Absolute Convertible Correlations

ARBOX Fund

USD 11.50 0.01 0.09%

The correlation of Absolute Convertible 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.

Absolute Convertible Correlation With Market

Significant diversification

The correlation between Absolute Convertible Arbitrage and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Absolute Convertible Arbitrage 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 Absolute Convertible Arbitrage. 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 persons.

Moving together with Absolute Mutual Fund

1.0	ARBIX	Absolute Convertible	Pair Corr
0.98	CVSCX	Calamos Market Neutral	Pair Corr
0.98	CVSIX	Calamos Market Neutral	Pair Corr
0.98	CVSOX	Calamos Market Neutral	Pair Corr
0.98	CMNIX	Calamos Market Neutral	Pair Corr
0.99	PSCIX	Palmer Square Ssi	Pair Corr
0.8	PFN	Pimco Income Strategy	Pair Corr
0.91	XNKGX	Nuveen Georgia Quality	Pair Corr
0.84	XPPRX	Voya Prime Rate	Pair Corr
0.89	PCF	Putnam High Income	Pair Corr
0.85	AMGIX	Income Growth	Pair Corr
0.67	PGAIX	Pimco Global Multi	Pair Corr
0.87	DFMAX	Davidson Multi Cap	Pair Corr
0.81	FSEIX	Nuveen Mid Cap	Pair Corr
0.91	VFINX	Vanguard 500 Index	Pair Corr
0.95	ARIDX	Amg River Road	Pair Corr
0.91	SAGAX	Ridgeworth Innovative	Pair Corr
0.7	GAB	Gabelli Equity Trust	Pair Corr
0.92	AMEIX	Equity Growth	Pair Corr
0.91	ILESX	Fisher Investments	Pair Corr
0.89	MLMAX	Global E Portfolio	Pair Corr
0.92	VFIAX	Vanguard 500 Index	Pair Corr
0.86	VWELX	Vanguard Wellington	Pair Corr
0.64	LIGYX	Loomis Sayles Intern	Pair Corr
0.8	GAPIX	Goldman Sachs Equity	Pair Corr
0.85	TLCYX	Touchstone Large Cap	Pair Corr

Moving against Absolute Mutual Fund

0.81	ASFIX	Absolute Strategies	Pair Corr
0.67	XNXJX	Nuveen New Jersey	Pair Corr
0.61	XNBHX	Neuberger Berman Int	Pair Corr
0.43	NXJ	Nuveen New Jersey	Pair Corr
0.4	ADANX	Aqr Diversified Arbitrage	Pair Corr
0.36	ADAIX	Aqr Diversified Arbitrage	Pair Corr
0.34	QDARX	Aqr Diversified Arbitrage	Pair Corr

Related Correlations Analysis

	CVSIX	CMNIX	ADAIX	ADANX	ARBOX	QDARX
CVSIX		1.0	-0.29	-0.33	0.98	-0.28	CVSIX
CMNIX	1.0		-0.3	-0.34	0.98	-0.28	CMNIX
ADAIX	-0.29	-0.3		1.0	-0.36	1.0	ADAIX
ADANX	-0.33	-0.34	1.0		-0.4	1.0	ADANX
ARBOX	0.98	0.98	-0.36	-0.4		-0.34	ARBOX
QDARX	-0.28	-0.28	1.0	1.0	-0.34		QDARX
	CVSIX	CMNIX	ADAIX	ADANX	ARBOX	QDARX

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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

CMNIX	+ 1.0	CVSIX
ADANX	+ 1.0	ADAIX
QDARX	+ 1.0	ADAIX
QDARX	+ 1.0	ADANX
ARBOX	+ 0.98	CVSIX
ARBOX	+ 0.98	CMNIX

High negative correlations

ARBOX	- 0.4	ADANX
ARBOX	- 0.36	ADAIX
QDARX	- 0.34	ARBOX
ADANX	- 0.34	CMNIX
ADANX	- 0.33	CVSIX
ADAIX	- 0.3	CMNIX

Risk-Adjusted Indicators

There is a big difference between Absolute Mutual Fund performing well and Absolute Convertible 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 Absolute Convertible'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CVSIX	0.08	0.01	(0.88)	0.20	(0.12)	0.20	(0.13)	0.53
CMNIX	0.08	0.01	(0.87)	0.23	(0.13)	0.20	(0.13)	0.54
ADAIX	0.11	(0.03)	0.00	(0.28)	0.00	0.16	(0.24)	0.74
ADANX	0.11	(0.03)	0.00	(0.35)	0.00	0.16	(0.33)	0.74
ARBOX	0.05	0.02	0.00	3.66	0.00	0.09	0.00	0.26
QDARX	0.11	(0.03)	0.00	(0.30)	0.00	0.16	(0.24)	0.73

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