New Economy Correlations

Mutual Funds . USA . 
Fund . New Economy Fund
RNGHX Fund  USD 62.62  0.32  0.51%   
The current 90-days correlation between New Economy Fund and Fidelity Managed Retirement is -0.17 (i.e., Good diversification). The correlation of New Economy 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 Economy Correlation With Market

Almost no diversification

The correlation between New Economy Fund and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Economy Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in New Economy 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 rate.

Moving together with New Mutual Fund

  0.84AMECX Income FundPairCorr
  0.82RNEBX New World FundPairCorr
  0.84AMFCX American MutualPairCorr
  0.84AMFFX American MutualPairCorr
  0.9RNCCX American Funds IncomePairCorr
  0.73AMEFX Income FundPairCorr
  0.94RNGGX New Economy FundPairCorr
  1.0RNGFX New Economy FundPairCorr
  0.93RNGBX New Economy FundPairCorr
  0.93RNGAX New Economy FundPairCorr
  1.0RNGEX New Economy FundPairCorr
  0.93RNGCX New Economy FundPairCorr
  0.89FPTPX American Funds ConsePairCorr
  1.0RNNEX New Economy FundPairCorr
  0.98CDJAX American Funds CollegePairCorr
  1.0AMPCX Amcap Fund ClassPairCorr
  1.0AMPFX Amcap Fund ClassPairCorr
  0.97RNPBX New PerspectivePairCorr
  0.97RNPAX New PerspectivePairCorr
  0.97RNPHX New PerspectivePairCorr
  0.97RNPGX New PerspectivePairCorr
  0.97RNPCX New PerspectivePairCorr
  0.97RNPFX New PerspectivePairCorr
  0.97RNPEX New PerspectivePairCorr
  0.95AMRMX American MutualPairCorr
  0.95AMRFX American MutualPairCorr
  0.87RNRPX American Funds RetirementPairCorr
  0.74RNWFX New World FundPairCorr

Moving against New Mutual Fund

  0.77FPPPX American Funds PresePairCorr
  0.68AMUSX Us Government SecuritiesPairCorr
  0.66ANBEX American Funds StrategicPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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