New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
PNYAX Fund  USD 10.92  0.02  0.18%   
The current 90-days correlation between New York Municipal and Franklin New York is 0.96 (i.e., Almost no diversification). The correlation of New York 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.

New York Correlation With Market

Average diversification

The correlation between New York Municipal and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New York 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 New York 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 nation.

Moving together with New Mutual Fund

  0.64PFIIX Pimco Floating IncomePairCorr
  0.87PFMIX Municipal BondPairCorr
  0.69PFNCX Pimco Floating IncomePairCorr
  0.7PFTPX Pimco Floating IncomePairCorr
  0.63PFRRX Pimco Foreign BondPairCorr
  0.65PFSIX Pimco Emerging MarketsPairCorr
  0.68PGBIX Global Bond FundPairCorr
  0.62PGCAX Investment Grade PoratePairCorr
  0.81PGNPX Pimco Global BondPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between New Mutual Fund performing well and New York 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 New York'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.

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