Davis Government Correlations

RFBAX Fund

USD 5.11 0.01 0.20%

The current 90-days correlation between Davis Government Bond and Dreyfus Technology Growth is -0.12 (i.e., Good diversification). The correlation of Davis Government 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.

Davis Government Correlation With Market

Significant diversification

The correlation between Davis Government Bond and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Government Bond 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 Davis Government Bond. 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 nation.

Moving together with Davis Mutual Fund

0.63	RPFRX	Davis Real Estate	Pair Corr
0.62	DREYX	Davis Real Estate	Pair Corr
0.64	DRECX	Davis Real Estate	Pair Corr
0.94	DGVCX	Davis Government Bond	Pair Corr
0.94	DGVYX	Davis Government Bond	Pair Corr
0.89	EASDX	Eaton Vance Short	Pair Corr
0.85	VFIRX	Vanguard Short Term	Pair Corr
0.85	VFISX	Vanguard Short Term	Pair Corr
0.89	VSGBX	Vanguard Short Term	Pair Corr
0.77	VSBIX	Vanguard Short Term	Pair Corr
0.89	VSGDX	Vanguard Short Term	Pair Corr
0.86	FUMBX	Fidelity Short Term	Pair Corr
0.87	ECLDX	Eaton Vance Short	Pair Corr
0.89	EALDX	Eaton Vance Short	Pair Corr
0.89	EILDX	Eaton Vance Short	Pair Corr

Moving against Davis Mutual Fund

0.58	DNVYX	Davis New York	Pair Corr
0.58	NYVRX	Davis New York	Pair Corr
0.58	NYVTX	Davis New York	Pair Corr
0.57	NYVCX	Davis New York	Pair Corr
0.57	NYVBX	Davis New York	Pair Corr
0.57	DGFCX	Davis Global	Pair Corr
0.57	DGFAX	Davis Global	Pair Corr
0.57	DGFYX	Davis Global	Pair Corr
0.55	RPFGX	Davis Financial	Pair Corr
0.55	RPEAX	Davis Opportunity	Pair Corr
0.55	DVFYX	Davis Financial	Pair Corr
0.55	DFFCX	Davis Financial	Pair Corr
0.55	DGOCX	Davis Opportunity	Pair Corr
0.55	DGOYX	Davis Opportunity	Pair Corr
0.48	DILCX	Davis International	Pair Corr
0.48	DILAX	Davis International	Pair Corr
0.48	DILYX	Davis International	Pair Corr
0.47	RPFCX	Davis Appreciation Income	Pair Corr
0.47	DCSCX	Davis Appreciation Income	Pair Corr
0.47	DCSYX	Davis Appreciation Income	Pair Corr
0.79	LETRX	Voya Russia Fund	Pair Corr
0.55	KSCYX	Kinetics Small Cap	Pair Corr
0.55	KSCOX	Kinetics Small Cap Steady Growth	Pair Corr
0.55	KSOCX	Kinetics Small Cap	Pair Corr
0.53	KNPAX	Kinetics Paradigm	Pair Corr
0.53	WWNPX	Kinetics Paradigm	Pair Corr
0.53	KNPCX	Kinetics Paradigm	Pair Corr
0.53	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.52	SJCRX	Steward Large Cap	Pair Corr
0.5	KINCX	Kinetics Internet	Pair Corr
0.5	KINAX	Kinetics Internet	Pair Corr
0.47	DFMAX	Davidson Multi Cap	Pair Corr

Related Correlations Analysis

	DTEYX	MTCCX	BIPIX	DTGRX	FIKHX	ROGSX
DTEYX		0.99	-0.19	1.0	0.98	0.9	DTEYX
MTCCX	0.99		-0.13	0.99	0.96	0.94	MTCCX
BIPIX	-0.19	-0.13		-0.19	-0.16	0.03	BIPIX
DTGRX	1.0	0.99	-0.19		0.98	0.9	DTGRX
FIKHX	0.98	0.96	-0.16	0.98		0.88	FIKHX
ROGSX	0.9	0.94	0.03	0.9	0.88		ROGSX
	DTEYX	MTCCX	BIPIX	DTGRX	FIKHX	ROGSX

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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

DTGRX	+ 1.0	DTEYX
MTCCX	+ 0.99	DTEYX
DTGRX	+ 0.99	MTCCX
FIKHX	+ 0.98	DTEYX
FIKHX	+ 0.98	DTGRX
FIKHX	+ 0.96	MTCCX

High negative correlations

DTGRX	- 0.19	BIPIX
BIPIX	- 0.19	DTEYX
FIKHX	- 0.16	BIPIX
BIPIX	- 0.13	MTCCX

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Government 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 Davis Government'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
DTEYX	0.89	0.03	0.02	0.16	1.23	(0.91)	1.88	(2.49)	5.99
MTCCX	0.84	0.01	0.01	0.14	1.13	(0.87)	2.11	(2.31)	5.97
BIPIX	1.49	(0.24)	0.00	(0.01)	0.00	0.00	3.10	(3.98)	11.89
DTGRX	0.89	0.03	0.02	0.16	1.23	(0.91)	1.87	(2.50)	5.99
FIKHX	1.00	0.00	0.01	0.13	1.55	(0.92)	1.82	(2.57)	6.73
ROGSX	0.85	(0.07)	(0.04)	0.06	1.34	(0.84)	1.70	(2.51)	5.59

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