Health Care Correlations

HCPIX Fund

USD 101.66 0.30 0.29%

The current 90-days correlation between Health Care Ultrasector and Nuveen Large Cap is -0.1 (i.e., Good 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

Very weak diversification

The correlation between Health Care Ultrasector and DJI is 0.57 (i.e., Very weak 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 census.

Moving together with Health Mutual Fund

0.7	MLPSX	Mid Cap Value	Pair Corr
0.78	MLPIX	Mid Cap Value	Pair Corr
0.64	PHPIX	Pharmaceuticals Ultrasector Steady Growth	Pair Corr
0.64	PHPSX	Pharmaceuticals Ultrasector Steady Growth	Pair Corr
0.65	OEPSX	Oil Equipment Services	Pair Corr
0.73	SVPIX	Small Cap Value	Pair Corr
0.68	SVPSX	Small Cap Value	Pair Corr
0.73	UMPSX	Ultramid Cap Profund	Pair Corr
0.73	UMPIX	Ultramid Cap Profund	Pair Corr

Moving against Health Mutual Fund

0.73	UIPIX	Ultrashort Mid Cap	Pair Corr
0.62	UIPSX	Ultrashort Mid Cap	Pair Corr
0.52	BRPIX	Bear Profund Bear	Pair Corr
0.51	BRPSX	Bear Profund Bear	Pair Corr
0.5	UKPSX	Ultrashort Japan Profund	Pair Corr
0.5	UKPIX	Ultrashort Japan Profund	Pair Corr
0.44	SRPSX	Short Real Estate	Pair Corr
0.38	BTCFX	Bitcoin Strategy Profund Steady Growth	Pair Corr
0.42	RTPSX	Rising Rates Opportunity	Pair Corr
0.35	RRPSX	Rising Rates Opportunity	Pair Corr
0.35	RRPIX	Rising Rates Opportunity	Pair Corr

Related Correlations Analysis

	FLRAX	LMISX	MTCGX	TALCX	JDVNX	LGPSX
FLRAX		0.96	0.94	0.98	0.93	0.97	FLRAX
LMISX	0.96		0.97	0.94	0.97	0.96	LMISX
MTCGX	0.94	0.97		0.9	0.92	0.96	MTCGX
TALCX	0.98	0.94	0.9		0.92	0.93	TALCX
JDVNX	0.93	0.97	0.92	0.92		0.9	JDVNX
LGPSX	0.97	0.96	0.96	0.93	0.9		LGPSX
	FLRAX	LMISX	MTCGX	TALCX	JDVNX	LGPSX

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
FLRAX	0.45	0.12	0.10	(0.53)	0.28	(0.53)	1.05	(0.64)	2.61
LMISX	0.43	0.09	0.16	0.18	0.14	(0.51)	1.01	(0.58)	2.43
MTCGX	0.57	0.09	0.10	0.17	0.57	(0.63)	1.32	(1.05)	3.32
TALCX	0.44	0.11	0.07	(0.44)	0.33	(0.56)	1.34	(0.72)	2.84
JDVNX	0.42	0.04	0.06	0.11	0.34	(0.48)	1.34	(0.62)	2.33
LGPSX	0.56	0.14	0.10	(0.61)	0.51	(0.59)	1.11	(1.06)	3.18

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