Bny Mellon Correlations

MPMCX Fund

USD 19.04 0.19 0.99%

The current 90-days correlation between Bny Mellon Mid and Bny Mellon Small is 0.93 (i.e., Almost no 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

Significant diversification

The correlation between Bny Mellon Mid and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bny Mellon Mid 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 Mid. 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 main economic indicators.

Moving together with Bny Mutual Fund

0.88	MPBLX	Bny Mellon Asset	Pair Corr
0.94	MPISX	Bny Mellon Income	Pair Corr
0.97	MPSSX	Bny Mellon Small	Pair Corr
0.94	BMIIX	Bny Mellon Income	Pair Corr
0.95	BMIAX	Bny Mellon Income	Pair Corr
0.95	BMIYX	Bny Mellon Income	Pair Corr
0.94	BMISX	Bny Mellon Income	Pair Corr
0.88	MIBLX	Bny Mellon Asset	Pair Corr
0.94	MIISX	Bny Mellon Income	Pair Corr
1.0	MIMSX	Bny Mellon Mid	Pair Corr
0.96	MISCX	Bny Mellon Small	Pair Corr
0.89	PAMCX	T Rowe Price	Pair Corr
0.94	RRMGX	T Rowe Price	Pair Corr
0.95	TRQZX	T Rowe Price	Pair Corr
0.95	RPMGX	T Rowe Price	Pair Corr

Moving against Bny Mutual Fund

0.75	MPBFX	Bny Mellon Bond	Pair Corr
0.74	MIBDX	Bny Mellon Bond	Pair Corr
0.72	MPITX	Bny Mellon International	Pair Corr
0.71	MPIBX	Bny Mellon Intermediate	Pair Corr
0.48	BYMIX	Bny Mellon Porate	Pair Corr
0.46	BYMMX	Bny Mellon Porate	Pair Corr
0.42	MMBIX	Bny Mellon Massachusetts	Pair Corr
0.4	MMBMX	Bny Mellon Massachusetts	Pair Corr
0.4	MPNIX	Bny Mellon National	Pair Corr
0.36	MNYMX	Bny Mellon New	Pair Corr
0.35	MNYIX	Bny Mellon New	Pair Corr
0.76	MIINX	Bny Mellon International	Pair Corr
0.71	MIIDX	Bny Mellon Intermediate	Pair Corr
0.56	LIIAX	Columbia Porate Income	Pair Corr
0.56	SRINX	Columbia Porate Income	Pair Corr
0.56	CIFRX	Columbia Porate Income	Pair Corr
0.44	MINMX	Bny Mellon National	Pair Corr
0.35	MIPAX	Bny Mellon Pennsylvania	Pair Corr

Related Correlations Analysis

	MISCX	MIEGX	AWEIX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
MISCX		0.17	0.9	0.0	0.58	0.59	0.51	0.69	0.44	0.56	MISCX
MIEGX	0.17		0.27	0.0	0.86	0.48	-0.48	0.62	-0.37	-0.08	MIEGX
AWEIX	0.9	0.27		0.0	0.67	0.6	0.46	0.61	0.42	0.59	AWEIX
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.58	0.86	0.67	0.0		0.69	-0.13	0.81	-0.05	0.16	MSTSX
LBHIX	0.59	0.48	0.6	0.0	0.69		0.16	0.72	0.24	0.09	LBHIX
VIASP	0.51	-0.48	0.46	0.0	-0.13	0.16		-0.04	0.78	0.5	VIASP
RRTLX	0.69	0.62	0.61	0.0	0.81	0.72	-0.04		0.02	0.01	RRTLX
OSHDF	0.44	-0.37	0.42	0.0	-0.05	0.24	0.78	0.02		0.32	OSHDF
70082LAB3	0.56	-0.08	0.59	0.0	0.16	0.09	0.5	0.01	0.32		70082LAB3
	MISCX	MIEGX	AWEIX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

AWEIX	+ 0.9	MISCX
MSTSX	+ 0.86	MIEGX
RRTLX	+ 0.81	MSTSX
OSHDF	+ 0.78	VIASP
RRTLX	+ 0.72	LBHIX
RRTLX	+ 0.69	MISCX

High negative correlations

VIASP	- 0.48	MIEGX
OSHDF	- 0.37	MIEGX
VIASP	- 0.13	MSTSX
70082LAB3	- 0.08	MIEGX
OSHDF	- 0.05	MSTSX
RRTLX	- 0.04	VIASP

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
MISCX	0.86	0.12	0.00	5.30	0.88	(1.02)	2.03	(1.64)	6.79
MIEGX	0.65	(0.06)	(0.15)	(0.01)	0.79	(0.75)	1.54	(1.18)	4.05
AWEIX	0.50	(0.02)	(0.05)	0.10	0.67	(0.51)	1.03	(1.42)	3.88
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.50	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.02	(0.41)	2.96	0.00	(0.29)	0.24	(0.24)	0.96
VIASP	0.72	0.00	(0.02)	0.00	1.05	(0.80)	2.28	(1.15)	7.18
RRTLX	0.24	0.00	(0.33)	0.37	0.26	(0.27)	0.56	(0.56)	1.37
OSHDF	39.65	22.65	0.00	(0.96)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.99	0.03	(0.04)	1.55	2.18	(1.09)	1.75	(1.69)	24.27

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