Commonwealth Australia/new Correlations

CNZLX Fund

USD 10.44 0.02 0.19%

The current 90-days correlation between Commonwealth Australia/new and Commonwealth Japan Fund is 0.6 (i.e., Poor diversification). The correlation of Commonwealth Australia/new 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 Australia/new Correlation With Market

Weak diversification

The correlation between Commonwealth Australianew Zeal and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Commonwealth Australianew Zeal 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 Australianew Zealand. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Commonwealth Mutual Fund

0.93	FACNX	Fidelity Canada	Pair Corr
0.93	FTCNX	Fidelity Canada	Pair Corr
0.93	FCCNX	Fidelity Canada	Pair Corr
0.93	FICCX	Fidelity Canada	Pair Corr
0.93	FICDX	Fidelity Canada	Pair Corr
0.93	FIQEX	Fidelity Canada	Pair Corr
0.91	DFRSX	Asia Pacific Small	Pair Corr
0.86	FNORX	Fidelity Nordic	Pair Corr
0.94	BRUFX	Bruce Fund Bruce	Pair Corr
0.64	SPGSX	State Street Premier	Pair Corr
0.63	QUACX	Ab Small Cap	Pair Corr
0.62	FIRFX	Fidelity Income Repl	Pair Corr
0.65	KNPAX	Kinetics Paradigm	Pair Corr

Moving against Commonwealth Mutual Fund

0.67	RYMEX	Commodities Strategy	Pair Corr
0.66	RYMJX	Commodities Strategy	Pair Corr
0.59	RYMBX	Commodities Strategy	Pair Corr
0.59	LLDYX	Lord Abbett Short	Pair Corr
0.52	WSHNX	Short Duration Income	Pair Corr
0.52	HGOFX	Hartford Growth	Pair Corr
0.5	GMODX	Gmo Opportunistic Income	Pair Corr
0.47	OWSBX	Old Westbury Short	Pair Corr
0.33	DPIGX	Intermediate Government	Pair Corr

Related Correlations Analysis

	CNJFX	MAKOX	EUROX	MACSX	IASMX
CNJFX		0.0	0.0	0.65	0.24	CNJFX
MAKOX	0.0		0.0	0.0	0.0	MAKOX
EUROX	0.0	0.0		0.0	0.0	EUROX
MACSX	0.65	0.0	0.0		0.65	MACSX
IASMX	0.24	0.0	0.0	0.65		IASMX
	CNJFX	MAKOX	EUROX	MACSX	IASMX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

MACSX	+ 0.65	CNJFX
IASMX	+ 0.65	MACSX
IASMX	+ 0.24	CNJFX
MAKOX	+ 0.0	CNJFX
EUROX	+ 0.0	CNJFX
EUROX	+ 0.0	MAKOX

High negative correlations

IASMX	- 0.0	EUROX
MACSX	- 0.0	EUROX
IASMX	- 0.0	MAKOX
MACSX	- 0.0	MAKOX
EUROX	- 0.0	MAKOX
EUROX	- 0.0	CNJFX

Risk-Adjusted Indicators

There is a big difference between Commonwealth Mutual Fund performing well and Commonwealth Australia/new 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 Australia/new'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
CNJFX	0.81	0.00	(0.07)	0.09	0.95	(0.92)	1.68	(1.56)	4.55
MAKOX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EUROX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MACSX	0.56	(0.04)	0.00	(0.38)	0.00	0.00	1.10	(1.59)	3.68
IASMX	0.85	0.03	(0.04)	0.41	1.20	(0.85)	1.77	(2.10)	5.94

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC