Power Momentum Correlations

Mutual Funds . USA . 
Fund . Power Momentum Index
MOJCX Fund  USD 14.53  0.05  0.35%   
The current 90-days correlation between Power Momentum Index and Goldman Sachs Technology is 0.04 (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 0.73 (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, which includes a position in Power Momentum Index. 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 main economic indicators.

Moving together with Power Mutual Fund

  0.92PWRAX Power IncomePairCorr
  0.9PWRCX Power IncomePairCorr
  0.91PWRIX Power IncomePairCorr
  0.99MOJAX Power Momentum IndexPairCorr
  1.0MOJOX Power Momentum IndexPairCorr
  0.86FLOTX Power Floating RatePairCorr
  0.98GTAAX Power Global TacticalPairCorr
  0.98GTAIX Power Global TacticalPairCorr
  0.95PWDAX Power Dividend IndexPairCorr
  0.95PWDCX Power Dividend IndexPairCorr
  0.95PWDIX Power Dividend IndexPairCorr
  0.93PAALX All Asset FundPairCorr
  0.93PATRX Pimco All AssetPairCorr
  0.93PAAIX All Asset FundPairCorr
  0.93PALPX Pimco All AssetPairCorr
  0.92PASAX All Asset FundPairCorr
  0.93PASCX All Asset FundPairCorr
  0.93PAANX Pimco All AssetPairCorr
  0.89PAUPX Pimco All AssetPairCorr
  0.89PAUIX Pimco All AssetPairCorr
  0.95SMPSX Semiconductor UltrasectorPairCorr
  0.95SMPIX Semiconductor UltrasectorPairCorr
  0.88TREMX T Rowe PricePairCorr
  0.94ONERX One Rock FundPairCorr
  0.88TTEEX T Rowe PricePairCorr
  0.96FIKGX Fidelity Advisor SemPairCorr
  0.97FELIX Fidelity Advisor SemPairCorr
  0.97FSELX Fidelity Select SemiPairCorr
  0.96FELAX Fidelity Advisor SemPairCorr
  0.96FELTX Fidelity Advisor SemPairCorr
  0.87SDHAX Lord Abbett ShortPairCorr
  0.96AWYIX At Equity IncomePairCorr
  0.98APHMX Artisan Mid CapPairCorr
  0.87TASTX Transamerica Short TermPairCorr
  0.95MGPIX Mid Cap GrowthPairCorr
  0.96JAFSX John Hancock VariablePairCorr
  0.95PFLLX Putnam Floating RatePairCorr

Moving against Power Mutual Fund

  0.37VSPTX Voya Solution 2060PairCorr

Related Correlations Analysis

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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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