New Economy Correlations

Mutual Funds . USA . 
Fund . New Economy Fund
RNGFX Fund  USD 67.51  0.30  0.45%   
The current 90-days correlation between New Economy Fund and Angel Oak Financial is -0.02 (i.e., Good 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 census.

Moving together with New Mutual Fund

  0.85AMECX Income FundPairCorr
  0.86AMFCX American MutualPairCorr
  0.86AMFFX American MutualPairCorr
  0.69RNCCX American Funds IncomePairCorr
  0.89AMEFX Income FundPairCorr
  0.94RNGGX New Economy FundPairCorr
  0.94RNGHX New Economy FundPairCorr
  1.0RNGBX New Economy FundPairCorr
  0.94RNGAX New Economy FundPairCorr
  1.0RNGEX New Economy FundPairCorr
  1.0RNGCX New Economy FundPairCorr
  0.71FPTPX American Funds ConsePairCorr
  0.94RNNEX New Economy FundPairCorr
  0.9CDJAX American Funds CollegePairCorr
  0.98AMPCX Amcap Fund ClassPairCorr
  0.98AMPFX Amcap Fund ClassPairCorr
  0.85RNPBX New PerspectivePairCorr
  0.85RNPAX New PerspectivePairCorr
  0.92RNPHX New PerspectivePairCorr
  0.93RNPGX New PerspectivePairCorr
  0.85RNPCX New PerspectivePairCorr
  0.93RNPFX New PerspectivePairCorr
  0.86RNPEX New PerspectivePairCorr
  0.92AMRMX American MutualPairCorr
  0.86AMRFX American MutualPairCorr
  0.64RNRPX American Funds RetirementPairCorr

Moving against New Mutual Fund

  0.31FPPPX American Funds PresePairCorr
  0.31TECCX Tax Exempt FundPairCorr
  0.68AMUSX Us Government SecuritiesPairCorr
  0.65ANBEX American Funds StrategicPairCorr
  0.65ANBAX American Funds StrategicPairCorr
  0.65ANBCX American Funds StrategicPairCorr
  0.64ANBGX American Funds StrategicPairCorr
  0.64ANBFX American Funds StrategicPairCorr

Related Correlations Analysis

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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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