Davis Global Correlations

Mutual Funds . USA . 
Fund . Davis Global Fund
DGFCX Fund  USD 29.00  0.03  0.10%   
The current 90-days correlation between Davis Global and Davis International Fund is 0.94 (i.e., Almost no diversification). The correlation of Davis Global 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.

Davis Global Correlation With Market

Very weak diversification

The correlation between Davis Global Fund and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Global Fund 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 Davis Global Fund. 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 main economic indicators.

Moving together with Davis Mutual Fund

  0.96DILCX Davis InternationalPairCorr
  0.96DILAX Davis InternationalPairCorr
  0.96DILYX Davis InternationalPairCorr
  0.63RPFGX Davis FinancialPairCorr
  0.61RPFCX Davis Appreciation IncomePairCorr
  0.79RPEAX Davis OpportunityPairCorr
  0.83DNVYX Davis New YorkPairCorr
  0.83NYVCX Davis New YorkPairCorr
  0.83NYVBX Davis New YorkPairCorr
  0.83NYVRX Davis New YorkPairCorr
  0.83NYVTX Davis New YorkPairCorr
  0.61DCSCX Davis Appreciation IncomePairCorr
  0.61DCSYX Davis Appreciation IncomePairCorr
  0.63DVFYX Davis FinancialPairCorr
  0.63DFFCX Davis FinancialPairCorr
  1.0DGFAX Davis GlobalPairCorr
  1.0DGFYX Davis GlobalPairCorr
  0.79DGOCX Davis OpportunityPairCorr
  0.79DGOYX Davis OpportunityPairCorr
  0.83FCWGX American Funds CapitalPairCorr
  0.83FWCGX American Funds CapitalPairCorr
  0.83CWGIX Capital World GrowthPairCorr
  0.83CWGFX Capital World GrowthPairCorr
  0.82CWGCX Capital World GrowthPairCorr
  0.83RWIFX Capital World GrowthPairCorr
  0.81CWICX Capital World GrowthPairCorr
  0.81RWIAX Capital World GrowthPairCorr
  0.83CWIAX Capital World GrowthPairCorr
  0.83WGIFX Capital World GrowthPairCorr
  0.62KMKCX Kinetics Market OppoPairCorr
  0.66KSCYX Kinetics Small CapPairCorr
  0.63WWNPX Kinetics Paradigm Steady GrowthPairCorr
  0.7LETRX Voya Russia FundPairCorr

Moving against Davis Mutual Fund

  0.57RFBAX Davis Government BondPairCorr
  0.34DRECX Davis Real EstatePairCorr
  0.31RPFRX Davis Real EstatePairCorr
  0.31DREYX Davis Real EstatePairCorr
  0.72DGVCX Davis Government BondPairCorr
  0.62DGVYX Davis Government BondPairCorr

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   
DILAX
+ 1.0
DILCX
DILYX
+ 1.0
DILCX
DILYX
+ 1.0
DILAX
DREYX
+ 1.0
RPFRX
DNVYX
+ 0.99
RPEAX
RPFCX
+ 0.97
RPFGX
  
High negative correlations   
RFBAX
- 0.58
DNVYX
RFBAX
- 0.55
RPEAX
RFBAX
- 0.55
RPFGX
RFBAX
- 0.48
DILYX
RFBAX
- 0.48
DILAX
RFBAX
- 0.48
DILCX

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Global 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 Davis Global'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DILCX  1.17  0.15  0.04  0.47  1.64 
(1.19)
 3.00 
(2.40)
 11.02 
DILAX  1.16  0.15  0.04  0.48  1.58 
(1.19)
 2.96 
(2.42)
 11.02 
DILYX  1.17  0.15  0.04  0.48  1.61 
(1.17)
 2.99 
(2.44)
 11.08 
RPFGX  0.80  0.04  0.10  0.16  0.51 
(1.00)
 1.85 
(1.40)
 7.59 
RPFCX  0.54 (0.01)(0.03) 0.12  0.58 
(0.59)
 1.10 
(1.18)
 4.01 
RPFRX  0.70  0.00 (0.11) 0.14  0.81 
(0.72)
 1.36 
(1.30)
 3.53 
RPEAX  0.73  0.01  0.03  0.14  0.73 
(0.76)
 1.52 
(1.45)
 4.82 
DNVYX  0.70 (0.01)(0.01) 0.11  0.78 
(0.69)
 1.80 
(1.58)
 4.59 
RFBAX  0.06 (0.01)(0.63)(0.43) 0.01 
(0.22)
 0.20 
(0.20)
 0.59 
DREYX  0.71  0.00 (0.11) 0.15  0.81 
(0.75)
 1.34 
(1.33)
 3.52 

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