Nicholas Correlations

NCLEX Fund

USD 32.18 0.32 0.98%

The current 90-days correlation between Nicholas Edition and Artisan High Income is 0.28 (i.e., Modest diversification). The correlation of Nicholas 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.

Nicholas Correlation With Market

Very poor diversification

The correlation between Nicholas Ltd Edition and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nicholas Ltd Edition 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 Nicholas Ltd Edition. 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 income.

Moving together with Nicholas Mutual Fund

0.66	NSEIX	Nicholas Equity Income	Pair Corr
0.98	NCTWX	Nicholas Ii	Pair Corr
0.95	NICSX	Nicholas Fund	Pair Corr
1.0	NNLEX	Nicholas Edition	Pair Corr
0.98	NNTWX	Nicholas Ii	Pair Corr
0.97	VSGAX	Vanguard Small Cap	Pair Corr
0.97	VSGIX	Vanguard Small Cap	Pair Corr
0.97	VISGX	Vanguard Small Cap	Pair Corr
0.99	VEXPX	Vanguard Explorer	Pair Corr
0.99	VEXRX	Vanguard Explorer	Pair Corr
0.65	JGMIX	Janus Triton	Pair Corr
0.62	JGMRX	Janus Triton	Pair Corr
0.66	JGMAX	Janus Triton	Pair Corr
0.71	JGMNX	Janus Triton	Pair Corr
0.95	ASG	Liberty All Star	Pair Corr
0.86	CII	Blackrock Enhanced	Pair Corr
0.88	ETV	Eaton Vance Tax	Pair Corr
0.89	CLM	Cornerstone Strategic	Pair Corr
0.88	CRF	Cornerstone Strategic	Pair Corr
0.93	USA	Liberty All Star	Pair Corr
0.89	ETY	Eaton Vance Tax	Pair Corr
0.75	NFJ	Virtus Dividend Interest	Pair Corr
0.77	TFBRX	American Beacon Twen	Pair Corr
0.82	AREFX	One Choice 2055	Pair Corr
0.92	GMAWX	Gmo Small Cap Downward Rally	Pair Corr
0.66	MDCPX	Blackrock Bal Cap	Pair Corr
0.94	PRWAX	T Rowe Price	Pair Corr
0.75	PSDTX	Putnam Short Duration	Pair Corr
0.97	FSMDX	Fidelity Mid Cap	Pair Corr
0.89	GAB	Gabelli Equity Trust	Pair Corr
0.69	FLTTX	Wisdomtree Floating Rate	Pair Corr
0.94	DOXGX	Dodge Cox Stock	Pair Corr
0.93	ADX	Adams Diversified Equity	Pair Corr
0.89	VIGIX	Vanguard Growth Index	Pair Corr

Moving against Nicholas Mutual Fund

0.57

IFN

India Closed

Pair Corr

Related Correlations Analysis

	APDFX	DIHRX	PKHIX	AGDAX	MWHIX	CYBAX	PHDTX	BCHIX
APDFX		-0.44	0.44	0.97	0.56	0.86	0.96	0.35	APDFX
DIHRX	-0.44		-0.49	-0.29	0.25	-0.27	-0.43	0.39	DIHRX
PKHIX	0.44	-0.49		0.37	0.38	0.49	0.44	0.04	PKHIX
AGDAX	0.97	-0.29	0.37		0.68	0.93	0.94	0.52	AGDAX
MWHIX	0.56	0.25	0.38	0.68		0.76	0.5	0.77	MWHIX
CYBAX	0.86	-0.27	0.49	0.93	0.76		0.85	0.57	CYBAX
PHDTX	0.96	-0.43	0.44	0.94	0.5	0.85		0.35	PHDTX
BCHIX	0.35	0.39	0.04	0.52	0.77	0.57	0.35		BCHIX
	APDFX	DIHRX	PKHIX	AGDAX	MWHIX	CYBAX	PHDTX	BCHIX

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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

AGDAX	+ 0.97	APDFX
PHDTX	+ 0.96	APDFX
PHDTX	+ 0.94	AGDAX
CYBAX	+ 0.93	AGDAX
CYBAX	+ 0.86	APDFX
PHDTX	+ 0.85	CYBAX

High negative correlations

PKHIX	- 0.49	DIHRX
DIHRX	- 0.44	APDFX
PHDTX	- 0.43	DIHRX
AGDAX	- 0.29	DIHRX
CYBAX	- 0.27	DIHRX

Risk-Adjusted Indicators

There is a big difference between Nicholas Mutual Fund performing well and Nicholas 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 Nicholas' 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
APDFX	0.11	0.03	(0.41)	0.52	0.00	(0.18)	0.33	(0.11)	0.77
DIHRX	0.61	(0.09)	0.00	(0.18)	0.00	0.00	1.33	(1.15)	4.35
PKHIX	0.10	0.00	(0.34)	0.01	0.09	(0.18)	0.23	(0.22)	1.23
AGDAX	0.12	0.02	(0.31)	0.48	0.00	(0.26)	0.29	(0.29)	0.86
MWHIX	0.09	(0.01)	(0.58)	(0.38)	0.08	(0.17)	0.21	(0.21)	0.64
CYBAX	0.10	0.00	(0.65)	0.03	0.03	(0.12)	0.20	(0.24)	0.68
PHDTX	0.09	0.02	(0.44)	0.39	0.00	(0.14)	0.22	(0.11)	0.56
BCHIX	0.17	(0.01)	0.00	0.16	0.00	0.00	0.40	(0.40)	1.53

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