New York Correlations

Mutual Funds . USA . 
Fund . New York Tax Free
PRNYX Fund  USD 10.94  0.01  0.09%   
The current 90-days correlation between New York Tax and New Jersey Tax Free is 0.95 (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

Very good diversification

The correlation between New York Tax Free and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New York Tax Free 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 Tax Free. 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 manufacturing.

Moving together with New Mutual Fund

  0.63TEIMX T Rowe PricePairCorr
  0.99TFBIX Maryland Tax FreePairCorr
  0.99TFBVX Virginia Tax FreePairCorr
  0.9TFHAX T Rowe PricePairCorr
  0.99TFILX T Rowe PricePairCorr
  0.69RPLCX T Rowe PricePairCorr

Moving against New Mutual Fund

  0.33TFIFX T Rowe PricePairCorr
  0.47RPEIX T Rowe PricePairCorr
  0.47RPIEX T Rowe PricePairCorr
  0.37PGTIX T Rowe PricePairCorr

Related Correlations Analysis

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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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