New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
ANIYX Fund  USD 13.23  0.02  0.15%   
The current 90-days correlation between New York Municipal and Multisector Bond Sma is 0.46 (i.e., Very weak diversification). The correlation of New York 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 York Correlation With Market

Average diversification

The correlation between New York Municipal and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New York Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in New York Municipal. 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 manufacturing.

Moving together with New Mutual Fund

  0.92AMTOX Ab All MarketPairCorr
  0.86ANAZX Ab Global BondPairCorr
  0.82ANAGX Ab Global BondPairCorr
  0.8ANBIX Ab Bond InflationPairCorr
  0.91SCYVX Ab Small CapPairCorr
  0.91ASCLX Ab Select LongshortPairCorr
  0.8ABNTX Ab Bond InflationPairCorr
  0.81ABNOX Ab Bond InflationPairCorr
  0.76ABNCX Ab Bond InflationPairCorr
  0.8ABNAX Ab Bond InflationPairCorr
  0.81ABNYX Ab Bond InflationPairCorr
  0.81ABNZX Ab Bond InflationPairCorr
  0.92ABVCX Ab Value FundPairCorr
  0.91ABYSX Ab Discovery ValuePairCorr
  0.93AUIAX Ab Equity IncomePairCorr
  0.91AUNTX Ab Municipal BondPairCorr
  0.89AUNCX Ab Municipal BondPairCorr
  0.93AUUIX Ab Select EquityPairCorr
  0.93AUUYX Ab Select EquityPairCorr
  0.92ADGAX Ab E OpportunitiesPairCorr
  0.91AWPIX Ab International GrowthPairCorr
  0.92QUAIX Ab Small CapPairCorr
  0.92QUAZX Ab Small CapPairCorr
  0.94AGDIX Ab High IncomePairCorr
  0.95AGDAX Ab High IncomePairCorr
  0.94AGDZX Ab High IncomePairCorr
  0.99SNCAX California MunicipalPairCorr
  0.69SNIDX Intermediate DurationPairCorr
  0.95CABIX Ab Global RiskPairCorr
  0.89WPASX Ab Centrated GrowthPairCorr
  0.95CBSYX Ab Global RiskPairCorr
  1.0SNNYX New York MunicipalPairCorr
  0.93LTBYX Opnhmr RchstrPairCorr
  0.94IORMX Aim Taxexempt FundsPairCorr
  0.88LTNCX Oppenheimer RochesterPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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