New Economy Correlations

Mutual Funds . USA . 
Fund . New Economy Fund
RNGEX Fund  USD 66.13  0.37  0.56%   
The current 90-days correlation between New Economy Fund and Forum Real Estate is 0.05 (i.e., Significant diversification). The correlation of New Economy 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 Economy Correlation With Market

Poor diversification

The correlation between New Economy Fund and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Economy Fund 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 Economy Fund. 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 income.

Moving together with New Mutual Fund

  0.91AMECX Income FundPairCorr
  0.93AMFCX American MutualPairCorr
  0.93AMFFX American MutualPairCorr
  0.71RNCCX American Funds IncomePairCorr
  0.74FPTPX American Funds ConsePairCorr
  1.0RNNEX New Economy FundPairCorr
  0.93RNPGX New PerspectivePairCorr
  0.99ANCFX American Funds FundaPairCorr
  0.97BALFX American BalancedPairCorr
  0.96BALCX American BalancedPairCorr
  0.87CWGIX Capital World GrowthPairCorr
  0.87CWGFX Capital World GrowthPairCorr
  0.86CWGCX Capital World GrowthPairCorr
  0.88CWIFX Capital World GrowthPairCorr
  0.92RPEBX New PerspectivePairCorr
  0.96FAFGX American FundsPairCorr
  0.99CFNAX American Funds FundaPairCorr
  0.99GWPAX American Funds GrowthPairCorr
  0.99GWPCX American Funds GrowthPairCorr
  0.99GWPFX American Funds GrowthPairCorr
  0.96GFACX Growth FundPairCorr
  0.96GFAFX Growth FundPairCorr
  0.79SCWCX American Fds SmallcapPairCorr
  0.97FBAFX American Funds AmericanPairCorr
  0.96CGFEX Growth FundPairCorr
  0.96CGFFX Growth FundPairCorr
  0.96CGFCX Growth FundPairCorr
  0.96CGFAX Growth FundPairCorr
  0.97FBONX American Funds AmericanPairCorr
  0.99CGRGX American Funds GrowthPairCorr

Moving against New Mutual Fund

  0.68AMUSX Us Government SecuritiesPairCorr
  0.65ANBEX American Funds StrategicPairCorr
  0.64CWBFX Capital World BondPairCorr
  0.45FPPPX American Funds PresePairCorr
  0.69CGTCX Us Government SecuritiesPairCorr
  0.68CGTAX Us Government SecuritiesPairCorr
  0.67CFAAX Bond FundPairCorr

Related Correlations Analysis

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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   
MRESX
+ 0.99
NREEX
TIREX
+ 0.96
MRESX
TIREX
+ 0.94
NREEX
CNREX
+ 0.75
NREEX
CNREX
+ 0.75
MRESX
TIREX
+ 0.6
CNREX
  
High negative correlations   
NREEX
- 0.02
FORFX

Risk-Adjusted Indicators

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