Vela Small Correlations

VESAX Fund

USD 20.13 0.02 0.1%

The current 90-days correlation between Vela Small Cap and T Rowe Price is 0.16 (i.e., Average diversification). The correlation of Vela Small 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.

Vela Small Correlation With Market

Average diversification

The correlation between Vela Small Cap and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vela Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Vela Small Cap. 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 Vela Mutual Fund

0.9	VELAX	Vela Large Cap	Pair Corr
0.89	VELIX	Vela Large Cap	Pair Corr
1.0	VESMX	Vela Small Cap	Pair Corr
0.89	VIOAX	Vela Income Opportunities	Pair Corr
0.9	VIOIX	Vela Income Opportunities	Pair Corr
0.85	VSIIX	Vanguard Small Cap	Pair Corr
0.85	VISVX	Vanguard Small Cap	Pair Corr
0.87	DFSVX	Us Small Cap	Pair Corr
0.87	DFFVX	Us Targeted Value	Pair Corr
0.87	UBVCX	Undiscovered Managers	Pair Corr
0.87	UBVAX	Undiscovered Managers	Pair Corr
0.87	UBVSX	Undiscovered Managers	Pair Corr
0.87	AVFIX	American Beacon Small	Pair Corr
0.79	VSTSX	Vanguard Total Stock	Pair Corr
0.79	VSMPX	Vanguard Total Stock	Pair Corr
0.79	VITSX	Vanguard Total Stock	Pair Corr
0.78	VFFSX	Vanguard 500 Index	Pair Corr
0.83	VFIAX	Vanguard 500 Index	Pair Corr
0.78	VINIX	Vanguard Institutional	Pair Corr
0.79	VTSAX	Vanguard Total Stock	Pair Corr
0.78	AMGOX	Alger Mid Cap	Pair Corr
0.66	RSGGX	Victory Rs Global	Pair Corr
0.78	NTDAX	Nationwide Destination	Pair Corr
0.65	WRAAX	Wilmington Global Alpha	Pair Corr
0.78	WCPSX	Mobile Telecommunicatio	Pair Corr
0.85	VMIDX	Mid Cap Index	Pair Corr
0.77	RRTCX	T Rowe Price	Pair Corr
0.65	JHYFX	Janus High Yield	Pair Corr
0.78	INDEX	Sp 500 Equal	Pair Corr

Moving against Vela Mutual Fund

0.41

VEILX

Vela International

Pair Corr

Related Correlations Analysis

	TQAAX	VOLMX	OPTCX	ABVCX	XMHFX	MFTFX	TWBIX
TQAAX		0.96	0.91	0.9	-0.6	-0.31	0.76	TQAAX
VOLMX	0.96		0.96	0.94	-0.74	-0.5	0.71	VOLMX
OPTCX	0.91	0.96		0.97	-0.68	-0.46	0.77	OPTCX
ABVCX	0.9	0.94	0.97		-0.68	-0.44	0.78	ABVCX
XMHFX	-0.6	-0.74	-0.68	-0.68		0.69	-0.24	XMHFX
MFTFX	-0.31	-0.5	-0.46	-0.44	0.69		-0.09	MFTFX
TWBIX	0.76	0.71	0.77	0.78	-0.24	-0.09		TWBIX
	TQAAX	VOLMX	OPTCX	ABVCX	XMHFX	MFTFX	TWBIX

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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

ABVCX	+ 0.97	OPTCX
VOLMX	+ 0.96	TQAAX
OPTCX	+ 0.96	VOLMX
ABVCX	+ 0.94	VOLMX
OPTCX	+ 0.91	TQAAX
ABVCX	+ 0.9	TQAAX

High negative correlations

XMHFX	- 0.74	VOLMX
XMHFX	- 0.68	ABVCX
XMHFX	- 0.68	OPTCX
XMHFX	- 0.6	TQAAX
MFTFX	- 0.5	VOLMX
MFTFX	- 0.46	OPTCX

Risk-Adjusted Indicators

There is a big difference between Vela Mutual Fund performing well and Vela Small 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 Vela Small'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
TQAAX	0.82	(0.03)	0.00	0.09	0.98	(0.85)	1.75	(1.51)	6.10
VOLMX	0.61	0.00	0.00	0.12	0.59	(0.71)	1.14	(1.35)	4.49
OPTCX	0.15	0.03	(0.40)	0.96	0.00	(0.22)	0.32	(0.21)	1.04
ABVCX	0.54	0.13	0.04	6.64	0.28	(0.68)	1.09	(0.80)	3.88
XMHFX	0.17	(0.03)	0.00	(0.44)	0.00	0.00	0.42	(0.41)	1.52
MFTFX	0.98	(0.15)	0.00	(0.09)	0.00	0.00	1.70	(1.95)	5.42
TWBIX	0.35	0.03	(0.16)	1.32	0.45	(0.37)	0.77	(0.92)	2.38

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