Small Cap Correlations

Mutual Funds . USA . 
Fund . Small Cap Index
VCSLX Fund  USD 15.95  0.07  0.44%   
The current 90-days correlation between Small Cap Index and Fidelity Advisor Health is 0.62 (i.e., Poor diversification). The correlation of Small Cap 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.

Small Cap Correlation With Market

Very poor diversification

The correlation between Small Cap Index and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Small Cap Index 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 Small Cap 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 bureau of economic analysis.

Moving together with Small Mutual Fund

  0.84VMIDX Mid Cap IndexPairCorr
  0.97VMSGX Mid Cap StrategicPairCorr
  0.98VSTIX Stock Index FundPairCorr
  0.98VBCVX Broad Cap ValuePairCorr
  0.88VCAAX Asset AllocationPairCorr
  0.86VCGAX Growth IncomePairCorr
  0.96VCGEX Emerging EconomiesPairCorr
  0.72VCINX International GrowthPairCorr
  0.97VCNIX Nasdaq 100 IndexPairCorr
  0.85VCSTX Science TechnologyPairCorr
  0.98VVSGX Valic Company IPairCorr
  0.98VVSCX Valic Company IPairCorr
  0.75VGREX Global Real EstatePairCorr
  0.97VHYLX Valic Company IPairCorr
  0.98VLCGX Large Capital GrowthPairCorr
  0.99VSMAX Vanguard Small CapPairCorr
  0.99VSCIX Vanguard Small CapPairCorr
  0.99VSCPX Vanguard Small CapPairCorr
  0.99NAESX Vanguard Small CapPairCorr
  1.0FSSNX Fidelity Small CapPairCorr
  0.99DFSTX Us Small CapPairCorr
  0.99PASVX T Rowe PricePairCorr
  0.99PRVIX T Rowe PricePairCorr
  0.99TRZVX T Rowe PricePairCorr

Moving against Small Mutual Fund

  0.78XNBHX Neuberger Berman IntPairCorr
  0.76XDSMX Dreyfus StrategicPairCorr
  0.59XNXJX Nuveen New JerseyPairCorr
  0.46XPPRX Voya Prime RatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Small Mutual Fund performing well and Small Cap 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 Small Cap'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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