Capital World Correlations

CWICX Fund

USD 64.82 1.20 1.89%

The current 90-days correlation between Capital World Growth and Profunds Large Cap Growth is 0.94 (i.e., Almost no diversification). The correlation of Capital World 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.

Capital World Correlation With Market

Significant diversification

The correlation between Capital World Growth and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Capital World Growth and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Capital World Growth. 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 Capital Mutual Fund

1.0	FCWGX	American Funds Capital	Pair Corr
1.0	FWCGX	American Funds Capital	Pair Corr
1.0	CWGIX	Capital World Growth	Pair Corr
1.0	CWGFX	Capital World Growth	Pair Corr
1.0	CWGCX	Capital World Growth	Pair Corr
1.0	RWIFX	Capital World Growth	Pair Corr
1.0	RWIAX	Capital World Growth	Pair Corr
1.0	CWIAX	Capital World Growth	Pair Corr
1.0	WGIFX	Capital World Growth	Pair Corr
0.9	CISGX	Touchstone Sands Capital	Pair Corr
0.93	BAC	Bank of America	Pair Corr
0.81	DD	Dupont De Nemours	Pair Corr
0.77	BA	Boeing	Pair Corr
0.82	JPM	JPMorgan Chase	Pair Corr
0.73	PFE	Pfizer Inc	Pair Corr
0.82	AXP	American Express	Pair Corr
0.92	GE	GE Aerospace	Pair Corr
0.81	CAT	Caterpillar	Pair Corr
0.75	MSFT	Microsoft	Pair Corr
0.71	HD	Home Depot	Pair Corr
0.73	IBM	International Business	Pair Corr

Moving against Capital Mutual Fund

0.51	MIDSX	Midas Fund Midas	Pair Corr
0.47	PMPIX	Precious Metals Ultr	Pair Corr
0.47	PMPSX	Precious Metals Ultr	Pair Corr
0.46	T	ATT Inc Earnings Call This Week	Pair Corr
0.45	FGADX	Franklin Gold Precious	Pair Corr
0.45	FKRCX	Franklin Gold Precious	Pair Corr

Related Correlations Analysis

	LGPSX	TLCYX	ENGRX	PAVLX	MTCGX	PCLVX	AMONX	ALVIX
LGPSX		0.88	0.92	0.84	1.0	0.81	1.0	0.71	LGPSX
TLCYX	0.88		0.85	0.98	0.87	0.96	0.87	0.95	TLCYX
ENGRX	0.92	0.85		0.84	0.92	0.83	0.93	0.73	ENGRX
PAVLX	0.84	0.98	0.84		0.84	0.98	0.85	0.95	PAVLX
MTCGX	1.0	0.87	0.92	0.84		0.82	1.0	0.7	MTCGX
PCLVX	0.81	0.96	0.83	0.98	0.82		0.81	0.96	PCLVX
AMONX	1.0	0.87	0.93	0.85	1.0	0.81		0.7	AMONX
ALVIX	0.71	0.95	0.73	0.95	0.7	0.96	0.7		ALVIX
	LGPSX	TLCYX	ENGRX	PAVLX	MTCGX	PCLVX	AMONX	ALVIX

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Risk-Adjusted Indicators

There is a big difference between Capital Mutual Fund performing well and Capital World 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 Capital World'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
LGPSX	1.56	(0.10)	0.59	2.60	(3.78)	15.38
TLCYX	1.04	(0.05)	5.26	1.54	(1.76)	10.08
ENGRX	0.73	(0.04)	0.14	1.57	(2.06)	7.42
PAVLX	0.96	(0.04)	6.68	1.49	(2.14)	9.30
MTCGX	1.67	(0.08)	0.40	2.53	(3.94)	15.27
PCLVX	0.90	(0.02)	0.72	1.61	(1.82)	9.33
AMONX	1.56	(0.10)	0.66	2.70	(3.70)	14.39
ALVIX	0.85	(0.04)	4.52	1.55	(1.59)	8.02

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