New World Correlations

Mutual Funds . USA . 
Fund . New World Fund
RNWEX Fund  USD 84.22  0.19  0.23%   
The current 90-days correlation between New World Fund and Nationwide Bailard Technology is 0.84 (i.e., Very 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

Good diversification

The correlation between New World Fund and DJI is -0.04 (i.e., Good 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 Your Equity Center 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 income.

Moving together with New Mutual Fund

  0.88AMECX Income FundPairCorr
  0.94RNEBX New World FundPairCorr
  0.81AMFCX American MutualPairCorr
  0.81AMFFX American MutualPairCorr
  0.91AMEFX Income FundPairCorr
  0.89RNGGX New Economy FundPairCorr
  0.84RNGFX New Economy FundPairCorr
  0.9RNGHX New Economy FundPairCorr
  0.82RNGBX New Economy FundPairCorr
  0.82RNGAX New Economy FundPairCorr
  0.9RNGEX New Economy FundPairCorr
  0.82RNGCX New Economy FundPairCorr
  0.89FPTPX American Funds ConsePairCorr
  0.89RNNEX New Economy FundPairCorr
  0.94CDJAX American Funds CollegePairCorr
  0.89AMPCX Amcap Fund ClassPairCorr
  0.89AMPFX Amcap Fund ClassPairCorr
  0.96RNPBX New PerspectivePairCorr
  0.96RNPAX New PerspectivePairCorr
  0.96RNPHX New PerspectivePairCorr
  0.96RNPGX New PerspectivePairCorr
  0.96RNPCX New PerspectivePairCorr
  0.96RNPFX New PerspectivePairCorr
  0.96RNPEX New PerspectivePairCorr
  0.78AMRMX American MutualPairCorr
  0.71AMRFX American MutualPairCorr
  0.94RNRPX American Funds RetirementPairCorr
  1.0RNWFX New World FundPairCorr
  1.0RNWHX New World FundPairCorr

Moving against New Mutual Fund

  0.35AMUSX Us Government SecuritiesPairCorr

Related Correlations Analysis

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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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