Kopernik Global Correlations
| KGGIX Fund | USD 11.73 0.04 0.34% |
The correlation of Kopernik Global 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 Kopernik Global moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Kopernik Global All Cap 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 Kopernik Global All Cap and NYA is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kopernik Global All Cap and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Kopernik Global could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Kopernik Global 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 Kopernik Global - 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 Kopernik Global All Cap to buy it.
Moving together with Kopernik Mutual Fund
| 1.0 | KGGAX | Kopernik Global All | PairCorr |
| 0.84 | KGIIX | Kopernik International | PairCorr |
| 0.93 | KGIRX | Kopernik International | PairCorr |
| 0.84 | DISVX | Dfa International Small | PairCorr |
| 0.83 | DFVQX | Dfa International Vector | PairCorr |
| 0.84 | FMNEX | Free Market International | PairCorr |
| 0.76 | OANEX | Oakmark International | PairCorr |
| 0.75 | OAZEX | Oakmark International | PairCorr |
| 0.75 | OAKEX | Oakmark International | PairCorr |
| 0.75 | OAYEX | Oakmark International | PairCorr |
| 0.9 | WRHIX | Ivy High Income | PairCorr |
| 0.91 | WHIAX | Ivy High Income | PairCorr |
| 0.91 | IHIFX | Ivy High Income | PairCorr |
| 0.9 | IVHIX | Ivy High Income | PairCorr |
| 0.78 | MSTFX | Morningstar International | PairCorr |
Related Correlations Analysis
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Kopernik Mutual Fund performing well and Kopernik Global 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 Kopernik Global'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| QFVOX | 0.43 | (0.03) | (0.07) | (0.01) | 0.65 | 0.85 | 2.61 | |||
| FMIJX | 0.41 | 0.00 | (0.04) | 0.04 | 0.46 | 0.86 | 2.23 | |||
| GLFOX | 0.46 | (0.07) | 0.00 | (0.08) | 0.00 | 1.05 | 2.92 | |||
| AQUI | 1.32 | 0.64 | 0.00 | 0.96 | 0.00 | 0.00 | 25.00 | |||
| LBHIX | 0.19 | (0.02) | 0.00 | (0.41) | 0.00 | 0.48 | 1.21 | |||
| MSTSX | 0.48 | (0.03) | (0.05) | 0.01 | 0.67 | 0.98 | 3.20 | |||
| ABHYX | 0.18 | (0.01) | (0.14) | 0.31 | 0.25 | 0.45 | 1.61 | |||
| SCAXF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| VIASP | 1.55 | 0.14 | 0.05 | 0.23 | 2.31 | 3.60 | 13.41 | |||
| RRTLX | 0.26 | (0.01) | (0.09) | 0.02 | 0.31 | 0.51 | 1.46 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Kopernik Global 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?
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Already Invested in Kopernik Global All Cap?
The danger of trading Kopernik Global All Cap 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 Kopernik Global 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 Kopernik Global. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Kopernik Global All 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 Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kopernik Global All Cap. 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.