California Intermediate Correlations

Mutual Funds . USA . 
Fund . California Intermediate Municipal
PCMBX Fund  USD 9.12  0.01  0.11%   
The current 90-days correlation between California Intermediate and Gabelli Global Financial is 0.2 (i.e., Modest diversification). The correlation of California Intermediate 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.

California Intermediate Correlation With Market

Weak diversification

The correlation between California Intermediate Munici and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Intermediate Munici 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 California Intermediate 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 bureau of labor statistics.

Moving together with California Mutual Fund

  0.85PFBPX Pimco Foreign BondPairCorr
  0.81PFCJX Pimco Preferred AndPairCorr
  0.68PFANX Pimco Capital SecPairCorr
  0.85PFIAX Pimco Floating IncomePairCorr
  0.81PFIUX Pimco Unconstrained BondPairCorr
  0.72PFINX Pimco Capital SecPairCorr
  0.86PFMIX Municipal BondPairCorr
  0.85PFNCX Pimco Floating IncomePairCorr
  0.85PFONX Pimco International BondPairCorr
  0.85PFORX Pimco Foreign BondPairCorr
  0.72PFNNX Pimco Preferred AndPairCorr
  0.74PFNIX Pimco Low DurationPairCorr
  0.88PFNUX Pimco Dynamic BondPairCorr
  0.82PFOAX Pimco Foreign BondPairCorr
  0.83PFOCX Pimco Foreign BondPairCorr
  0.7PFRCX Foreign BondPairCorr
  0.78PFRAX Pimco Foreign BondPairCorr
  0.69PFRMX Pimco Inflation ResponsePairCorr
  0.72PFPNX Pimco Capital SecPairCorr
  0.75PFTCX Short Term FundPairCorr
  0.76PFTPX Pimco Floating IncomePairCorr
  0.83PFRRX Pimco Foreign BondPairCorr
  0.75PFSIX Pimco Emerging MarketsPairCorr
  0.72PFUUX Pimco Foreign BondPairCorr
  0.72PFUAX Foreign BondPairCorr
  0.72PFUIX Foreign BondPairCorr
  0.72PFUNX Pimco International BondPairCorr
  0.73PFUPX Pimco Foreign BondPairCorr
  0.77PGAPX Pimco Global MultiPairCorr
  0.8PXTIX Fundamental IndexplusPairCorr
  0.7PXTNX Pimco Rae PlusPairCorr
  0.74PGBIX Global Bond FundPairCorr
  0.7PGAIX Pimco Global MultiPairCorr

Moving against California Mutual Fund

  0.67PWLBX Pimco Rae WorldwidePairCorr
  0.42PWLEX Pimco Rae WorldwidePairCorr
  0.39PWLMX Pimco Rae WorldwidePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Intermediate 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 California Intermediate'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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