The Midcap Correlations

Mutual Funds . USA . 
Fund . The Midcap Growth
CFAGX Fund  USD 51.53  0.23  0.44%   
The current 90-days correlation between Midcap Growth and Qs Moderate Growth is 0.87 (i.e., Very poor diversification). The correlation of The Midcap 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.

The Midcap Correlation With Market

Very poor diversification

The correlation between The Midcap Growth and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Midcap Growth 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 The Midcap Growth. 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 price.

Moving together with The Mutual Fund

  0.97CFGRX Growth FundPairCorr
  0.98CFMVX Commerce Midcap ValuePairCorr
  0.97CFVLX Value FundPairCorr
  0.97PAMCX T Rowe PricePairCorr
  0.97RRMGX T Rowe PricePairCorr
  0.97TRQZX T Rowe PricePairCorr
  0.97RPMGX T Rowe PricePairCorr
  0.97PRJIX T Rowe PricePairCorr
  0.97PRNHX T Rowe PricePairCorr
  0.97TRUZX T Rowe PricePairCorr
  0.99PCBIX Midcap Fund InstitutionalPairCorr
  0.99PEMGX Midcap Fund ClassPairCorr
  0.99PMBCX Midcap Fund ClassPairCorr
  0.98ASG Liberty All StarPairCorr
  0.94CII Blackrock EnhancedPairCorr
  0.94ETV Eaton Vance TaxPairCorr
  0.91CLM Cornerstone StrategicPairCorr
  0.93CRF Cornerstone StrategicPairCorr
  0.98USA Liberty All StarPairCorr
  0.93ETY Eaton Vance TaxPairCorr
  0.78NFJ Virtus Dividend InterestPairCorr
  0.71GQLOX Gmo Quality FundPairCorr
  0.92DFMGX Df Dent MidcapPairCorr
  0.96VWELX Vanguard WellingtonPairCorr
  0.77FHCOX Federated Hermes ConPairCorr
  0.99RYMDX Mid Cap 15x Steady GrowthPairCorr
  0.72FIKAX Fidelity Advisor EnergyPairCorr
  0.74PGAIX Pimco Global MultiPairCorr

Moving against The Mutual Fund

  0.7CFBNX Bond FundPairCorr
  0.39CFNLX National TaxPairCorr
  0.37KTXIX Kansas TaxPairCorr
  0.37CFSTX Short TermPairCorr
  0.32CFMOX Missouri TaxPairCorr
  0.34IFN India ClosedPairCorr

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   
SAMAX
+ 0.98
SCGCX
TDIFX
+ 0.95
SMOAX
BIMPX
+ 0.93
TDIFX
EXBAX
+ 0.87
SMOAX
BIMPX
+ 0.87
SMOAX
EXBAX
+ 0.76
TDIFX
  
High negative correlations   
EXBAX
- 0.07
SAMAX

Risk-Adjusted Indicators

There is a big difference between The Mutual Fund performing well and The Midcap 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 The Midcap'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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