Fpa New Correlations

FPNIX Fund

USD 9.88 0.04 0.41%

The current 90-days correlation between Fpa New Income and Pimco Corporate Income is 0.1 (i.e., Average diversification). The correlation of Fpa 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.

Fpa New Correlation With Market

Good diversification

The correlation between Fpa New Income and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fpa New Income and DJI 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 Fpa New Income. 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 gross domestic product.

Moving together with Fpa Mutual Fund

1.0	FFIAX	Fpa Flexible Fixed	Pair Corr
1.0	FPFIX	Fpa Flexible Fixed	Pair Corr
0.99	FPNRX	Fpa New Income	Pair Corr
0.94	VBIRX	Vanguard Short Term	Pair Corr
0.78	VFSUX	Vanguard Short Term	Pair Corr
0.87	VFSIX	Vanguard Short Term	Pair Corr
0.9	VFSTX	Vanguard Short Term	Pair Corr
0.98	VBITX	Vanguard Short Term	Pair Corr
0.97	VBISX	Vanguard Short Term	Pair Corr
0.9	VSCSX	Vanguard Short Term	Pair Corr
0.71	BTMPX	Ishares Msci Eafe	Pair Corr
0.71	BTMKX	Blackrock International	Pair Corr
0.71	MDIIX	Blackrock Intern Index	Pair Corr

Moving against Fpa Mutual Fund

0.66	QRSAX	Fpa Queens Road	Pair Corr
0.66	QRSIX	Fpa Queens Road	Pair Corr
0.66	QRSVX	Queens Road Small	Pair Corr
0.64	PTY	Pimco Corporate Income	Pair Corr
0.6	FPACX	Fpa Crescent	Pair Corr
0.6	FPCSX	Fpa Crescent	Pair Corr
0.38	COGVX	Cognios Large Cap	Pair Corr
0.32	QRVLX	Queens Road Value	Pair Corr
0.66	LTFOX	Lord Abbett Affiliated	Pair Corr
0.65	VIGAX	Vanguard Growth Index	Pair Corr
0.64	RQECX	Resq Dynamic Allocation	Pair Corr
0.61	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.6	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.6	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.6	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.6	VTSMX	Vanguard Total Stock	Pair Corr
0.59	VFINX	Vanguard 500 Index	Pair Corr
0.59	VFIAX	Vanguard 500 Index	Pair Corr
0.59	AGTHX	Growth Fund	Pair Corr
0.59	INDEX	Sp 500 Equal	Pair Corr
0.58	SMERX	Invesco Small Cap	Pair Corr

Related Correlations Analysis

	PTY	FFIAX	QRSAX	QRSIX	QRSVX	QRVLX	FPACX	FPCSX	FPFIX	FPNRX
PTY		-0.64	0.82	0.82	0.82	0.83	0.89	0.89	-0.62	-0.66	PTY
FFIAX	-0.64		-0.66	-0.66	-0.66	-0.33	-0.6	-0.6	1.0	1.0	FFIAX
QRSAX	0.82	-0.66		1.0	1.0	0.82	0.9	0.9	-0.65	-0.68	QRSAX
QRSIX	0.82	-0.66	1.0		1.0	0.82	0.9	0.9	-0.65	-0.68	QRSIX
QRSVX	0.82	-0.66	1.0	1.0		0.82	0.9	0.9	-0.65	-0.68	QRSVX
QRVLX	0.83	-0.33	0.82	0.82	0.82		0.88	0.88	-0.3	-0.36	QRVLX
FPACX	0.89	-0.6	0.9	0.9	0.9	0.88		1.0	-0.59	-0.63	FPACX
FPCSX	0.89	-0.6	0.9	0.9	0.9	0.88	1.0		-0.59	-0.63	FPCSX
FPFIX	-0.62	1.0	-0.65	-0.65	-0.65	-0.3	-0.59	-0.59		1.0	FPFIX
FPNRX	-0.66	1.0	-0.68	-0.68	-0.68	-0.36	-0.63	-0.63	1.0		FPNRX
	PTY	FFIAX	QRSAX	QRSIX	QRSVX	QRVLX	FPACX	FPCSX	FPFIX	FPNRX

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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

FPFIX	+ 1.0	FFIAX
FPNRX	+ 1.0	FFIAX
QRSIX	+ 1.0	QRSAX
QRSVX	+ 1.0	QRSAX
QRSVX	+ 1.0	QRSIX
FPCSX	+ 1.0	FPACX

High negative correlations

FPNRX	- 0.68	QRSVX
FPNRX	- 0.68	QRSIX
FPNRX	- 0.68	QRSAX
QRSVX	- 0.66	FFIAX
QRSIX	- 0.66	FFIAX
QRSAX	- 0.66	FFIAX

Risk-Adjusted Indicators

There is a big difference between Fpa Mutual Fund performing well and Fpa 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 Fpa 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
PTY	0.17	0.07	(0.20)	2.71	0.00	(0.23)	0.50	(0.21)	1.26
FFIAX	0.12	(0.01)	0.00	0.53	0.00	0.00	0.20	(0.29)	0.88
QRSAX	0.79	(0.01)	0.03	0.11	0.67	(0.93)	1.92	(1.28)	6.37
QRSIX	0.79	(0.01)	0.03	0.11	0.67	(0.93)	1.94	(1.28)	6.37
QRSVX	0.79	(0.01)	0.03	0.11	0.67	(0.93)	1.94	(1.28)	6.35
QRVLX	0.59	0.00	(0.02)	0.12	0.46	(0.73)	1.19	(0.94)	4.15
FPACX	0.40	(0.02)	(0.13)	0.09	0.48	(0.41)	0.99	(0.73)	2.38
FPCSX	0.40	(0.02)	(0.13)	0.09	0.47	(0.41)	0.99	(0.72)	2.38
FPFIX	0.11	(0.01)	0.00	0.46	0.00	0.00	0.20	(0.20)	0.88
FPNRX	0.12	(0.01)	0.00	0.51	0.00	0.00	0.20	(0.30)	0.90

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