Davis Appreciation Correlations

RPFCX Fund

USD 65.31 0.16 0.25%

The current 90-days correlation between Davis Appreciation Income and Dws Emerging Markets is 0.43 (i.e., Very weak diversification). The correlation of Davis Appreciation 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 Appreciation Correlation With Market

Very poor diversification

The correlation between Davis Appreciation Income and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Appreciation Income 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 Appreciation Income. 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 main economic indicators.

Moving together with Davis Mutual Fund

0.97	RPFGX	Davis Financial	Pair Corr
0.96	RPEAX	Davis Opportunity	Pair Corr
0.94	DNVYX	Davis New York	Pair Corr
0.94	NYVCX	Davis New York	Pair Corr
0.94	NYVBX	Davis New York	Pair Corr
0.94	NYVRX	Davis New York	Pair Corr
0.94	NYVTX	Davis New York	Pair Corr
1.0	DCSCX	Davis Appreciation Income	Pair Corr
1.0	DCSYX	Davis Appreciation Income	Pair Corr
0.97	DVFYX	Davis Financial	Pair Corr
0.97	DFFCX	Davis Financial	Pair Corr
0.61	DGFCX	Davis Global	Pair Corr
0.62	DGFAX	Davis Global	Pair Corr
0.62	DGFYX	Davis Global	Pair Corr
0.96	DGOCX	Davis Opportunity	Pair Corr
0.96	DGOYX	Davis Opportunity	Pair Corr
0.71	FFIFX	American Funds	Pair Corr
0.71	FAIFX	American Funds	Pair Corr
0.68	IFACX	Income Fund	Pair Corr
0.7	IFAFX	Income Fund	Pair Corr
0.7	AMECX	Income Fund	Pair Corr
0.68	RIDBX	Income Fund	Pair Corr
0.7	CIMEX	Income Fund	Pair Corr
0.71	RIDFX	Income Fund	Pair Corr
0.68	CIMCX	Income Fund	Pair Corr
0.71	CIMFX	Income Fund	Pair Corr
0.95	KSOCX	Kinetics Small Cap	Pair Corr
0.95	KSCYX	Kinetics Small Cap	Pair Corr
0.95	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.95	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr

Moving against Davis Mutual Fund

0.47	RFBAX	Davis Government Bond	Pair Corr
0.54	DGVCX	Davis Government Bond	Pair Corr
0.32	DGVYX	Davis Government Bond	Pair Corr

Related Correlations Analysis

	SEKRX	FEMDX	POEIX	PIEFX	DBELX	RALRX
SEKRX		0.52	0.98	0.97	0.29	0.61	SEKRX
FEMDX	0.52		0.59	0.6	-0.34	0.86	FEMDX
POEIX	0.98	0.59		0.97	0.18	0.66	POEIX
PIEFX	0.97	0.6	0.97		0.08	0.64	PIEFX
DBELX	0.29	-0.34	0.18	0.08		-0.14	DBELX
RALRX	0.61	0.86	0.66	0.64	-0.14		RALRX
	SEKRX	FEMDX	POEIX	PIEFX	DBELX	RALRX

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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

POEIX	+ 0.98	SEKRX
PIEFX	+ 0.97	SEKRX
PIEFX	+ 0.97	POEIX
RALRX	+ 0.86	FEMDX
RALRX	+ 0.66	POEIX
RALRX	+ 0.64	PIEFX

High negative correlations

DBELX	- 0.34	FEMDX
RALRX	- 0.14	DBELX

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Appreciation 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 Appreciation'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
SEKRX	0.75	(0.06)	(0.12)	0.02	0.96	(0.79)	1.85	(1.49)	5.33
FEMDX	0.15	0.03	(0.47)	0.56	0.00	(0.22)	0.42	(0.25)	1.08
POEIX	0.76	(0.05)	(0.11)	0.03	0.94	(0.84)	1.54	(1.82)	5.70
PIEFX	0.77	(0.05)	(0.10)	0.04	0.94	(0.91)	1.82	(1.45)	4.54
DBELX	0.33	(0.05)	0.00	(1.19)	0.00	0.00	0.56	(0.67)	1.87
RALRX	0.42	(0.03)	(0.12)	0.08	0.52	(0.44)	0.83	(0.83)	2.68

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