New Jersey Correlations

TRJIX Fund

USD 11.49 0.01 0.09%

The current 90-days correlation between New Jersey Tax and Kinetics Global Fund is -0.02 (i.e., Good diversification). The correlation of New Jersey 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 Jersey Correlation With Market

Significant diversification

The correlation between New Jersey Tax Free and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Jersey Tax Free and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in New Jersey Tax Free. 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 gross domestic product.

Moving together with New Mutual Fund

0.69	VNJTX	Vanguard New Jersey	Pair Corr
0.82	VNJUX	Vanguard New Jersey	Pair Corr
0.98	FNJZX	Franklin New Jersey	Pair Corr
0.98	FNJRX	Franklin New Jersey	Pair Corr
0.98	FRNJX	Franklin New Jersey	Pair Corr
0.98	FNJQX	Franklin New Jersey	Pair Corr
0.97	FNIIX	Franklin New Jersey	Pair Corr
0.84	FNJHX	Fidelity New Jersey	Pair Corr
0.99	DNJYX	Dreyfus New Jersey	Pair Corr
0.98	DNMIX	Dreyfus New Jersey	Pair Corr
0.61	GPBFX	Gmo E Plus	Pair Corr
0.62	GPMFX	Guidepath Managed Futures	Pair Corr
0.65	BXEAX	Barings Emerging Markets	Pair Corr

Related Correlations Analysis

	WWWEX	MGFZX	MGKAX	RPGIX	CABIX	EQTYX	USLUX	WIGOX
WWWEX		0.08	0.53	0.42	-0.11	-0.33	0.58	0.75	WWWEX
MGFZX	0.08		0.38	0.76	0.64	0.21	0.6	0.57	MGFZX
MGKAX	0.53	0.38		0.51	0.24	0.16	0.49	0.65	MGKAX
RPGIX	0.42	0.76	0.51		0.69	0.22	0.82	0.72	RPGIX
CABIX	-0.11	0.64	0.24	0.69		0.46	0.36	0.38	CABIX
EQTYX	-0.33	0.21	0.16	0.22	0.46		-0.2	0.06	EQTYX
USLUX	0.58	0.6	0.49	0.82	0.36	-0.2		0.6	USLUX
WIGOX	0.75	0.57	0.65	0.72	0.38	0.06	0.6		WIGOX
	WWWEX	MGFZX	MGKAX	RPGIX	CABIX	EQTYX	USLUX	WIGOX

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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

USLUX	+ 0.82	RPGIX
RPGIX	+ 0.76	MGFZX
WIGOX	+ 0.75	WWWEX
WIGOX	+ 0.72	RPGIX
CABIX	+ 0.69	RPGIX
WIGOX	+ 0.65	MGKAX

High negative correlations

EQTYX	- 0.33	WWWEX
USLUX	- 0.2	EQTYX
CABIX	- 0.11	WWWEX

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
WWWEX	1.04	0.31	0.27	0.42	0.63	(1.25)	3.15	(1.28)	8.01
MGFZX	0.74	(0.11)	(0.12)	(0.01)	1.03	(0.72)	1.58	(2.12)	4.78
MGKAX	0.72	(0.08)	(0.12)	0.01	0.89	(0.70)	1.39	(1.20)	3.63
RPGIX	0.72	0.04	(0.08)	(0.93)	1.02	(0.70)	1.40	(1.57)	4.64
CABIX	0.30	0.00	(0.29)	0.03	0.37	(0.35)	0.57	(0.72)	1.86
EQTYX	0.42	0.00	(0.19)	0.09	0.44	(0.62)	1.11	(0.91)	2.53
USLUX	0.76	0.06	(0.08)	(0.25)	0.88	(0.81)	1.79	(1.59)	5.91
WIGOX	0.76	(0.01)	(0.01)	0.11	0.74	(0.88)	1.54	(1.24)	4.08

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