Mirova Global Correlations

MGGYX Fund

USD 8.90 0.06 0.68%

The current 90-days correlation between Mirova Global Green and VanEck Green Bond is 0.6 (i.e., Poor diversification). The correlation of Mirova 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.

Mirova Global Correlation With Market

Average diversification

The correlation between Mirova Global Green and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mirova Global Green and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Mirova Global Green. 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 manufacturing.

Moving together with Mirova Mutual Fund

0.71	NRCFX	Aew Real Estate	Pair Corr
0.72	NRFAX	Aew Real Estate	Pair Corr
0.73	NRFNX	Aew Real Estate	Pair Corr
0.73	NRFYX	Aew Real Estate	Pair Corr

Related Correlations Analysis

	GRNB	CGAFX	PRTPX	TSBRX	AMFAX	AMFNX	NOANX	NOIAX	GCPAX	GCPCX
GRNB		0.98	0.95	0.97	0.82	0.82	-0.66	0.6	-0.62	-0.62	GRNB
CGAFX	0.98		0.98	1.0	0.81	0.81	-0.78	0.61	-0.75	-0.75	CGAFX
PRTPX	0.95	0.98		0.98	0.77	0.76	-0.78	0.65	-0.76	-0.76	PRTPX
TSBRX	0.97	1.0	0.98		0.81	0.81	-0.76	0.57	-0.75	-0.75	TSBRX
AMFAX	0.82	0.81	0.77	0.81		1.0	-0.5	0.36	-0.51	-0.51	AMFAX
AMFNX	0.82	0.81	0.76	0.81	1.0		-0.49	0.35	-0.5	-0.5	AMFNX
NOANX	-0.66	-0.78	-0.78	-0.76	-0.5	-0.49		-0.6	0.94	0.94	NOANX
NOIAX	0.6	0.61	0.65	0.57	0.36	0.35	-0.6		-0.48	-0.48	NOIAX
GCPAX	-0.62	-0.75	-0.76	-0.75	-0.51	-0.5	0.94	-0.48		1.0	GCPAX
GCPCX	-0.62	-0.75	-0.76	-0.75	-0.51	-0.5	0.94	-0.48	1.0		GCPCX
	GRNB	CGAFX	PRTPX	TSBRX	AMFAX	AMFNX	NOANX	NOIAX	GCPAX	GCPCX

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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

TSBRX	+ 1.0	CGAFX
AMFNX	+ 1.0	AMFAX
GCPCX	+ 1.0	GCPAX
CGAFX	+ 0.98	GRNB
PRTPX	+ 0.98	CGAFX
TSBRX	+ 0.98	PRTPX

High negative correlations

NOANX	- 0.78	PRTPX
NOANX	- 0.78	CGAFX
NOANX	- 0.76	TSBRX
GCPCX	- 0.76	PRTPX
GCPAX	- 0.76	PRTPX
GCPCX	- 0.75	TSBRX

Risk-Adjusted Indicators

There is a big difference between Mirova Mutual Fund performing well and Mirova 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 Mirova 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GRNB	0.17	0.00	(0.64)	0.52	0.18	(0.21)	0.42	(0.37)	0.96
CGAFX	0.20	(0.01)	0.00	0.31	0.00	0.00	0.35	(0.43)	1.19
PRTPX	0.63	(0.05)	0.00	(3.09)	0.00	0.00	0.99	(1.31)	3.35
TSBRX	0.22	(0.01)	0.00	0.21	0.00	0.00	0.44	(0.56)	1.23
AMFAX	0.41	(0.08)	0.00	(0.11)	0.00	0.00	0.79	(0.92)	2.43
AMFNX	0.40	(0.08)	0.00	(0.09)	0.00	0.00	0.79	(1.01)	2.28
NOANX	0.63	0.00	0.00	0.13	0.53	(0.69)	1.23	(1.18)	5.29
NOIAX	0.83	(0.12)	0.00	(0.17)	0.00	0.00	1.61	(1.68)	6.28
GCPAX	0.35	0.01	(0.08)	0.15	0.42	(0.40)	0.98	(0.85)	2.30
GCPCX	0.36	0.01	(0.09)	0.14	0.42	(0.39)	0.94	(0.86)	2.33

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