . 
Fund . Utilities Portfolio Utilities
FSUTX Fund  USD 122.59  1.09  0.88%   
The current 90-days correlation between Utilities Portfolio and Consumer Discretionary Portfolio is 0.12 (i.e., Average diversification). The correlation of Utilities Portfolio 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.

Utilities Portfolio Correlation With Market

Average diversification

The correlation between Utilities Portfolio Utilities and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Utilities Portfolio Utilities 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 Utilities Portfolio Utilities. 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 estimate.

Moving together with Utilities Mutual Fund

  0.71D Dominion EnergyPairCorr
  0.71ES Eversource EnergyPairCorr
  0.66RNWWW ReNew Energy GlobalPairCorr
  0.73ELPC Companhia ParanaensePairCorr
  0.76ENIC Enel Chile SAPairCorr
  0.7ENLT Enlight Renewable EnergyPairCorr
  0.68ALE Allete IncPairCorr
  0.64AQN Algonquin Power UtilitiesPairCorr
  0.68BEP Brookfield RenewablePairCorr
  0.76BIP Brookfield InfrastructurePairCorr
  0.76CEG Constellation Energy CorpPairCorr
  0.75CIG Companhia EnergeticaPairCorr

Moving against Utilities Mutual Fund

  0.5CMS-PB Consumers EnergyPairCorr
  0.37ED Consolidated Edison Sell-off TrendPairCorr
  0.44CPK Chesapeake UtilitiesPairCorr
  0.37CMS CMS EnergyPairCorr
  0.36AVA AvistaPairCorr
  0.34EXC ExelonPairCorr

Related Correlations Analysis

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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   
FSRFX
+ 0.97
FIDSX
FIDSX
+ 0.87
FSCPX
FSRFX
+ 0.87
FSCPX
FSRFX
+ 0.72
FSTCX
FIDSX
+ 0.71
FSTCX
FSTCX
+ 0.59
FSCPX
  
High negative correlations   
FDFAX
- 0.06
FSTCX
FSRFX
- 0.05
FDFAX

Risk-Adjusted Indicators

There is a big difference between Utilities Mutual Fund performing well and Utilities Portfolio 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 Utilities Portfolio'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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