Eventide Multi Correlations

Mutual Funds . USA . 
Fund . Eventide Multi Asset Income
ETNMX Fund  USD 14.20  0.30  2.07%   
The current 90-days correlation between Eventide Multi Asset and Eventide Healthcare Life is 0.54 (i.e., Very weak diversification). The correlation of Eventide Multi 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.

Eventide Multi Correlation With Market

Very poor diversification

The correlation between Eventide Multi Asset Income and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Multi Asset Income 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 Eventide Multi Asset Income. 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 population.

Moving together with Eventide Mutual Fund

  1.0ETAMX Eventide Multi AssetPairCorr
  0.8ETAGX Eventide GileadPairCorr
  0.97ETADX Eventide Global DividendPairCorr
  1.0ETCMX Eventide Multi AssetPairCorr
  0.81ETCGX Eventide GileadPairCorr
  0.97ETCDX Eventide Global DividendPairCorr
  0.8ETGLX Eventide GileadPairCorr
  0.97ETIDX Eventide Global DividendPairCorr
  1.0ETIMX Eventide Multi AssetPairCorr
  0.8ETILX Eventide GileadPairCorr
  0.71ETLIX Eventide Large CapPairCorr
  0.78ETLCX Eventide Large CapPairCorr
  0.71ETLAX Eventide Large CapPairCorr
  0.79ETLNX Eventide Large CapPairCorr
  0.97ETNDX Eventide Global DividendPairCorr
  0.66FBONX American Funds AmericanPairCorr
  0.66FBAFX American Funds AmericanPairCorr
  0.74ABALX American BalancedPairCorr
  0.65BALCX American BalancedPairCorr
  0.73BALFX American BalancedPairCorr
  0.73RLBCX American BalancedPairCorr
  0.73RLBBX American BalancedPairCorr
  0.73CLBAX American BalancedPairCorr

Moving against Eventide Mutual Fund

  0.31ETCBX Eventide Limitedterm 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   
ETNEX
+ 0.85
ETGLX
ETNDX
+ 0.84
ETGLX
ETNEX
+ 0.63
ETNDX
ETNBX
+ 0.24
ETNHX
  
High negative correlations   
ETNBX
- 0.4
ETNEX
ETNEX
- 0.37
ETNHX
ETNBX
- 0.34
ETNDX
ETNBX
- 0.21
ETGLX
ETGLX
- 0.05
ETNHX
ETNDX
- 0.04
ETNHX

Risk-Adjusted Indicators

There is a big difference between Eventide Mutual Fund performing well and Eventide Multi 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 Eventide Multi'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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