New World Correlations

Mutual Funds . USA . 
Fund . New World Fund
NEWFX Fund  USD 89.33  0.12  0.13%   
The current 90-days correlation between New World Fund and Smallcap World Fund is 0.88 (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

Poor diversification

The correlation between New World Fund and DJI is 0.73 (i.e., Poor 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 Correlation Analysis 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 census.

Moving together with New Mutual Fund

  0.99AMECX Income FundPairCorr
  1.0RNEBX New World FundPairCorr
  0.99AMFCX American MutualPairCorr
  0.99AMFFX American MutualPairCorr
  0.99RNCCX American Funds IncomePairCorr
  0.7FPPPX American Funds PresePairCorr
  0.99AMEFX 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
  0.77AMHIX American High IncomePairCorr
  0.62TEBCX Tax Exempt BondPairCorr
  0.71TEAFX Tax Exempt BondPairCorr
  0.99FPTPX American Funds ConsePairCorr
  0.99RNNEX New Economy FundPairCorr
  1.0CDJAX American Funds CollegePairCorr
  0.99AMPCX Amcap Fund ClassPairCorr
  0.99AMPFX Amcap Fund ClassPairCorr
  1.0RNPBX New PerspectivePairCorr
  1.0RNPAX New PerspectivePairCorr
  1.0RNPHX New PerspectivePairCorr
  1.0RNPGX New PerspectivePairCorr
  1.0RNPCX New PerspectivePairCorr
  1.0RNPFX New PerspectivePairCorr
  1.0RNPEX New PerspectivePairCorr
  0.99AMRMX American MutualPairCorr
  0.99AMRFX American MutualPairCorr
  0.99RNRPX American Funds RetirementPairCorr
  0.96TEPCX American Funds TaxPairCorr
  0.96TEPAX American Funds TaxPairCorr
  0.96TEPFX American Funds TaxPairCorr
  1.0RNWFX New World FundPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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