New World Correlations

Mutual Funds . USA . 
Fund . New World Fund
NWFFX Fund  USD 80.88  1.54  1.94%   
The current 90-days correlation between New World Fund and Smallcap World Fund is 0.94 (i.e., Almost no 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 poor diversification

The correlation between New World Fund and DJI is 0.85 (i.e., Very poor 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

  0.95AMECX Income FundPairCorr
  1.0RNEBX New World FundPairCorr
  0.84AMFCX American MutualPairCorr
  0.85AMFFX American MutualPairCorr
  0.94RNCCX American Funds IncomePairCorr
  0.95AMEFX Income FundPairCorr
  0.77RNGGX New Economy FundPairCorr
  0.77RNGHX New Economy FundPairCorr
  0.77RNGBX New Economy FundPairCorr
  0.77RNGAX New Economy FundPairCorr
  0.77RNGEX New Economy FundPairCorr
  0.77RNGCX New Economy FundPairCorr
  0.95FPTPX American Funds ConsePairCorr
  0.86CDJAX American Funds CollegePairCorr
  0.75AMPCX Amcap Fund ClassPairCorr
  0.75AMPFX Amcap Fund ClassPairCorr
  0.88RNPBX New PerspectivePairCorr
  0.88RNPAX New PerspectivePairCorr
  0.89RNPGX New PerspectivePairCorr
  0.89RNPCX New PerspectivePairCorr
  0.85AMRMX American MutualPairCorr
  0.85AMRFX American MutualPairCorr
  0.95RNRPX American Funds RetirementPairCorr
  1.0RNWGX New World FundPairCorr
  1.0RNWCX New World FundPairCorr
  0.81ANCFX American Funds FundaPairCorr
  0.88NPFCX New PerspectivePairCorr
  0.89NPFFX New PerspectivePairCorr
  0.87PGGAX American Funds GlobalPairCorr
  0.87PGGFX American Funds GlobalPairCorr
  0.89ANWPX New PerspectivePairCorr

Moving against New Mutual Fund

  0.45FPPPX American Funds PresePairCorr
  0.39AMUSX Us Government SecuritiesPairCorr
  0.35ANBEX American Funds StrategicPairCorr

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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