New Perspective Correlations

Mutual Funds . USA . 
Fund . New Perspective Fund
NPFCX Fund  USD 53.64  0.83  1.52%   
The current 90-days correlation between New Perspective and Prudential High Yield is 0.32 (i.e., Weak diversification). The correlation of New Perspective 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 Perspective Correlation With Market

Good diversification

The correlation between New Perspective Fund and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Perspective 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 Perspective 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 New Mutual Fund

  0.74AMECX Income FundPairCorr
  0.84RNEBX New World FundPairCorr
  0.92AMFCX American MutualPairCorr
  0.97AMFFX American MutualPairCorr
  0.85RNCCX American Funds IncomePairCorr
  0.74AMEFX Income FundPairCorr
  0.97RNGGX New Economy FundPairCorr
  0.9RNGFX New Economy FundPairCorr
  0.9RNGHX New Economy FundPairCorr
  0.9RNGBX New Economy FundPairCorr
  0.9RNGAX New Economy FundPairCorr
  0.97RNGEX New Economy FundPairCorr
  0.61TEBCX Tax Exempt BondPairCorr
  0.62TECCX Tax Exempt FundPairCorr
  0.85FPTPX American Funds ConsePairCorr
  0.96AMPCX Amcap Fund ClassPairCorr
  0.96AMPFX Amcap Fund ClassPairCorr
  1.0RNPAX New PerspectivePairCorr
  1.0RNPGX New PerspectivePairCorr
  0.94RNPFX New PerspectivePairCorr
  0.94RNPEX New PerspectivePairCorr
  0.92AMRMX American MutualPairCorr
  0.97AMRFX American MutualPairCorr
  0.82RNRPX American Funds RetirementPairCorr
  0.84RNWFX New World FundPairCorr
  0.87RNWEX New World FundPairCorr
  0.84RNWHX New World FundPairCorr
  0.83RNWGX New World FundPairCorr
  0.87RNWCX New World FundPairCorr

Moving against New Mutual Fund

  0.69FPPPX American Funds PresePairCorr
  0.6AMUSX Us Government SecuritiesPairCorr
  0.72SBFFX Short Term BondPairCorr
  0.66ANBFX American Funds StrategicPairCorr
  0.66ANBAX American Funds StrategicPairCorr
  0.61ANBGX American Funds StrategicPairCorr
  0.61CWBFX Capital World BondPairCorr
  0.6ANBEX American Funds StrategicPairCorr
  0.58CWBCX Capital World BondPairCorr

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 Perspective 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 Perspective'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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