New Perspective Correlations

Mutual Funds . USA . 
Fund . New Perspective Fund
RNPHX Fund  USD 65.05  0.27  0.42%   
The current 90-days correlation between New Perspective and Washington Mutual Investors is 0.86 (i.e., Very poor diversification). The correlation of New Perspective 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 Perspective Correlation With Market

Poor diversification

The correlation between New Perspective Fund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Perspective 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 Perspective 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 rate.

Moving together with New Mutual Fund

  0.93AMECX Income FundPairCorr
  0.74RNEBX New World FundPairCorr
  0.92AMFCX American MutualPairCorr
  0.92AMFFX American MutualPairCorr
  0.87RNCCX American Funds IncomePairCorr
  0.88FPTPX American Funds ConsePairCorr
  0.93RNNEX New Economy FundPairCorr
  1.0RNPGX New PerspectivePairCorr
  0.75RNWGX New World FundPairCorr
  0.92ANCFX American Funds FundaPairCorr
  0.96BALFX American BalancedPairCorr
  0.97BALCX American BalancedPairCorr
  0.99CWGIX Capital World GrowthPairCorr
  0.98CWGFX Capital World GrowthPairCorr
  0.98CWGCX Capital World GrowthPairCorr
  0.99CWIFX Capital World GrowthPairCorr
  0.72FAATX American Funds 2010PairCorr
  1.0RPEBX New PerspectivePairCorr
  0.85FAFGX American FundsPairCorr
  0.92CFNAX American Funds FundaPairCorr
  0.93GWPAX American Funds GrowthPairCorr
  0.94GWPCX American Funds GrowthPairCorr
  0.93GWPFX American Funds GrowthPairCorr
  0.85GFACX Growth FundPairCorr
  0.85GFAFX Growth FundPairCorr
  0.9SCWCX American Fds SmallcapPairCorr
  0.96FBAFX American Funds AmericanPairCorr
  0.85CGFEX Growth FundPairCorr
  0.85CGFFX Growth FundPairCorr
  0.85CGFCX Growth FundPairCorr
  0.85CGFAX Growth FundPairCorr
  0.96FBONX American Funds AmericanPairCorr
  0.93CGRGX American Funds GrowthPairCorr

Moving against New Mutual Fund

  0.44AMUSX Us Government SecuritiesPairCorr
  0.39ANBEX American Funds StrategicPairCorr
  0.36CWBFX Capital World BondPairCorr
  0.44CGTCX Us Government SecuritiesPairCorr
  0.44CGTAX Us Government SecuritiesPairCorr
  0.43CFAAX 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   
RLBGX
+ 0.99
RWMGX
RGAGX
+ 0.94
RWMGX
RGAGX
+ 0.93
RLBGX
RERGX
+ 0.84
RNWGX
RNWGX
+ 0.61
RLBGX
RNWGX
+ 0.55
RWMGX
  
High negative correlations   
RGAGX
- 0.05
RERGX

Risk-Adjusted Indicators

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