Dodge Income Correlations

DODIX Fund  USD 12.14  0.04  0.33%   
The correlation of Dodge Income 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Dodge Income moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Dodge Income Fund moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Very weak diversification

The correlation between Dodge Income Fund and NYA is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dodge Income Fund and NYA in the same portfolio, assuming nothing else is changed.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dodge Income Fund. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in gross domestic product.
  
The ability to find closely correlated positions to Dodge Income could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dodge Income when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Dodge Income - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Dodge Income Fund to buy it.

Moving together with Dodge Mutual Fund

  0.96DODLX Dodge Global BondPairCorr
  0.93MWTNX Metropolitan West TotalPairCorr
  0.79MWTSX Metropolitan West TotalPairCorr
  0.95PTTPX Pimco Total ReturnPairCorr
  0.96PTRRX Total ReturnPairCorr
  0.96PTRAX Total ReturnPairCorr
  0.95PTTRX Total ReturnPairCorr
  0.95FIWGX Strategic AdvisersPairCorr
  0.94MWTIX Metropolitan West TotalPairCorr
  0.93MWTRX Metropolitan West TotalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Dodge Mutual Fund performing well and Dodge Income 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 Dodge Income'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Dodge Income without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Equity Search Now

   

Equity Search

Search for actively traded equities including funds and ETFs from over 30 global markets
All  Next Launch Module

Already Invested in Dodge Income Fund?

The danger of trading Dodge Income Fund is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Dodge Income is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Dodge Income. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Dodge Me Fund is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dodge Income Fund. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in gross domestic product.
You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Please note, there is a significant difference between Dodge Income's value and its price as these two are different measures arrived at by different means. Investors typically determine if Dodge Income is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Dodge Income's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.