Blackrock Advantage Correlations

PSGKX Fund

USD 22.42 0.23 1.02%

The current 90-days correlation between Blackrock Advantage Small and Blackrock California Municipal is -0.16 (i.e., Good diversification). The correlation of Blackrock Advantage 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.

Blackrock Advantage Correlation With Market

Average diversification

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

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Blackrock Advantage Small. 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 Blackrock Mutual Fund

0.72	MKCPX	Blackrock Balanced	Pair Corr
0.89	MKFOX	Blackrock Large Cap	Pair Corr
0.86	BRAPX	Blackrock Aggressive	Pair Corr
0.72	MKLOX	Blackrock Global All	Pair Corr
0.82	BRBCX	Blackrock Tactical	Pair Corr
0.93	BRGNX	Blckrck Fdsiii Rssll	Pair Corr
0.77	BRGPX	Blackrock Gwth Prepared	Pair Corr
0.93	BRGKX	Blckrck Fds Iii	Pair Corr
0.94	BRGAX	Blckrck Fdsiii Rssll	Pair Corr
0.83	BRHYX	Blackrock Hi Yld	Pair Corr
0.95	MKSPX	Blackrock Advantage Total	Pair Corr
0.85	BRMIX	Blackrock Midcap Index	Pair Corr
0.85	BRMAX	Blackrock Midcap Index	Pair Corr
0.85	BRMKX	Blackrock Midcap Index	Pair Corr

Moving against Blackrock Mutual Fund

0.81	BRECX	Blackrock International	Pair Corr
0.8	BREKX	Blackrock International	Pair Corr
0.8	BREAX	Blackrock International	Pair Corr
0.66	MKECX	Blackrock Funds	Pair Corr
0.62	MKDCX	Blackrock Emerging	Pair Corr
0.61	MKEFX	Blackrock Eurofund Class	Pair Corr
0.61	BRZIX	Blackrock Advantage Esg	Pair Corr
0.6	BRZAX	Blackrock Advantage Esg	Pair Corr
0.6	BRZKX	Blackrock Advantage Esg	Pair Corr
0.55	MKWIX	Blackrock Strategic	Pair Corr
0.53	BROCX	Backrock Glbl Opprtnts	Pair Corr
0.52	BROIX	Blackrock Glbl Opprtnts	Pair Corr
0.51	BROAX	Blackrock Global Opp	Pair Corr
0.5	BROKX	Blackrock Advantage	Pair Corr
0.37	BADEX	Blackrock Defensive	Pair Corr

Related Correlations Analysis

	MKCMX	MKCPX	MKEFX	MKECX	MKDCX	MKDVX	MKGCX	MKFOX	MKILX	BRAPX
MKCMX		0.55	0.03	-0.19	-0.19	-0.01	-0.09	0.25	0.5	0.48	MKCMX
MKCPX	0.55		-0.01	-0.22	-0.08	0.16	0.12	0.74	0.42	0.84	MKCPX
MKEFX	0.03	-0.01		0.85	0.82	-0.25	-0.11	-0.54	0.81	-0.33	MKEFX
MKECX	-0.19	-0.22	0.85		0.8	-0.03	0.06	-0.69	0.55	-0.47	MKECX
MKDCX	-0.19	-0.08	0.82	0.8		-0.15	-0.01	-0.55	0.55	-0.39	MKDCX
MKDVX	-0.01	0.16	-0.25	-0.03	-0.15		0.94	0.11	-0.3	0.16	MKDVX
MKGCX	-0.09	0.12	-0.11	0.06	-0.01	0.94		0.06	-0.25	0.06	MKGCX
MKFOX	0.25	0.74	-0.54	-0.69	-0.55	0.11	0.06		-0.14	0.84	MKFOX
MKILX	0.5	0.42	0.81	0.55	0.55	-0.3	-0.25	-0.14		0.13	MKILX
BRAPX	0.48	0.84	-0.33	-0.47	-0.39	0.16	0.06	0.84	0.13		BRAPX
	MKCMX	MKCPX	MKEFX	MKECX	MKDCX	MKDVX	MKGCX	MKFOX	MKILX	BRAPX

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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

MKGCX	+ 0.94	MKDVX
MKECX	+ 0.85	MKEFX
BRAPX	+ 0.84	MKCPX
BRAPX	+ 0.84	MKFOX
MKDCX	+ 0.82	MKEFX
MKILX	+ 0.81	MKEFX

High negative correlations

MKFOX	- 0.69	MKECX
MKFOX	- 0.55	MKDCX
MKFOX	- 0.54	MKEFX
BRAPX	- 0.47	MKECX
BRAPX	- 0.39	MKDCX
BRAPX	- 0.33	MKEFX

Risk-Adjusted Indicators

There is a big difference between Blackrock Mutual Fund performing well and Blackrock Advantage 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 Blackrock Advantage'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
MKCMX	0.12	(0.01)	0.00	(0.18)	0.00	0.00	0.34	(0.33)	1.00
MKCPX	0.29	0.03	(0.07)	0.57	0.23	(0.41)	0.80	(0.54)	2.21
MKEFX	0.83	(0.02)	0.00	0.34	0.00	0.00	1.63	(1.67)	6.83
MKECX	0.62	(0.09)	0.00	(0.52)	0.00	0.00	1.15	(1.34)	4.15
MKDCX	0.76	0.00	(0.07)	0.07	0.93	(0.87)	1.69	(1.74)	5.08
MKDVX	0.51	(0.08)	0.00	(0.56)	0.00	0.00	0.93	(0.78)	7.49
MKGCX	0.64	(0.10)	0.00	(0.59)	0.00	0.00	1.08	(0.90)	13.22
MKFOX	0.73	0.15	0.08	(9.18)	0.90	(0.81)	1.81	(1.86)	5.49
MKILX	0.68	0.01	(0.05)	(0.08)	0.90	(0.66)	1.31	(1.50)	5.13
BRAPX	0.39	0.02	(0.02)	0.10	0.36	(0.48)	1.01	(0.73)	2.96

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