Bny Mellon Correlations

MPIBX Fund

USD 11.84 0.01 0.08%

The current 90-days correlation between Bny Mellon Intermediate and Bny Mellon Massachusetts is 0.5 (i.e., Very weak diversification). The correlation of Bny Mellon 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.

Bny Mellon Correlation With Market

Average diversification

The correlation between Bny Mellon Intermediate and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bny Mellon Intermediate and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Bny Mellon Intermediate. 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 bureau of labor statistics.

Moving together with Bny Mutual Fund

0.82	MMBIX	Bny Mellon Massachusetts	Pair Corr
0.81	MMBMX	Bny Mellon Massachusetts	Pair Corr
0.79	MNYIX	Bny Mellon New	Pair Corr
0.79	MNYMX	Bny Mellon New	Pair Corr
0.66	MOTIX	Bny Mellon Municipal	Pair Corr
0.61	MOTMX	Bny Mellon Municipal	Pair Corr
0.97	MPBFX	Bny Mellon Bond	Pair Corr
0.81	MPITX	Bny Mellon International	Pair Corr
0.83	MPNIX	Bny Mellon National	Pair Corr
0.76	MPPIX	Bny Mellon Pennsylvania	Pair Corr
0.94	BYMMX	Bny Mellon Porate	Pair Corr
0.94	BYMIX	Bny Mellon Porate	Pair Corr
0.99	MIBDX	Bny Mellon Bond	Pair Corr
0.81	MIINX	Bny Mellon International	Pair Corr
1.0	MIIDX	Bny Mellon Intermediate	Pair Corr
0.84	MINMX	Bny Mellon National	Pair Corr
0.8	MIPAX	Bny Mellon Pennsylvania	Pair Corr
0.89	VBIRX	Vanguard Short Term	Pair Corr
0.69	VFSUX	Vanguard Short Term	Pair Corr
0.77	VFSIX	Vanguard Short Term	Pair Corr
0.8	VFSTX	Vanguard Short Term	Pair Corr

Moving against Bny Mutual Fund

0.71	MPMCX	Bny Mellon Mid	Pair Corr
0.7	MPISX	Bny Mellon Income	Pair Corr
0.7	BMIIX	Bny Mellon Income	Pair Corr
0.7	BMIAX	Bny Mellon Income	Pair Corr
0.7	BMIYX	Bny Mellon Income	Pair Corr
0.7	BMISX	Bny Mellon Income	Pair Corr
0.64	MPSSX	Bny Mellon Small	Pair Corr
0.49	MPBLX	Bny Mellon Asset	Pair Corr
0.48	MIBLX	Bny Mellon Asset	Pair Corr
0.71	MIMSX	Bny Mellon Mid	Pair Corr
0.7	MIISX	Bny Mellon Income	Pair Corr
0.7	VITSX	Vanguard Total Stock	Pair Corr
0.69	VFIAX	Vanguard 500 Index	Pair Corr
0.68	VSTSX	Vanguard Total Stock	Pair Corr
0.68	VSMPX	Vanguard Total Stock	Pair Corr
0.67	VFFSX	Vanguard 500 Index	Pair Corr
0.64	MISCX	Bny Mellon Small	Pair Corr

Related Correlations Analysis

	MMBIX	MMBMX	MEMKX	MNYIX	MNYMX	BMIIX	BMIAX	BMIYX	BMISX
MMBIX		1.0	0.21	0.99	1.0	-0.4	-0.41	-0.41	-0.4	MMBIX
MMBMX	1.0		0.23	0.99	0.99	-0.39	-0.39	-0.39	-0.38	MMBMX
MEMKX	0.21	0.23		0.26	0.25	0.3	0.3	0.3	0.31	MEMKX
MNYIX	0.99	0.99	0.26		1.0	-0.33	-0.34	-0.33	-0.33	MNYIX
MNYMX	1.0	0.99	0.25	1.0		-0.34	-0.35	-0.35	-0.34	MNYMX
BMIIX	-0.4	-0.39	0.3	-0.33	-0.34		1.0	1.0	1.0	BMIIX
BMIAX	-0.41	-0.39	0.3	-0.34	-0.35	1.0		1.0	1.0	BMIAX
BMIYX	-0.41	-0.39	0.3	-0.33	-0.35	1.0	1.0		1.0	BMIYX
BMISX	-0.4	-0.38	0.31	-0.33	-0.34	1.0	1.0	1.0		BMISX
	MMBIX	MMBMX	MEMKX	MNYIX	MNYMX	BMIIX	BMIAX	BMIYX	BMISX

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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

MMBMX	+ 1.0	MMBIX
MNYMX	+ 1.0	MMBIX
MNYMX	+ 1.0	MNYIX
BMIAX	+ 1.0	BMIIX
BMIYX	+ 1.0	BMIIX
BMISX	+ 1.0	BMIIX

High negative correlations

BMIYX	- 0.41	MMBIX
BMIAX	- 0.41	MMBIX
BMISX	- 0.4	MMBIX
BMIIX	- 0.4	MMBIX
BMIYX	- 0.39	MMBMX
BMIAX	- 0.39	MMBMX

Risk-Adjusted Indicators

There is a big difference between Bny Mutual Fund performing well and Bny Mellon 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 Bny Mellon'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
MMBIX	0.12	(0.01)	(0.43)	(0.29)	0.21	(0.16)	0.25	(0.32)	1.22
MMBMX	0.12	(0.01)	(0.43)	(0.23)	0.18	(0.18)	0.25	(0.25)	1.14
MEMKX	0.65	(0.06)	(0.15)	(0.01)	0.79	(0.74)	1.59	(1.12)	3.99
MNYIX	0.12	(0.01)	(0.39)	(0.14)	0.18	(0.20)	0.29	(0.29)	1.24
MNYMX	0.12	(0.01)	(0.41)	(0.20)	0.20	(0.15)	0.19	(0.29)	1.15
BMIIX	0.54	0.03	0.02	0.16	0.25	(0.73)	1.07	(0.83)	4.02
BMIAX	0.53	0.03	0.02	0.16	0.27	(0.71)	1.04	(0.83)	4.01
BMIYX	0.53	0.03	0.02	0.16	0.24	(0.72)	1.05	(0.81)	4.03
BMISX	0.53	0.03	0.02	0.15	0.27	(0.69)	1.05	(0.84)	4.16

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