Angel Oak Correlations

ANGIX Fund

USD 8.65 0.01 0.12%

The current 90-days correlation between Angel Oak Multi and California High Yield Municipal is 0.53 (i.e., Very weak diversification). The correlation of Angel Oak 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.

Angel Oak Correlation With Market

Good diversification

The correlation between Angel Oak Multi Strategy and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Angel Oak Multi Strategy and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Angel Oak Multi Strategy. 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 Angel Mutual Fund

0.97	ANGCX	Angel Oak Multi	Pair Corr
0.99	ANGLX	Angel Oak Multi	Pair Corr
0.62	DSL	Doubleline Income	Pair Corr
0.95	PONAX	Pimco Income	Pair Corr
0.95	PONCX	Pimco Income	Pair Corr
0.95	PIPNX	Pimco Income	Pair Corr
0.95	PONRX	Pimco Income	Pair Corr
0.94	PONPX	Pimco Incme Fund	Pair Corr
0.95	PIINX	Pimco Income	Pair Corr
0.94	PIMIX	Pimco Income	Pair Corr
0.67	GUTEX	Victory Tax Exempt	Pair Corr
0.71	VMLUX	Vanguard Limited Term	Pair Corr

Moving against Angel Mutual Fund

0.56	VSTSX	Vanguard Total Stock	Pair Corr
0.56	VSMPX	Vanguard Total Stock	Pair Corr
0.36	AOUIX	Angel Oak Ultrashort	Pair Corr
0.34	AOUAX	Angel Oak Ultrashort	Pair Corr
0.32	AOUNX	Angel Oak Ultrashort	Pair Corr
0.67	KMKNX	Kinetics Market Oppo	Pair Corr
0.61	PRMTX	T Rowe Price	Pair Corr
0.6	VIGAX	Vanguard Growth Index	Pair Corr
0.59	FSELX	Fidelity Select Semi	Pair Corr
0.58	AIO	Virtus Allianzgi Art	Pair Corr
0.57	VFIAX	Vanguard 500 Index	Pair Corr
0.56	VITSX	Vanguard Total Stock	Pair Corr
0.56	VTSAX	Vanguard Total Stock	Pair Corr
0.55	VFFSX	Vanguard 500 Index	Pair Corr
0.55	VINIX	Vanguard Institutional	Pair Corr
0.55	PREIX	T Rowe Price	Pair Corr
0.54	CGFFX	Growth Fund	Pair Corr
0.53	RYRSX	Russell 2000 2x Steady Growth	Pair Corr
0.67	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.67	CLM	Cornerstone Strategic	Pair Corr

Related Correlations Analysis

	BCHIX	AAARX	AGTFX	NEAIX	AWF	FHAIX	ARCNX
BCHIX		0.05	-0.03	0.13	0.61	0.33	0.11	BCHIX
AAARX	0.05		0.98	0.78	-0.01	0.66	0.62	AAARX
AGTFX	-0.03	0.98		0.76	-0.01	0.68	0.71	AGTFX
NEAIX	0.13	0.78	0.76		0.2	0.51	0.43	NEAIX
AWF	0.61	-0.01	-0.01	0.2		0.2	0.21	AWF
FHAIX	0.33	0.66	0.68	0.51	0.2		0.68	FHAIX
ARCNX	0.11	0.62	0.71	0.43	0.21	0.68		ARCNX
	BCHIX	AAARX	AGTFX	NEAIX	AWF	FHAIX	ARCNX

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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

AGTFX	+ 0.98	AAARX
NEAIX	+ 0.78	AAARX
NEAIX	+ 0.76	AGTFX
ARCNX	+ 0.71	AGTFX
FHAIX	+ 0.68	AGTFX
ARCNX	+ 0.68	FHAIX

High negative correlations

AGTFX	- 0.03	BCHIX
AWF	- 0.01	AGTFX
AWF	- 0.01	AAARX

Risk-Adjusted Indicators

There is a big difference between Angel Mutual Fund performing well and Angel Oak 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 Angel Oak'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
BCHIX	0.17	0.03	(0.25)	(0.17)	0.21	(0.22)	0.41	(0.40)	1.53
AAARX	0.43	(0.01)	(0.09)	0.11	0.44	(0.51)	0.93	(0.70)	2.37
AGTFX	0.52	(0.03)	(0.09)	0.09	0.55	(0.61)	1.15	(0.88)	3.06
NEAIX	1.07	0.01	(0.06)	0.17	1.32	(1.13)	2.19	(2.27)	6.71
AWF	0.33	(0.02)	(0.28)	0.02	0.38	(0.39)	0.65	(0.74)	1.91
FHAIX	0.09	0.00	0.00	(0.04)	0.00	0.00	0.57	(0.57)	1.14
ARCNX	0.63	0.06	(0.07)	(1.17)	0.87	(0.61)	1.51	(1.37)	3.74

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