Nasdaq-100 Index Correlations

Mutual Funds . USA . 
Fund . Nasdaq 100 Index Fund
URNQX Fund  USD 52.86  0.09  0.17%   
The current 90-days correlation between Nasdaq 100 Index and Dunham Porategovernment Bond is -0.16 (i.e., Good diversification). The correlation of Nasdaq-100 Index 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.

Nasdaq-100 Index Correlation With Market

Poor diversification

The correlation between Nasdaq 100 Index Fund and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Nasdaq 100 Index Fund. 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 producer price index.

Moving together with Nasdaq-100 Mutual Fund

  0.88UICGX Capital GrowthPairCorr
  0.67UIHIX High Income FundPairCorr
  0.96UIGIX Growth IncomePairCorr
  0.99UIGRX Growth Fund GrowthPairCorr
  0.85UIISX Income StockPairCorr
  0.82UISCX Small Cap StockPairCorr
  0.88UIVAX Value Fund ValuePairCorr
  0.9UIWGX World GrowthPairCorr
  0.68URHIX High Income FundPairCorr
  0.65URUSX Ultra Short TermPairCorr
  0.91USPRX Sp 500 IndexPairCorr
  0.93UTMAX Target Managed AllocationPairCorr
  0.64UUSIX Ultra Short TermPairCorr
  0.85UGOFX Global Managed VolatilityPairCorr
  0.99UIAGX Aggressive GrowthPairCorr
  0.93FAFGX American FundsPairCorr
  0.93FFAFX American FundsPairCorr
  0.98GFACX Growth FundPairCorr
  0.98GFAFX Growth FundPairCorr
  0.98AGTHX Growth FundPairCorr
  0.98CGFFX Growth FundPairCorr
  0.93CGFCX Growth FundPairCorr
  0.98CGFAX Growth FundPairCorr
  0.98CGFEX Growth FundPairCorr
  0.98RGAEX Growth FundPairCorr
  0.97VTSAX Vanguard Total StockPairCorr
  0.91VFIAX Vanguard 500 IndexPairCorr
  0.97VTSMX Vanguard Total StockPairCorr

Moving against Nasdaq-100 Mutual Fund

  0.64UIGSX Government SecuritiesPairCorr
  0.64UIITX Intermediate Term BondPairCorr
  0.64URGSX Government SecuritiesPairCorr
  0.62URIBX Intermediate Term BondPairCorr
  0.54UIINX Income Fund IncomePairCorr
  0.54URIFX Income Fund IncomePairCorr

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   
UGSFX
+ 0.99
DACGX
BIGLX
+ 0.99
UGSFX
BIGLX
+ 0.98
DACGX
PGIQX
+ 0.96
DACGX
UGSFX
+ 0.96
PGIQX
BIGLX
+ 0.96
PGIQX
  
High negative correlations   
UGSFX
- 0.29
SSAGX
BIGLX
- 0.28
SSAGX
PGIQX
- 0.26
SSAGX
SSAGX
- 0.22
DACGX

Risk-Adjusted Indicators

There is a big difference between Nasdaq-100 Mutual Fund performing well and Nasdaq-100 Index 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 Nasdaq-100 Index'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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