New Perspective Correlations

Mutual Funds . USA . 
Fund . New Perspective Fund
CNPFX Fund  USD 68.61  0.38  0.56%   
The current 90-days correlation between New Perspective and Leader Short Term Bond is 0.24 (i.e., Modest 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 0.95 (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 Trending Equities 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
  0.97AMFFX American MutualPairCorr
  0.98RNCCX American Funds IncomePairCorr
  0.62FPPPX American Funds PresePairCorr
  0.98AMEFX Income FundPairCorr
  0.99RNGGX New Economy FundPairCorr
  0.99RNGFX New Economy FundPairCorr
  0.99RNGHX New Economy FundPairCorr
  0.99RNGBX New Economy FundPairCorr
  0.99RNGAX New Economy FundPairCorr
  0.99RNGEX New Economy FundPairCorr
  0.99RNGCX New Economy FundPairCorr
  0.98FPTPX American Funds ConsePairCorr
  1.0CDJAX American Funds CollegePairCorr
  1.0RNPGX New PerspectivePairCorr
  1.0RNPFX New PerspectivePairCorr
  1.0RNPEX New PerspectivePairCorr
  0.97AMRMX American MutualPairCorr
  0.79TEPFX American Funds TaxPairCorr
  1.0RNWFX New World FundPairCorr
  1.0RNWGX New World FundPairCorr
  0.99ANFFX New Economy FundPairCorr
  1.0NPFFX New PerspectivePairCorr
  1.0PGGFX American Funds GlobalPairCorr
  0.98BALFX American BalancedPairCorr
  0.98BALCX American BalancedPairCorr
  1.0CWGIX Capital World GrowthPairCorr
  1.0CWGFX Capital World GrowthPairCorr
  1.0CWGCX Capital World GrowthPairCorr
  0.99CEUCX Europacific GrowthPairCorr
  0.99CEUAX Europacific GrowthPairCorr

Related Correlations Analysis

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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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