New World Correlations

NWFFX Fund

USD 96.08 0.27 0.28%

The current 90-days correlation between New World Fund and Income Fund Of is 0.68 (i.e., Poor 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

Significant diversification

The correlation between New World Fund 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 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 price.

Moving together with New Mutual Fund

0.73	AMECX	Income Fund	Pair Corr
0.94	RNEBX	New World Fund	Pair Corr
0.67	AMFCX	American Mutual	Pair Corr
0.81	AMFFX	American Mutual	Pair Corr
0.73	RNCCX	American Funds Income	Pair Corr
0.66	FPPPX	American Funds Prese	Pair Corr
0.98	RNGGX	New Economy Fund	Pair Corr
0.91	RNGFX	New Economy Fund	Pair Corr
0.88	AMHIX	American High Income	Pair Corr
0.87	TECCX	Tax Exempt Fund	Pair Corr
0.75	FPTPX	American Funds Conse	Pair Corr
0.74	AMPFX	Amcap Fund Class	Pair Corr
0.78	RNPAX	New Perspective	Pair Corr
0.8	RNPGX	New Perspective	Pair Corr
0.69	AMRFX	American Mutual	Pair Corr
0.73	TEPFX	American Funds Tax	Pair Corr
0.78	NPFCX	New Perspective	Pair Corr
0.91	NPFFX	New Perspective	Pair Corr
0.91	ANWPX	New Perspective	Pair Corr
0.83	BALFX	American Balanced	Pair Corr
0.94	BALCX	American Balanced	Pair Corr
0.98	CWGIX	Capital World Growth	Pair Corr
0.88	CWGFX	Capital World Growth	Pair Corr
0.88	CWGCX	Capital World Growth	Pair Corr
0.78	TXEFX	American Funds Tax	Pair Corr
0.9	CEUCX	Europacific Growth	Pair Corr
0.97	CEUAX	Europacific Growth	Pair Corr
0.76	WSHFX	Washington Mutual	Pair Corr
0.74	WSHCX	Washington Mutual	Pair Corr
0.88	CWICX	Capital World Growth	Pair Corr
0.97	CWIAX	Capital World Growth	Pair Corr
0.97	CEUFX	Europacific Growth	Pair Corr
0.9	CEUEX	Europacific Growth	Pair Corr
0.74	CWMCX	Washington Mutual	Pair Corr
0.76	CWMAX	Washington Mutual	Pair Corr
0.64	FAFGX	American Funds	Pair Corr
0.82	FAITX	American Funds 2050	Pair Corr
0.94	FAJTX	American Funds 2055	Pair Corr

Related Correlations Analysis

	AMECX	REJTX	RNEBX	AMFCX	AMFFX	RNCCX	FPPPX	REITX	AMEFX
AMECX		0.8	0.73	0.81	0.92	0.83	0.46	0.75	0.85	AMECX
REJTX	0.8		0.89	0.91	0.82	0.98	0.76	0.95	0.91	REJTX
RNEBX	0.73	0.89		0.79	0.8	0.85	0.68	0.94	0.72	RNEBX
AMFCX	0.81	0.91	0.79		0.86	0.95	0.52	0.91	0.92	AMFCX
AMFFX	0.92	0.82	0.8	0.86		0.84	0.5	0.83	0.77	AMFFX
RNCCX	0.83	0.98	0.85	0.95	0.84		0.66	0.95	0.95	RNCCX
FPPPX	0.46	0.76	0.68	0.52	0.5	0.66		0.62	0.54	FPPPX
REITX	0.75	0.95	0.94	0.91	0.83	0.95	0.62		0.83	REITX
AMEFX	0.85	0.91	0.72	0.92	0.77	0.95	0.54	0.83		AMEFX
	AMECX	REJTX	RNEBX	AMFCX	AMFFX	RNCCX	FPPPX	REITX	AMEFX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AMECX	0.33	0.04	(0.01)	0.45	0.28	(0.37)	0.77	(0.59)	1.83
REJTX	0.23	0.01	(0.06)	0.08	0.19	(0.27)	0.44	(0.44)	1.24
RNEBX	0.55	0.05	0.04	0.12	0.68	(0.58)	1.22	(1.16)	3.51
AMFCX	0.46	0.00	(0.02)	0.05	0.63	(0.46)	0.85	(1.03)	2.91
AMFFX	0.44	0.05	0.02	0.49	0.56	(0.45)	0.85	(0.91)	2.90
RNCCX	0.27	0.01	(0.05)	0.07	0.25	(0.31)	0.49	(0.49)	1.47
FPPPX	0.08	0.00	(0.36)	(0.10)	0.00	(0.13)	0.21	(0.11)	0.42
REITX	0.51	0.02	0.01	0.07	0.69	(0.49)	1.14	(1.12)	3.01
AMEFX	0.34	0.01	(0.04)	0.06	0.31	(0.38)	0.77	(0.61)	1.83

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New World Correlations

New World Correlation With Market

Significant diversification

Moving together with New Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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