Commonwealth Japan Correlations

Mutual Funds . USA . 
Fund . Commonwealth Japan Fund
CNJFX Fund  USD 3.66  0.02  0.55%   
The current 90-days correlation between Commonwealth Japan and Commonwealth Australianew Zealand is -0.02 (i.e., Good diversification). The correlation of Commonwealth Japan 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.

Commonwealth Japan Correlation With Market

Significant diversification

The correlation between Commonwealth Japan Fund and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Commonwealth Japan Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Commonwealth Japan Fund. 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 census.

Moving together with Commonwealth Mutual Fund

  0.77CNGLX Commonwealth GlobalPairCorr
  0.71CNREX Commonwealth Real EstatePairCorr
  0.71CNZLX Commonwealth Australia/newPairCorr
  0.7CAFRX Africa Fund AfricaPairCorr
  0.76RJAIX T Rowe PricePairCorr
  0.9FJPNX Fidelity JapanPairCorr
  0.75DFJSX Japanese Small PanyPairCorr
  0.9FIQLX Fidelity JapanPairCorr
  0.76MJFOX Matthews JapanPairCorr
  0.76MIJFX Matthews JapanPairCorr
  0.76PRJPX T Rowe PricePairCorr
  0.94FJSCX Fidelity Japan SmallerPairCorr
  0.79FSJPX Fidelity Sai JapanPairCorr
  0.9FJPIX Fidelity JapanPairCorr
  0.8BTMPX Ishares Msci EafePairCorr
  0.8BTMKX Blackrock InternationalPairCorr
  0.8MDIIX Blackrock Intern IndexPairCorr

Moving against Commonwealth Mutual Fund

  0.53UHPIX Ultrashort China Profund Downward RallyPairCorr
  0.51BRBPX Managed VolatilityPairCorr
  0.34MLPNX Oppenheimer Steelpath MlpPairCorr
  0.34MLPMX Oppenheimer Steelpath MlpPairCorr
  0.56KMDNX Kinetics Multi-disciplinaPairCorr
  0.48USDIX Ubs Ultra ShortPairCorr

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   
B3W
+ 0.88
CNZLX
LEAOX
+ 0.73
CNZLX
B3W
+ 0.69
LEAOX
EFEAX
+ 0.04
LEAOX
  
High negative correlations   
EFEAX
- 0.39
B3W
EFEAX
- 0.36
CNZLX

Risk-Adjusted Indicators

There is a big difference between Commonwealth Mutual Fund performing well and Commonwealth Japan 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 Commonwealth Japan'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.

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