Oberweis Emerging Correlations

OIEMX Fund

USD 9.77 0.00 0.00%

The current 90-days correlation between Oberweis Emerging Markets and Morningstar Aggressive Growth is -0.21 (i.e., Very good diversification). The correlation of Oberweis Emerging 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.

Oberweis Emerging Correlation With Market

Good diversification

The correlation between Oberweis Emerging Markets and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oberweis Emerging Markets and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios. 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 Oberweis Mutual Fund

1.0	OBEMX	Oberweis Emerging Markets	Pair Corr
0.66	VTISX	Vanguard Total Inter	Pair Corr
0.66	VTSNX	Vanguard Total Inter	Pair Corr
0.66	VTPSX	Vanguard Total Inter	Pair Corr

Moving against Oberweis Mutual Fund

0.75	OBMCX	Oberweis Micro Cap	Pair Corr
0.75	OMCIX	Oberweis Micro Cap	Pair Corr
0.42	OBSIX	Oberweis Small Cap	Pair Corr
0.41	OBSOX	Oberweis Small Cap	Pair Corr
0.7	MSTQX	Morningstar Equity	Pair Corr
0.67	SJVAX	Steward Funds	Pair Corr
0.66	VSTSX	Vanguard Total Stock	Pair Corr
0.66	VSMPX	Vanguard Total Stock	Pair Corr
0.66	VITSX	Vanguard Total Stock	Pair Corr
0.66	VTSAX	Vanguard Total Stock	Pair Corr
0.64	BRLGX	American Beacon Bridgeway	Pair Corr
0.62	VFFSX	Vanguard 500 Index	Pair Corr
0.62	VFIAX	Vanguard 500 Index	Pair Corr
0.62	VINIX	Vanguard Institutional	Pair Corr
0.53	FLTTX	Wisdomtree Floating Rate	Pair Corr
0.37	QMHNX	Aqr Managed Futures	Pair Corr
0.35	PFOCX	Pimco Foreign Bond	Pair Corr

Related Correlations Analysis

	AGTFX	FIHLX	AWF	BCHIX	ARCNX	AAARX
AGTFX		0.68	-0.01	-0.03	0.71	0.98	AGTFX
FIHLX	0.68		0.29	0.46	0.65	0.69	FIHLX
AWF	-0.01	0.29		0.61	0.21	-0.01	AWF
BCHIX	-0.03	0.46	0.61		0.11	0.05	BCHIX
ARCNX	0.71	0.65	0.21	0.11		0.62	ARCNX
AAARX	0.98	0.69	-0.01	0.05	0.62		AAARX
	AGTFX	FIHLX	AWF	BCHIX	ARCNX	AAARX

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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

AAARX	+ 0.98	AGTFX
ARCNX	+ 0.71	AGTFX
AAARX	+ 0.69	FIHLX
FIHLX	+ 0.68	AGTFX
ARCNX	+ 0.65	FIHLX
AAARX	+ 0.62	ARCNX

High negative correlations

BCHIX	- 0.03	AGTFX
AAARX	- 0.01	AWF
AWF	- 0.01	AGTFX

Risk-Adjusted Indicators

There is a big difference between Oberweis Mutual Fund performing well and Oberweis Emerging 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 Oberweis Emerging'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
AGTFX	0.52	(0.03)	(0.09)	0.09	0.55	(0.61)	1.15	(0.88)	3.06
FIHLX	0.11	0.01	(0.66)	0.54	0.00	(0.20)	0.34	(0.22)	0.67
AWF	0.33	(0.02)	(0.28)	0.02	0.38	(0.39)	0.65	(0.74)	1.91
BCHIX	0.17	0.03	(0.25)	(0.17)	0.21	(0.22)	0.41	(0.40)	1.53
ARCNX	0.63	0.06	(0.07)	(1.17)	0.87	(0.61)	1.51	(1.37)	3.74
AAARX	0.43	(0.01)	(0.09)	0.11	0.44	(0.51)	0.93	(0.70)	2.37

Oberweis Emerging Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Oberweis Emerging mutual fund to make a market-neutral strategy. Peer analysis of Oberweis Emerging could also be used in its relative valuation, which is a method of valuing Oberweis Emerging by comparing valuation metrics with similar companies.

Morningstar Aggressive Growth Federated Institutional High Alliancebernstein Global High California High Yield Municipal Aqr Risk Balanced Modities Strategic Allocation Aggressive American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp Home Depot

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