Old Westbury Correlations

OWMBX Fund

USD 11.51 0.01 0.09%

The current 90-days correlation between Old Westbury Municipal and Nuveen Minnesota Municipal is 0.87 (i.e., Very poor diversification). The correlation of Old Westbury 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.

Old Westbury Correlation With Market

Very good diversification

The correlation between Old Westbury Municipal and DJI is -0.22 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old Westbury Municipal and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Old Westbury Municipal. 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 Old Mutual Fund

0.99	OWCAX	Old Westbury California	Pair Corr
0.9	OWCIX	Old Westbury Credit	Pair Corr
0.9	OWFIX	Old Westbury Fixed	Pair Corr
0.99	OWNYX	Old Westbury New	Pair Corr
0.73	OWSBX	Old Westbury Short	Pair Corr
0.94	VWITX	Vanguard Intermediate-ter	Pair Corr
0.93	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.9	AFTEX	Tax Exempt Bond	Pair Corr
0.9	AFTFX	Tax Exempt Bond	Pair Corr
0.93	TEBCX	Tax Exempt Bond	Pair Corr
0.87	TEAFX	Tax Exempt Bond	Pair Corr
0.88	TFEBX	Tax Exempt Bond	Pair Corr
0.94	FLTMX	Fidelity Intermediate	Pair Corr
0.92	MDNLX	Blackrock National	Pair Corr
0.95	MFNLX	Blackrock Natl Muni	Pair Corr
0.79	NVG	Nuveen Amt Free	Pair Corr

Moving against Old Mutual Fund

0.56	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.52	OWACX	Old Westbury All	Pair Corr
0.46	OWLSX	Old Westbury Large	Pair Corr
0.31	OWSMX	Old Westbury Small	Pair Corr
0.65	AVEMX	Ave Maria Value Steady Growth	Pair Corr
0.62	INPIX	Internet Ultrasector	Pair Corr
0.62	INPSX	Internet Ultrasector	Pair Corr
0.58	SLGYX	Large Capitalization	Pair Corr
0.56	RYVLX	Nasdaq 100 2x	Pair Corr
0.56	RYVYX	Nasdaq 100 2x	Pair Corr
0.56	UOPIX	Ultra Nasdaq 100	Pair Corr
0.56	RYCCX	Nasdaq 100 2x	Pair Corr
0.56	UOPSX	Ultranasdaq 100 Profund	Pair Corr
0.55	VMRXX	Vanguard Money Market	Pair Corr
0.53	VIMAX	Vanguard Mid Cap	Pair Corr
0.53	RNGEX	New Economy Fund	Pair Corr
0.47	ASVNX	Small Cap Value	Pair Corr
0.37	PHK	Pimco High Income	Pair Corr
0.33	AMRMX	American Mutual	Pair Corr
0.31	AMFCX	American Mutual	Pair Corr

Related Correlations Analysis

	FYMNX	MSTBX	URIBX	PFDIX	BIDPX	MBSAX	ANAGX	FHYVX	USCBX
FYMNX		0.71	0.54	0.0	0.95	0.73	0.62	0.98	0.93	FYMNX
MSTBX	0.71		0.89	0.0	0.83	0.82	0.92	0.61	0.68	MSTBX
URIBX	0.54	0.89		0.0	0.75	0.68	0.98	0.4	0.63	URIBX
PFDIX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	PFDIX
BIDPX	0.95	0.83	0.75	0.0		0.81	0.81	0.88	0.96	BIDPX
MBSAX	0.73	0.82	0.68	0.0	0.81		0.73	0.68	0.74	MBSAX
ANAGX	0.62	0.92	0.98	0.0	0.81	0.73		0.49	0.69	ANAGX
FHYVX	0.98	0.61	0.4	0.0	0.88	0.68	0.49		0.89	FHYVX
USCBX	0.93	0.68	0.63	0.0	0.96	0.74	0.69	0.89		USCBX
	FYMNX	MSTBX	URIBX	PFDIX	BIDPX	MBSAX	ANAGX	FHYVX	USCBX

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

FHYVX	+ 0.98	FYMNX
ANAGX	+ 0.98	URIBX
USCBX	+ 0.96	BIDPX
BIDPX	+ 0.95	FYMNX
USCBX	+ 0.93	FYMNX
ANAGX	+ 0.92	MSTBX

High negative correlations

USCBX	- 0.0	PFDIX
FHYVX	- 0.0	PFDIX
ANAGX	- 0.0	PFDIX
MBSAX	- 0.0	PFDIX
BIDPX	- 0.0	PFDIX
PFDIX	- 0.0	URIBX

Risk-Adjusted Indicators

There is a big difference between Old Mutual Fund performing well and Old Westbury 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 Old Westbury'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
FYMNX	0.13	0.01	(0.34)	(0.01)	0.18	(0.19)	0.37	(0.28)	1.39
MSTBX	0.09	(0.01)	(0.75)	2.46	0.11	(0.14)	0.21	(0.21)	0.72
URIBX	0.21	(0.02)	0.00	0.33	0.00	0.00	0.43	(0.54)	1.20
PFDIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BIDPX	0.14	0.01	(0.33)	0.02	0.22	(0.18)	0.27	(0.45)	1.36
MBSAX	0.21	(0.01)	(0.35)	0.07	0.23	(0.23)	0.37	(0.44)	1.48
ANAGX	0.16	(0.02)	0.00	0.67	0.00	0.00	0.29	(0.29)	1.01
FHYVX	0.16	0.02	(0.25)	(0.07)	0.22	(0.25)	0.34	(0.44)	1.88
USCBX	0.15	0.01	(0.29)	0.01	0.24	(0.22)	0.39	(0.29)	1.74

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