Federated Max Correlations

FMXKX Fund

USD 8.51 0.03 0.35%

The current 90-days correlation between Federated Max Cap and Federated Hermes Mdt is 0.23 (i.e., Modest diversification). The correlation of Federated Max 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.

Federated Max Correlation With Market

Very poor diversification

The correlation between Federated Max Cap Index 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 Federated Max Cap Index 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 Federated Max Cap Index. 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 industry.

Moving together with Federated Mutual Fund

0.99	QKACX	Federated Mdt All	Pair Corr
0.98	QKBGX	Federated Mdt Balanced	Pair Corr
0.81	SBFIX	Federated Global All	Pair Corr
0.83	FRSAX	Federated Floating Rate	Pair Corr
0.77	FSBCX	Federated Global All	Pair Corr
0.78	FSBKX	Federated Global All	Pair Corr
0.81	FSBLX	Federated Global All	Pair Corr
0.93	QLSGX	Federated Mdt Small	Pair Corr
0.92	QLSCX	Federated Mdt Small	Pair Corr
0.97	FSTKX	Federated Mdt Large	Pair Corr
0.97	FSTLX	Federated Mdt Large	Pair Corr
0.97	FSTRX	Federated Mdt Large	Pair Corr
0.8	FSTBX	Federated Global All	Pair Corr
0.83	SVALX	Federated Strategic Value	Pair Corr
0.83	SVAAX	Federated Strategic Value	Pair Corr
0.82	SVAIX	Federated Strategic Value	Pair Corr
0.81	SVACX	Federated Strategic Value	Pair Corr

Moving against Federated Mutual Fund

0.61	INISX	Federated Intermediate	Pair Corr
0.55	FSGVX	Federated U S	Pair Corr
0.54	FSGIX	Federated Gov Sec	Pair Corr
1.0	BEARX	Federated Prudent Bear	Pair Corr
0.77	FTGSX	Federated Total Return	Pair Corr
0.76	FTGLX	Federated Total Return	Pair Corr
0.76	FTRGX	Federated Total Return	Pair Corr
0.75	FUSCX	Federated Fund For	Pair Corr
0.74	FTIBX	Federated Global Total	Pair Corr
0.74	FTRKX	Federated Total Return	Pair Corr
0.73	FTIIX	Federated Global Total	Pair Corr
0.72	FTRFX	Federated Total Return	Pair Corr

Related Correlations Analysis

	QAMNX	QALGX	FHBRX	FHBBX	FHCOX	ICFBX	FHESX	FHERX	FHEQX
QAMNX		0.94	0.49	0.09	0.89	0.0	-0.05	-0.05	-0.06	QAMNX
QALGX	0.94		0.55	0.07	0.81	0.0	0.1	0.1	0.09	QALGX
FHBRX	0.49	0.55		-0.43	0.5	0.0	0.59	0.6	0.59	FHBRX
FHBBX	0.09	0.07	-0.43		0.09	0.0	-0.39	-0.4	-0.4	FHBBX
FHCOX	0.89	0.81	0.5	0.09		0.0	-0.21	-0.21	-0.22	FHCOX
ICFBX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	ICFBX
FHESX	-0.05	0.1	0.59	-0.39	-0.21	0.0		1.0	1.0	FHESX
FHERX	-0.05	0.1	0.6	-0.4	-0.21	0.0	1.0		1.0	FHERX
FHEQX	-0.06	0.09	0.59	-0.4	-0.22	0.0	1.0	1.0		FHEQX
	QAMNX	QALGX	FHBRX	FHBBX	FHCOX	ICFBX	FHESX	FHERX	FHEQX

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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

FHERX	+ 1.0	FHESX
FHEQX	+ 1.0	FHESX
FHEQX	+ 1.0	FHERX
QALGX	+ 0.94	QAMNX
FHCOX	+ 0.89	QAMNX
FHCOX	+ 0.81	QALGX

High negative correlations

FHBBX	- 0.43	FHBRX
FHEQX	- 0.4	FHBBX
FHERX	- 0.4	FHBBX
FHESX	- 0.39	FHBBX
FHEQX	- 0.22	FHCOX
FHERX	- 0.21	FHCOX

Risk-Adjusted Indicators

There is a big difference between Federated Mutual Fund performing well and Federated Max 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 Federated Max'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
QAMNX	0.31	0.05	(0.12)	0.58	0.21	(0.34)	0.73	(0.59)	2.08
QALGX	0.71	0.03	0.02	0.15	0.94	(0.70)	1.92	(2.15)	4.89
FHBRX	0.11	0.00	(0.55)	0.14	0.00	(0.18)	0.29	(0.15)	0.59
FHBBX	0.33	0.06	(0.10)	0.59	0.03	(0.49)	0.94	(0.47)	2.18
FHCOX	0.04	0.01	0.00	(0.41)	0.00	0.00	0.10	0.00	0.60
ICFBX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FHESX	0.66	(0.09)	(0.13)	0.00	0.79	(0.69)	1.53	(1.09)	3.64
FHERX	0.65	(0.10)	(0.14)	0.00	0.78	(0.68)	1.52	(1.07)	3.56
FHEQX	0.65	(0.10)	(0.13)	0.00	0.79	(0.69)	1.53	(1.08)	3.58

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