Ab Discovery Correlations

CHCIX Fund

USD 14.12 0.13 0.91%

The current 90-days correlation between Ab Discovery Growth and Fidelity Advisor Real is 0.23 (i.e., Modest diversification). The correlation of Ab Discovery 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.

Ab Discovery Correlation With Market

Very poor diversification

The correlation between Ab Discovery Growth and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ab Discovery 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 Ab Discovery 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 gross domestic product.

Moving together with CHCIX Mutual Fund

0.84	SCAVX	Ab Small Cap	Pair Corr
0.84	SCCVX	Ab Small Cap	Pair Corr
0.95	SCRSX	Small Cap Core	Pair Corr
0.9	SCRYX	Small Cap Core	Pair Corr
0.95	SCRZX	Small Cap Core	Pair Corr
0.84	SCYVX	Ab Small Cap	Pair Corr
0.96	APGZX	Ab Large Cap	Pair Corr
0.96	APGYX	Ab Large Cap	Pair Corr
0.96	APGAX	Ab Large Cap	Pair Corr
0.96	APGCX	Ab Large Cap	Pair Corr

Moving against CHCIX Mutual Fund

0.62	ANACX	Ab Global Bond	Pair Corr
0.6	ANAGX	Ab Global Bond	Pair Corr
0.6	ANAIX	Ab Global Bond	Pair Corr
0.58	ANAZX	Ab Global Bond	Pair Corr
0.58	ANAYX	Ab Global Bond	Pair Corr
0.4	AMNCX	Ab Minnesota Portfolio	Pair Corr
0.34	AMNAX	Ab Minnesota Portfolio	Pair Corr
0.61	STHAX	Ab Sustainable Thematic	Pair Corr
0.6	STHYX	Ab Sustainable Thematic	Pair Corr
0.37	ANJCX	Ab New Jersey	Pair Corr
0.37	ANYCX	Ab New York	Pair Corr
0.34	AOHCX	Ab Ohio Portfolio	Pair Corr
0.37	ARECX	Ab Global Real	Pair Corr
0.35	AREAX	Ab Global Real	Pair Corr

Related Correlations Analysis

	FHETX	FORFX	CNREX	VCMIX	TIRRX	PNDIX	ACIWX	JADBX
FHETX		0.09	0.69	0.88	0.89	0.02	0.94	0.77	FHETX
FORFX	0.09		0.26	-0.21	-0.34	0.99	0.09	0.16	FORFX
CNREX	0.69	0.26		0.6	0.58	0.2	0.78	0.75	CNREX
VCMIX	0.88	-0.21	0.6		0.93	-0.29	0.91	0.69	VCMIX
TIRRX	0.89	-0.34	0.58	0.93		-0.4	0.86	0.68	TIRRX
PNDIX	0.02	0.99	0.2	-0.29	-0.4		0.01	0.1	PNDIX
ACIWX	0.94	0.09	0.78	0.91	0.86	0.01		0.81	ACIWX
JADBX	0.77	0.16	0.75	0.69	0.68	0.1	0.81		JADBX
	FHETX	FORFX	CNREX	VCMIX	TIRRX	PNDIX	ACIWX	JADBX

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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

PNDIX	+ 0.99	FORFX
ACIWX	+ 0.94	FHETX
TIRRX	+ 0.93	VCMIX
ACIWX	+ 0.91	VCMIX
TIRRX	+ 0.89	FHETX
VCMIX	+ 0.88	FHETX

High negative correlations

PNDIX	- 0.4	TIRRX
TIRRX	- 0.34	FORFX
PNDIX	- 0.29	VCMIX
VCMIX	- 0.21	FORFX

Risk-Adjusted Indicators

There is a big difference between CHCIX Mutual Fund performing well and Ab Discovery 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 Ab Discovery'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
FHETX	0.67	0.07	(0.04)	0.77	0.72	(0.69)	1.39	(1.19)	3.54
FORFX	0.05	0.04	0.00	6.29	0.00	0.00	0.11	0.00	0.21
CNREX	0.62	0.03	(0.06)	0.19	0.78	(0.64)	1.22	(1.53)	3.86
VCMIX	0.12	0.00	(0.68)	0.07	0.10	(0.14)	0.24	(0.20)	0.69
TIRRX	0.70	0.03	(0.08)	0.30	0.84	(0.73)	1.33	(1.31)	3.78
PNDIX	0.04	0.02	0.00	(6.27)	0.00	0.00	0.10	0.00	0.10
ACIWX	0.61	0.03	(0.07)	0.28	0.73	(0.64)	1.28	(1.42)	3.13
JADBX	0.68	0.05	(0.06)	0.49	0.82	(0.69)	1.21	(1.43)	3.49

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