Basic Materials Correlations

Mutual Funds . USA . 
Fund . Basic Materials Fund
RYBCX Fund  USD 56.63  0.42  0.74%   
The current 90-days correlation between Basic Materials and Basic Materials Fund is 1.0 (i.e., No risk reduction). The correlation of Basic Materials 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.

Basic Materials Correlation With Market

Very weak diversification

The correlation between Basic Materials Fund and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Basic Materials 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 Basic Materials 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 main economic indicators.

Moving together with Basic Mutual Fund

  1.0RYBAX Basic MaterialsPairCorr
  0.65RYBKX Banking Fund ClassPairCorr
  1.0RYBMX Basic MaterialsPairCorr
  0.99RYBHX Sp Midcap 400PairCorr
  1.0RYBIX Basic MaterialsPairCorr
  0.98RYBOX Biotechnology Fund ClassPairCorr
  0.84RYABX Government Long BondPairCorr
  0.92RYAKX Russell 2000 15xPairCorr
  0.85RYAHX Mid Cap 15xPairCorr
  0.78RYAUX Utilities Fund ClassPairCorr
  0.86RYATX Nasdaq 100 FundPairCorr
  0.81RYAZX Sp Smallcap 600PairCorr
  0.9RYAVX Sp Midcap 400PairCorr
  0.71RYDHX Dow Jones IndustrialPairCorr
  0.85RYDCX Mid Cap 15xPairCorr
  0.73RYDKX Dow Jones IndustrialPairCorr
  0.98RYCFX Biotechnology Fund ClassPairCorr
  0.77RYCHX Technology Fund ClassPairCorr
  0.85RYCGX Government Long BondPairCorr
  0.93RYCAX Consumer ProductsPairCorr
  0.67RYCCX Nasdaq 100 2x Steady GrowthPairCorr
  0.69RYCNX Transportation Fund ClassPairCorr
  0.92RYCMX Russell 2000 15xPairCorr

Moving against Basic Mutual Fund

  0.92RYAFX Inverse Russell 2000PairCorr
  0.87RYAQX Inverse Government LongPairCorr
  0.52RYARX Inverse Sp 500PairCorr
  0.92RYCQX Inverse Russell 2000PairCorr
  0.59RYCWX Inverse Dow 2xPairCorr
  0.57RYCZX Inverse Dow 2xPairCorr
  0.34RYCBX Inverse Sp 500PairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Basic Mutual Fund performing well and Basic Materials 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 Basic Materials' 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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