Davidson Multi-cap Correlations

DFMAX Fund

USD 35.31 0.08 0.23%

The current 90-days correlation between Davidson Multi Cap and Towpath Technology is 0.76 (i.e., Poor diversification). The correlation of Davidson Multi-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.

Davidson Multi-cap Correlation With Market

Almost no diversification

The correlation between Davidson Multi Cap Equity and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davidson Multi Cap Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Davidson Multi Cap Equity. 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 nation.

Moving together with Davidson Mutual Fund

0.99	VTSAX	Vanguard Total Stock	Pair Corr
0.98	VFIAX	Vanguard 500 Index	Pair Corr
0.99	VTSMX	Vanguard Total Stock	Pair Corr
0.99	VITSX	Vanguard Total Stock	Pair Corr
0.99	VSMPX	Vanguard Total Stock	Pair Corr
0.99	VSTSX	Vanguard Total Stock	Pair Corr
0.98	VFINX	Vanguard 500 Index	Pair Corr
0.98	VFFSX	Vanguard 500 Index	Pair Corr
0.98	VINIX	Vanguard Institutional	Pair Corr
0.98	VIIIX	Vanguard Institutional	Pair Corr
0.62	WRHIX	Ivy High Income	Pair Corr
0.62	WHIAX	Ivy High Income	Pair Corr
0.66	IHIFX	Ivy High Income	Pair Corr
0.67	IVHIX	Ivy High Income	Pair Corr
0.96	MLMAX	Global E Portfolio	Pair Corr
0.92	GAPIX	Goldman Sachs Equity	Pair Corr
0.63	LIGYX	Loomis Sayles Intern	Pair Corr
0.95	WWLAX	Westwood Largecap Value	Pair Corr
0.86	GAB	Gabelli Equity Trust	Pair Corr
0.98	AMEIX	Equity Growth	Pair Corr
0.94	TLCYX	Touchstone Large Cap	Pair Corr
0.98	AMGIX	Income Growth	Pair Corr
0.95	SAGAX	Ridgeworth Innovative	Pair Corr

Moving against Davidson Mutual Fund

0.54	LIIAX	Columbia Porate Income	Pair Corr
0.52	SRINX	Columbia Porate Income	Pair Corr
0.49	CIFRX	Columbia Porate Income	Pair Corr

Related Correlations Analysis

	TOWTX	CMTFX	HTECX	BIPIX	USTCX	TEPIX	DTEYX	JGLTX
TOWTX		0.86	0.82	-0.03	0.8	0.9	0.84	0.86	TOWTX
CMTFX	0.86		0.91	-0.13	0.97	0.98	0.99	1.0	CMTFX
HTECX	0.82	0.91		0.08	0.94	0.89	0.91	0.92	HTECX
BIPIX	-0.03	-0.13	0.08		-0.11	-0.07	-0.22	-0.13	BIPIX
USTCX	0.8	0.97	0.94	-0.11		0.93	0.98	0.97	USTCX
TEPIX	0.9	0.98	0.89	-0.07	0.93		0.95	0.98	TEPIX
DTEYX	0.84	0.99	0.91	-0.22	0.98	0.95		0.99	DTEYX
JGLTX	0.86	1.0	0.92	-0.13	0.97	0.98	0.99		JGLTX
	TOWTX	CMTFX	HTECX	BIPIX	USTCX	TEPIX	DTEYX	JGLTX

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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

JGLTX	+ 1.0	CMTFX
DTEYX	+ 0.99	CMTFX
JGLTX	+ 0.99	DTEYX
TEPIX	+ 0.98	CMTFX
DTEYX	+ 0.98	USTCX
JGLTX	+ 0.98	TEPIX

High negative correlations

DTEYX	- 0.22	BIPIX
JGLTX	- 0.13	BIPIX
BIPIX	- 0.13	CMTFX
USTCX	- 0.11	BIPIX
TEPIX	- 0.07	BIPIX
BIPIX	- 0.03	TOWTX

Risk-Adjusted Indicators

There is a big difference between Davidson Mutual Fund performing well and Davidson Multi-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 Davidson Multi-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
TOWTX	0.60	(0.10)	0.00	(0.01)	0.00	0.00	1.12	(1.68)	3.71
CMTFX	0.96	(0.04)	(0.02)	0.08	1.41	(0.94)	1.96	(2.56)	6.08
HTECX	0.88	(0.09)	(0.04)	0.05	1.24	(0.81)	1.73	(2.15)	6.25
BIPIX	1.51	(0.24)	0.00	(0.02)	0.00	0.00	3.10	(3.98)	11.89
USTCX	0.90	0.04	0.03	0.15	1.22	(0.86)	2.39	(2.53)	6.28
TEPIX	1.47	(0.11)	(0.01)	0.05	2.20	(1.43)	2.84	(3.72)	9.83
DTEYX	0.90	0.01	0.01	0.12	1.24	(0.91)	1.88	(2.49)	5.99
JGLTX	0.89	(0.04)	(0.03)	0.07	1.36	(0.85)	1.87	(2.61)	5.92

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