Health Care Correlations

HCPIX Fund

USD 112.85 1.02 0.90%

The current 90-days correlation between Health Care Ultrasector and Fvkvwx is 0.26 (i.e., Modest diversification). The correlation of Health Care 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.

Health Care Correlation With Market

Good diversification

The correlation between Health Care Ultrasector and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Health Care Ultrasector 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 Health Care Ultrasector. 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 gross domestic product.

Moving together with Health Mutual Fund

0.92	PHPIX	Pharmaceuticals Ultrasector	Pair Corr
0.92	PHPSX	Pharmaceuticals Ultrasector	Pair Corr
0.72	OEPIX	Oil Equipment Services Steady Growth	Pair Corr
0.94	BIPIX	Biotechnology Ultrasector	Pair Corr
0.94	BIPSX	Biotechnology Ultrasector	Pair Corr
0.76	BITIX	Profunds Short Bitcoin	Pair Corr

Moving against Health Mutual Fund

0.77	INPIX	Internet Ultrasector	Pair Corr
0.77	INPSX	Internet Ultrasector	Pair Corr
0.52	REPIX	Real Estate Ultrasector	Pair Corr
0.41	UMPSX	Ultramid Cap Profund	Pair Corr
0.39	UMPIX	Ultramid Cap Profund	Pair Corr
0.69	SPPIX	Short Precious Metals	Pair Corr
0.69	SPPSX	Short Precious Metals	Pair Corr
0.64	FNPIX	Financials Ultrasector	Pair Corr
0.61	BKPSX	Banks Ultrasector Profund	Pair Corr
0.61	BKPIX	Banks Ultrasector Profund	Pair Corr
0.54	USPIX	Profunds Ultrashort	Pair Corr
0.54	USPSX	Profunds Ultrashort	Pair Corr

Related Correlations Analysis

	FVKVWX	RPBAX	HDCAX	CPUCX	IAADX
FVKVWX		0.48	0.47	0.18	0.76	FVKVWX
RPBAX	0.48		0.8	0.76	0.69	RPBAX
HDCAX	0.47	0.8		0.64	0.82	HDCAX
CPUCX	0.18	0.76	0.64		0.54	CPUCX
IAADX	0.76	0.69	0.82	0.54		IAADX
	FVKVWX	RPBAX	HDCAX	CPUCX	IAADX

Risk-Adjusted Indicators

There is a big difference between Health Mutual Fund performing well and Health Care 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 Health Care'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
FVKVWX	0.63	0.06	(0.01)	0.68	0.85	(0.64)	1.34	(1.29)	3.79
RPBAX	0.35	0.02	(0.03)	0.11	0.41	(0.35)	0.79	(0.74)	2.13
HDCAX	0.49	0.09	0.02	(5.49)	0.53	(0.53)	1.01	(1.00)	2.95
CPUCX	0.19	0.01	(0.25)	0.18	0.07	(0.24)	0.32	(0.32)	0.97
IAADX	0.18	0.05	(0.13)	(1.86)	0.00	(0.25)	0.42	(0.31)	1.25

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