New Perspective Correlations

Mutual Funds . USA . 
Fund . New Perspective Fund
RNPFX Fund  USD 69.55  0.46  0.67%   
The current 90-days correlation between New Perspective and Prudential California Muni is 0.07 (i.e., Significant 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

Almost no diversification

The correlation between New Perspective Fund and DJI is 0.94 (i.e., Almost no 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 Your Equity Center 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 census.

Moving together with New Mutual Fund

  0.98AMECX Income FundPairCorr
  1.0RNEBX New World FundPairCorr
  0.97AMFCX American MutualPairCorr
  0.88AMFFX American MutualPairCorr
  0.98RNCCX American Funds IncomePairCorr
  0.91FPTPX American Funds ConsePairCorr
  1.0CDJAX American Funds CollegePairCorr
  1.0RNPAX New PerspectivePairCorr
  0.97AMRMX American MutualPairCorr
  1.0RNWBX New World FundPairCorr
  1.0RNWCX New World FundPairCorr
  0.93NPFCX New PerspectivePairCorr
  1.0NPFFX New PerspectivePairCorr
  1.0ANWPX New PerspectivePairCorr
  0.98WSHFX Washington MutualPairCorr
  0.97FAFWX American Funds RetirementPairCorr
  0.99FAFGX American FundsPairCorr
  0.98FAIFX American FundsPairCorr
  0.98FAKTX American Funds 2015PairCorr
  0.94FAPTX American Funds 2025PairCorr
  1.0GWPDX American Funds GrowthPairCorr
  1.0FAXTX American Funds 2065PairCorr
  0.91GFACX Growth FundPairCorr
  0.99GFAFX Growth FundPairCorr
  0.94INPFX American Funds IncomePairCorr
  1.0SCWFX Smallcap WorldPairCorr
  0.98FBAFX American Funds AmericanPairCorr
  0.94FBFWX American Funds RetirementPairCorr
  0.99CGFEX Growth FundPairCorr
  0.99CGFFX Growth FundPairCorr
  0.99CGFCX Growth FundPairCorr
  0.99CGFAX Growth FundPairCorr
  1.0FBMTX American Funds 2065PairCorr
  1.0CGQGX American Funds GrowthPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
SMAAX
+ 0.99
GCMVX
PCMNX
+ 0.97
PBCAX
SMAAX
+ 0.94
PBCAX
SMAAX
+ 0.94
PCMNX
GCMVX
+ 0.93
PBCAX
PCMNX
+ 0.93
GCMVX
  
High negative correlations   
SMAAX
- 0.0
ICAXX
PCMNX
- 0.0
ICAXX
ICAXX
- 0.0
USGFX
ICAXX
- 0.0
GCMVX
ICAXX
- 0.0
PBCAX

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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