Fpa New Correlations

FPNIX Fund

USD 9.93 0.01 0.10%

The current 90-days correlation between Fpa New Income and Pimco Corporate Income is -0.04 (i.e., Good diversification). The correlation of Fpa New 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.

Fpa New Correlation With Market

Good diversification

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

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fpa New Income. 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 Fpa Mutual Fund

1.0	FFIAX	Fpa Flexible Fixed	Pair Corr
0.98	FPFIX	Fpa Flexible Fixed	Pair Corr
0.98	FPNRX	Fpa New Income	Pair Corr
0.7	VBIRX	Vanguard Short Term	Pair Corr
0.75	VFSUX	Vanguard Short Term	Pair Corr
0.77	VFSIX	Vanguard Short Term	Pair Corr
0.73	VFSTX	Vanguard Short Term	Pair Corr
0.76	VBITX	Vanguard Short Term	Pair Corr
0.69	VBISX	Vanguard Short Term	Pair Corr
0.76	LALDX	Lord Abbett Short	Pair Corr
0.73	VSCSX	Vanguard Short Term	Pair Corr
0.91	LDLAX	Lord Abbett Short	Pair Corr
0.93	LDLRX	Lord Abbett Short	Pair Corr
0.69	TTEEX	T Rowe Price	Pair Corr
0.68	TREMX	T Rowe Price	Pair Corr
0.95	PBDPX	Pimco Investment Grade	Pair Corr
0.79	HILIX	Hartford Interna	Pair Corr
0.67	AUNYX	Ab Municipal Bond	Pair Corr
0.91	DFVQX	Dfa International Vector	Pair Corr
0.77	IGFFX	International Growth And	Pair Corr
0.81	UTF	Cohen And Steers	Pair Corr

Moving against Fpa Mutual Fund

0.56	QRVLX	Queens Road Value	Pair Corr
0.52	QRSAX	Fpa Queens Road	Pair Corr
0.52	QRSIX	Fpa Queens Road	Pair Corr
0.42	QRSVX	Queens Road Small	Pair Corr
0.38	CISGX	Touchstone Sands Capital	Pair Corr

Related Correlations Analysis

	PTY	FFIAX	QRSAX	QRSIX	QRSVX	QRVLX	FPACX	FPCSX	FPFIX	FPFRX
PTY		0.4	0.32	0.33	0.36	0.2	0.74	0.67	0.37	0.72	PTY
FFIAX	0.4		-0.49	-0.49	-0.38	-0.54	0.12	0.08	0.98	0.14	FFIAX
QRSAX	0.32	-0.49		1.0	0.97	0.81	0.74	0.76	-0.51	0.72	QRSAX
QRSIX	0.33	-0.49	1.0		0.97	0.8	0.74	0.76	-0.5	0.73	QRSIX
QRSVX	0.36	-0.38	0.97	0.97		0.75	0.77	0.79	-0.4	0.77	QRSVX
QRVLX	0.2	-0.54	0.81	0.8	0.75		0.55	0.57	-0.56	0.53	QRVLX
FPACX	0.74	0.12	0.74	0.74	0.77	0.55		0.99	0.1	1.0	FPACX
FPCSX	0.67	0.08	0.76	0.76	0.79	0.57	0.99		0.07	0.98	FPCSX
FPFIX	0.37	0.98	-0.51	-0.5	-0.4	-0.56	0.1	0.07		0.12	FPFIX
FPFRX	0.72	0.14	0.72	0.73	0.77	0.53	1.0	0.98	0.12		FPFRX
	PTY	FFIAX	QRSAX	QRSIX	QRSVX	QRVLX	FPACX	FPCSX	FPFIX	FPFRX

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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

QRSIX	+ 1.0	QRSAX
FPFRX	+ 1.0	FPACX
FPCSX	+ 0.99	FPACX
FPFIX	+ 0.98	FFIAX
FPFRX	+ 0.98	FPCSX
QRSVX	+ 0.97	QRSAX

High negative correlations

FPFIX	- 0.56	QRVLX
QRVLX	- 0.54	FFIAX
FPFIX	- 0.51	QRSAX
FPFIX	- 0.5	QRSIX
QRSIX	- 0.49	FFIAX
QRSAX	- 0.49	FFIAX

Risk-Adjusted Indicators

There is a big difference between Fpa Mutual Fund performing well and Fpa New 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 Fpa New'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
PTY	0.17	0.05	0.24	0.35	0.16	(0.20)	0.42	(0.28)	1.82
FFIAX	0.14	0.02	0.35	(4.66)	0.00	(0.19)	0.30	(0.20)	0.89
QRSAX	0.71	(0.05)	0.00	0.45	0.00	0.00	1.44	(1.57)	3.80
QRSIX	0.72	(0.05)	0.00	0.43	0.00	0.00	1.44	(1.57)	3.85
QRSVX	0.74	(0.04)	0.00	0.22	0.00	0.00	1.46	(1.59)	3.84
QRVLX	0.70	(0.05)	0.00	(0.62)	0.00	0.00	1.41	(1.71)	3.97
FPACX	0.47	(0.01)	0.06	0.10	0.64	(0.46)	0.92	(0.97)	2.89
FPCSX	0.44	(0.02)	0.00	0.26	0.00	0.00	0.89	(0.94)	2.92
FPFIX	0.15	0.03	0.37	1.47	0.00	(0.19)	0.39	(0.29)	0.80
FPFRX	0.47	(0.02)	0.00	0.31	0.00	0.00	0.89	(0.97)	2.89

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