Power Momentum Correlations

Mutual Funds USA . 
Fund . Power Momentum Index
MOJAX Fund  USD 15.49  0.04  0.39%   
The current 90-days correlation between Power Momentum Index and Payden Government Fund is 0.05 (i.e., Significant diversification). The correlation of Power Momentum 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.

Power Momentum Correlation With Market

Poor diversification

The correlation between Power Momentum Index and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Power Momentum Index and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios. 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 nation.

Moving together with Power Mutual Fund

  0.93PWRCX Power IncomePairCorr
  0.94PWRIX Power IncomePairCorr
  0.62MOJCX Power Momentum IndexPairCorr
  1.0MOJOX Power Momentum IndexPairCorr
  0.98GTAAX Power Global TacticalPairCorr
  0.98GTAIX Power Global TacticalPairCorr
  0.93PWDAX Power Dividend IndexPairCorr
  0.63PWDCX Power Dividend IndexPairCorr
  0.85PATRX Pimco All AssetPairCorr
  0.9PAAIX All Asset FundPairCorr
  0.87PASAX All Asset FundPairCorr
  0.9PASCX All Asset FundPairCorr
  0.86PAUPX Pimco All AssetPairCorr
  0.83PAUIX Pimco All AssetPairCorr
  0.7GAAKX Gmo Alternative AlloPairCorr
  0.68GAAGX Gmo Alternative AlloPairCorr
  0.97MFEGX Mfs Growth FundPairCorr
  0.96MLNSX Global Centrated PorPairCorr
  0.61TRGLX T Rowe PricePairCorr
  0.87ETY Eaton Vance TaxPairCorr
  0.66LCBDX Clearbridge TacticalPairCorr
  0.96JDBRX Janus BalancedPairCorr
  0.74PCMNX Pace Municipal FixedPairCorr
  0.95VGIAX Vanguard Growth AndPairCorr
  0.66GIMSX Goldman Sachs LocalPairCorr
  0.62MLRRX Mainstay Large CapPairCorr
  0.95VFIAX Vanguard 500 IndexPairCorr
  0.84PBCAX Prudential CaliforniaPairCorr
  0.95VFINX Vanguard 500 IndexPairCorr

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   
DPIGX
+ 0.98
PYUSX
TWACX
+ 0.98
PYUSX
TWACX
+ 0.96
DPIGX
PRRXX
+ 0.7
DVPXX
SMAAX
+ 0.5
DPIGX
SMAAX
+ 0.46
PYUSX
  
High negative correlations   
RYAQX
- 0.2
TWACX
TWACX
- 0.19
DVPXX
DVPXX
- 0.17
PYUSX
DVPXX
- 0.15
DPIGX
PRRXX
- 0.14
TWACX
RYAQX
- 0.13
PYUSX

Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Momentum 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 Power Momentum'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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