Guidepath Absolute Correlations

Mutual Funds . USA . 
Fund . Guidepath Absolute Return
GPARX Fund  USD 9.60  0.01  0.10%   
The current 90-days correlation between Guidepath Absolute Return and Invesco Diversified Dividend is -0.15 (i.e., Good diversification). The correlation of Guidepath Absolute 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.

Guidepath Absolute Correlation With Market

Good diversification

The correlation between Guidepath Absolute Return and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guidepath Absolute Return and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Guidepath Absolute Return. 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 metropolitan statistical area.

Moving together with Guidepath Mutual Fund

  0.78GPICX Guidepath ConservativePairCorr
  0.92GPIFX Guidepath Flexible IncomePairCorr
  0.84GPIGX Guidepath Growth AndPairCorr
  0.93GPMIX Guidepath Multi AssetPairCorr
  0.74VBIRX Vanguard Short TermPairCorr
  0.79VFSUX Vanguard Short TermPairCorr
  0.91VFSIX Vanguard Short TermPairCorr
  0.91VFSTX Vanguard Short TermPairCorr
  0.86VBITX Vanguard Short TermPairCorr
  0.86VBISX Vanguard Short TermPairCorr
  0.86LALDX Lord Abbett ShortPairCorr
  0.92VSCSX Vanguard Short TermPairCorr
  0.9LDLAX Lord Abbett ShortPairCorr
  0.88LDLRX Lord Abbett ShortPairCorr
  0.96HLDIX Hartford EmergingPairCorr
  0.96HLDRX Hartford EmergingPairCorr
  0.9HLDAX Hartford EmergingPairCorr
  0.91HLDCX Hartford EmergingPairCorr
  0.96HLDTX Hartford EmergingPairCorr
  0.83VSZFX Voya Index SolutionPairCorr
  0.77DFSTX Us Small CapPairCorr
  0.81FSTRX Federated Mdt LargePairCorr
  0.89ITTRX Hartford BalancedPairCorr
  0.89BMCIX Blackrock High EquityPairCorr
  0.66BGCWX Baillie Gifford EafePairCorr
  0.9GDV Gabelli Dividend IncomePairCorr
  0.85GCVAX Goldman Sachs LargePairCorr
  0.84FIQEX Fidelity CanadaPairCorr
  0.77VSCPX Vanguard Small CapPairCorr
  0.86FELTX Fidelity Advisor SemPairCorr
  0.81FTSDX Fidelity StrategicPairCorr
  0.85SSHVX Sound Shore FundPairCorr
  0.81SKTAX Saat E MarketPairCorr
  0.88MISTX Bny Mellon ShortPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Guidepath Mutual Fund performing well and Guidepath Absolute 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 Guidepath Absolute'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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