New World Correlations

Mutual Funds . USA . 
Fund . New World Fund
NEWFX Fund  USD 81.93  1.09  1.31%   
The current 90-days correlation between New World Fund and Smallcap World Fund is -0.08 (i.e., Good diversification). The correlation of New 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.

New World Correlation With Market

Very weak diversification

The correlation between New World Fund and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New World Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New World 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 census.

Moving together with New Mutual Fund

  0.85AMECX Income FundPairCorr
  0.95RNEBX New World FundPairCorr
  0.8AMFCX American MutualPairCorr
  0.8AMFFX American MutualPairCorr
  0.87RNCCX American Funds IncomePairCorr
  0.85AMEFX Income FundPairCorr
  0.77RNGGX New Economy FundPairCorr
  0.78RNGFX New Economy FundPairCorr
  0.77RNGHX New Economy FundPairCorr
  0.78RNGBX New Economy FundPairCorr
  0.77RNGAX New Economy FundPairCorr
  0.78RNGEX New Economy FundPairCorr
  0.78RNGCX New Economy FundPairCorr
  0.87FPTPX American Funds ConsePairCorr
  0.78RNNEX New Economy FundPairCorr
  0.85CDJAX American Funds CollegePairCorr
  0.81AMPCX Amcap Fund ClassPairCorr
  0.81AMPFX Amcap Fund ClassPairCorr
  0.91RNPBX New PerspectivePairCorr
  0.91RNPAX New PerspectivePairCorr
  0.87RNPHX New PerspectivePairCorr
  0.91RNPGX New PerspectivePairCorr
  0.91RNPCX New PerspectivePairCorr
  0.91RNPFX New PerspectivePairCorr
  0.91RNPEX New PerspectivePairCorr
  0.83AMRMX American MutualPairCorr
  0.83AMRFX American MutualPairCorr
  0.87RNRPX American Funds RetirementPairCorr
  0.63TEPAX American Funds TaxPairCorr
  0.63TEPFX American Funds TaxPairCorr
  1.0RNWFX New World FundPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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

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