Zacks Small-cap Correlations

ZSCIX Fund

USD 34.54 0.56 1.65%

The current 90-days correlation between Zacks Small Cap and Riverparkwedgewood Fund Retail is 0.73 (i.e., Poor diversification). The correlation of Zacks 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.

Zacks Small-cap Correlation With Market

Very poor diversification

The correlation between Zacks Small Cap E and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zacks Small Cap E and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Zacks Small Cap E. 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 gross domestic product.

Moving together with Zacks Mutual Fund

0.73	CZOVX	Zacks All Cap	Pair Corr
1.0	ZSCCX	Zacks Small Cap Steady Growth	Pair Corr
0.9	ZDIIX	Zacks Dividend	Pair Corr
0.9	ZDIVX	Zacks Dividend	Pair Corr
0.93	VSMAX	Vanguard Small Cap	Pair Corr
0.93	VSCIX	Vanguard Small Cap	Pair Corr
0.93	VSCPX	Vanguard Small Cap	Pair Corr
0.93	NAESX	Vanguard Small Cap	Pair Corr
0.86	FSSNX	Fidelity Small Cap	Pair Corr
0.98	DFSTX	Us Small Cap	Pair Corr
0.96	PASVX	T Rowe Price	Pair Corr
0.96	PRVIX	T Rowe Price	Pair Corr
0.95	TRZVX	T Rowe Price	Pair Corr
0.96	PRSVX	T Rowe Price	Pair Corr
0.73	GAAKX	Gmo Alternative Allo	Pair Corr
0.74	GAAGX	Gmo Alternative Allo	Pair Corr
0.71	GPBFX	Gmo E Plus	Pair Corr
0.64	GPMFX	Guidepath Managed Futures	Pair Corr
0.74	PQTAX	Pimco Trends Managed	Pair Corr
0.74	PQTNX	Pimco Trends Managed	Pair Corr
0.74	PQTIX	Aa Pimco Tr	Pair Corr
0.64	WARCX	Wells Fargo Advantage	Pair Corr
0.66	ETAZX	Eaton Vance Arizona	Pair Corr
0.82	MSTMX	Morningstar Multisector	Pair Corr
0.95	ARAIX	Ariel Fund Institutional	Pair Corr
0.83	CICEX	Investment Of America	Pair Corr
0.95	PEIOX	Equity Income	Pair Corr
0.8	VTCIX	Vanguard Tax Managed	Pair Corr
0.67	LUBFX	Lord Abbett Ultra	Pair Corr
0.68	NHMFX	Nuveen High Yield	Pair Corr
0.68	SSMMX	Western Asset Managed	Pair Corr
0.62	SHISX	Blackrock Health Sciences	Pair Corr
0.71	NCRIX	Neuberger Berman E	Pair Corr
0.7	EKWDX	Wells Fargo Advantage	Pair Corr
0.7	SWANX	Schwab E Equity	Pair Corr
0.73	TIODX	Transamerica Funds	Pair Corr
0.74	MBCYX	Massmutual Select Blue	Pair Corr

Related Correlations Analysis

	RWGFX	LPRE	SHDPX	CASAX	ACKY	ISTAX	GTTMX	ADVGX	LMUB	MFQAX
RWGFX		0.38	0.63	0.8	-0.25	0.92	0.93	0.64	0.74	0.79	RWGFX
LPRE	0.38		0.68	0.14	0.1	0.51	0.39	0.59	0.04	0.51	LPRE
SHDPX	0.63	0.68		0.2	0.18	0.78	0.59	0.86	0.11	0.42	SHDPX
CASAX	0.8	0.14	0.2		-0.52	0.72	0.83	0.16	0.95	0.84	CASAX
ACKY	-0.25	0.1	0.18	-0.52		-0.2	-0.27	0.07	-0.6	-0.33	ACKY
ISTAX	0.92	0.51	0.78	0.72	-0.2		0.93	0.76	0.65	0.76	ISTAX
GTTMX	0.93	0.39	0.59	0.83	-0.27	0.93		0.61	0.77	0.81	GTTMX
ADVGX	0.64	0.59	0.86	0.16	0.07	0.76	0.61		0.11	0.33	ADVGX
LMUB	0.74	0.04	0.11	0.95	-0.6	0.65	0.77	0.11		0.71	LMUB
MFQAX	0.79	0.51	0.42	0.84	-0.33	0.76	0.81	0.33	0.71		MFQAX
	RWGFX	LPRE	SHDPX	CASAX	ACKY	ISTAX	GTTMX	ADVGX	LMUB	MFQAX

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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

LMUB	+ 0.95	CASAX
GTTMX	+ 0.93	RWGFX
GTTMX	+ 0.93	ISTAX
ISTAX	+ 0.92	RWGFX
ADVGX	+ 0.86	SHDPX
MFQAX	+ 0.84	CASAX

High negative correlations

LMUB	- 0.6	ACKY
ACKY	- 0.52	CASAX
MFQAX	- 0.33	ACKY
GTTMX	- 0.27	ACKY
ACKY	- 0.25	RWGFX
ISTAX	- 0.2	ACKY

Risk-Adjusted Indicators

There is a big difference between Zacks Mutual Fund performing well and Zacks 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 Zacks 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RWGFX	0.54	(0.03)	(0.04)	0.04	0.61	(0.74)	1.45	(0.85)	4.55
LPRE	0.73	(0.05)	(0.08)	0.01	0.80	(0.82)	1.58	(1.25)	4.50
SHDPX	0.93	(0.10)	(0.05)	0.01	1.10	(1.12)	2.34	(1.86)	6.42
CASAX	0.62	0.07	0.08	0.15	0.60	(0.73)	1.46	(1.08)	4.64
ACKY	0.66	0.00	(0.04)	0.08	0.90	(0.63)	1.36	(1.20)	3.71
ISTAX	0.72	(0.02)	0.00	0.06	0.80	(0.83)	1.88	(1.10)	5.74
GTTMX	0.69	0.03	0.04	0.10	0.76	(0.83)	1.51	(1.29)	5.32
ADVGX	0.87	(0.05)	(0.02)	0.04	0.89	(1.09)	2.05	(1.67)	6.42
LMUB	0.19	0.10	0.14	3.41	0.00	(0.26)	0.55	(0.24)	1.27
MFQAX	0.51	(0.02)	(0.05)	0.05	0.65	(0.52)	1.04	(1.22)	2.89

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