Madison Mid Correlations

GTSGX Fund

USD 16.18 0.43 2.73%

The current 90-days correlation between Madison Mid Cap and Madison Mid Cap is 1.0 (i.e., No risk reduction). The correlation of Madison Mid 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.

Madison Mid Correlation With Market

Very poor diversification

The correlation between Madison Mid Cap and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Madison Mid Cap 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 Madison Mid 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 rate.

Moving together with Madison Mutual Fund

1.0	MMCRX	Madison Mid Cap	Pair Corr
0.66	MNVAX	Madison Investors	Pair Corr
0.66	MNVRX	Madison Investors	Pair Corr
0.91	BVAOX	Broadview Opportunity	Pair Corr
0.75	MADAX	Madison Dividend Income	Pair Corr
0.75	MADRX	Madison Funds	Pair Corr
0.75	BHBFX	Madison Dividend Income	Pair Corr
0.91	MSCIX	Madison Small Cap	Pair Corr
0.91	MSCRX	Madison Small Cap	Pair Corr
0.91	MASMX	Madison Small Cap	Pair Corr
0.79	MBLAX	Madison Diversified	Pair Corr
1.0	MDCIX	Madison Mid Cap	Pair Corr
0.75	MDMIX	Madison Dividend Income	Pair Corr
0.79	MENAX	Madison Ered Call	Pair Corr
0.78	MENIX	Madison Funds	Pair Corr
0.78	MENRX	Madison Ered Call	Pair Corr
0.78	MENYX	Madison Ered Call	Pair Corr
1.0	MERAX	Madison Mid Cap	Pair Corr
0.66	MINVX	Madison Investors	Pair Corr
0.66	MIVIX	Madison Investors	Pair Corr
0.77	VIMAX	Vanguard Mid Cap	Pair Corr
0.78	VIMSX	Vanguard Mid Cap	Pair Corr
0.77	VMCPX	Vanguard Mid Cap	Pair Corr
0.77	VMCIX	Vanguard Mid Cap	Pair Corr
0.63	VEXAX	Vanguard Extended Market	Pair Corr
0.63	VEMPX	Vanguard Extended Market	Pair Corr
0.63	VIEIX	Vanguard Extended Market	Pair Corr
0.64	VEXMX	Vanguard Extended Market	Pair Corr

Moving against Madison Mutual Fund

0.36	MIIRX	Madison Funds	Pair Corr
0.64	TRSTX	T Rowe Price	Pair Corr
0.58	VSEMX	Vanguard Extended Market	Pair Corr
0.45	GTFHX	Madison Tax Free	Pair Corr

Related Correlations Analysis

	MERAX	INUTX	HASCX	BRMKX	BRMAX	TRJWX	MADCX	MDDCX	SINAX	SAIFX
MERAX		0.09	0.64	0.85	0.86	-0.12	-0.29	-0.29	0.26	0.23	MERAX
INUTX	0.09		0.47	0.51	0.5	0.81	0.75	0.75	0.88	0.88	INUTX
HASCX	0.64	0.47		0.85	0.85	0.33	0.18	0.18	0.64	0.62	HASCX
BRMKX	0.85	0.51	0.85		1.0	0.33	0.16	0.16	0.67	0.65	BRMKX
BRMAX	0.86	0.5	0.85	1.0		0.32	0.14	0.15	0.66	0.64	BRMAX
TRJWX	-0.12	0.81	0.33	0.33	0.32		0.97	0.97	0.85	0.87	TRJWX
MADCX	-0.29	0.75	0.18	0.16	0.14	0.97		1.0	0.75	0.77	MADCX
MDDCX	-0.29	0.75	0.18	0.16	0.15	0.97	1.0		0.76	0.77	MDDCX
SINAX	0.26	0.88	0.64	0.67	0.66	0.85	0.75	0.76		1.0	SINAX
SAIFX	0.23	0.88	0.62	0.65	0.64	0.87	0.77	0.77	1.0		SAIFX
	MERAX	INUTX	HASCX	BRMKX	BRMAX	TRJWX	MADCX	MDDCX	SINAX	SAIFX

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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

BRMAX	+ 1.0	BRMKX
MDDCX	+ 1.0	MADCX
SAIFX	+ 1.0	SINAX
MADCX	+ 0.97	TRJWX
MDDCX	+ 0.97	TRJWX
SINAX	+ 0.88	INUTX

High negative correlations

MDDCX	- 0.29	MERAX
MADCX	- 0.29	MERAX
TRJWX	- 0.12	MERAX

Risk-Adjusted Indicators

There is a big difference between Madison Mutual Fund performing well and Madison Mid 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 Madison Mid'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
MERAX	0.69	(0.08)	0.00	(0.03)	0.00	0.00	1.66	(1.39)	4.86
INUTX	0.50	0.00	(0.01)	0.05	0.54	(0.57)	1.05	(1.05)	3.26
HASCX	0.83	(0.03)	(0.02)	0.02	1.06	(0.89)	2.08	(1.64)	7.18
BRMKX	0.64	(0.05)	0.00	(0.01)	0.00	0.00	1.33	(1.54)	4.88
BRMAX	0.64	(0.05)	0.00	(0.01)	0.00	0.00	1.34	(1.48)	4.85
TRJWX	0.22	0.01	(0.05)	0.06	0.24	(0.25)	0.56	(0.42)	1.77
MADCX	0.73	0.06	0.05	0.12	0.95	(0.80)	1.49	(1.34)	5.35
MDDCX	0.74	0.06	0.05	0.12	0.95	(0.80)	1.52	(1.33)	5.39
SINAX	0.44	(0.01)	(0.03)	0.03	0.59	(0.43)	1.12	(0.95)	3.56
SAIFX	0.44	(0.01)	(0.03)	0.03	0.59	(0.42)	1.12	(0.93)	3.55

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