New Economy Correlations

Mutual Funds . USA . 
Fund . New Economy Fund
RNNEX Fund  USD 60.06  0.54  0.91%   
The current 90-days correlation between New Economy Fund and New Perspective Fund is 0.53 (i.e., Very weak 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

Very weak diversification

The correlation between New Economy Fund and DJI is 0.43 (i.e., Very weak 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

  0.93AMECX Income FundPairCorr
  0.83RNEBX New World FundPairCorr
  0.95AMFCX American MutualPairCorr
  0.93AMFFX American MutualPairCorr
  0.9RNCCX American Funds IncomePairCorr
  0.95AMEFX Income FundPairCorr
  0.93RNGGX New Economy FundPairCorr
  1.0RNGFX New Economy FundPairCorr
  1.0RNGHX New Economy FundPairCorr
  0.94RNGBX New Economy FundPairCorr
  1.0RNGAX New Economy FundPairCorr
  1.0RNGEX New Economy FundPairCorr
  1.0RNGCX New Economy FundPairCorr
  0.62AMHIX American High IncomePairCorr
  0.7TEBCX Tax Exempt BondPairCorr
  0.67TECCX Tax Exempt FundPairCorr
  0.68TEAFX Tax Exempt BondPairCorr
  0.9FPTPX American Funds ConsePairCorr
  0.83CDJAX American Funds CollegePairCorr
  0.98AMPCX Amcap Fund ClassPairCorr
  0.95AMPFX Amcap Fund ClassPairCorr
  0.91RNPBX New PerspectivePairCorr
  0.91RNPAX New PerspectivePairCorr
  0.9RNPHX New PerspectivePairCorr
  0.9RNPGX New PerspectivePairCorr
  0.91RNPCX New PerspectivePairCorr
  0.9RNPFX New PerspectivePairCorr
  0.9RNPEX New PerspectivePairCorr
  0.95AMRMX American MutualPairCorr
  0.95AMRFX American MutualPairCorr
  0.84RNRPX American Funds RetirementPairCorr
  0.69AMUSX Us Government SecuritiesPairCorr
  0.63TEPCX American Funds TaxPairCorr
  0.83RNWFX New World FundPairCorr

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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