California Municipal Correlations

PCMFX Fund  USD 9.52  0.02  0.21%   
The current 90-days correlation between California Municipal and Multimanager Lifestyle Moderate is 0.37 (i.e., Weak diversification). The correlation of California Municipal 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 Municipal Correlation With Market

Modest diversification

The correlation between California Municipal Fund and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Municipal 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 California Municipal 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 California Mutual Fund

  0.79SABPX Strategic Asset ManaPairCorr
  0.78SACAX Strategic Asset ManaPairCorr
  0.78SAGPX Strategic Asset ManaPairCorr
  0.81PFIJX Strategic Asset ManaPairCorr
  0.78PFIEX International EquityPairCorr
  0.8PFIFX Strategic Asset ManaPairCorr
  0.76PFISX International Small PanyPairCorr
  0.8PFIPX Strategic Asset ManaPairCorr
  0.8SAIPX Strategic Asset ManaPairCorr
  0.78PFLJX Principal Lifetime 2050PairCorr
  0.75PFPPX Midcap GrowthPairCorr
  0.69PFRSX Real Estate SecuritiesPairCorr
  0.81SAUPX Strategic Asset ManaPairCorr
  0.74PFUMX Finisterre UnconstrainedPairCorr
  0.8PGBAX Global Diversified IncomePairCorr
  0.78PGBLX Global Diversified IncomePairCorr
  0.77PGBEX Blue Chip FundPairCorr
  0.77PGBGX Blue Chip FundPairCorr
  0.77PGBHX Blue Chip FundPairCorr
  0.79PGDCX Global Diversified IncomePairCorr
  0.77PGDIX Global Diversified IncomePairCorr
  0.77PGDRX Diversified Real AssetPairCorr
  0.73PGLSX Global Multi StrategyPairCorr
  0.8STCCX Short Term IncomePairCorr
  0.77PGRTX Smallcap GrowthPairCorr
  0.8PGRUX Global Real EstatePairCorr
  0.68PGSLX Principal Global SusPairCorr
  0.8PGRKX Global Real EstatePairCorr
  0.75PGWIX Midcap GrowthPairCorr
  0.79SCBPX Strategic Asset ManaPairCorr
  0.8SCIPX Strategic Asset ManaPairCorr
  0.78SCGPX Strategic Asset ManaPairCorr
  0.77PHJEX Principal Lifetime HybridPairCorr
  0.79PHJFX Principal Lifetime HybridPairCorr
  0.77PHJGX Principal Lifetime HybridPairCorr
  0.77PHJBX Principal Lifetime HybridPairCorr
  0.77PHJDX Principal Lifetime HybridPairCorr
  0.78PHJNX Principal Lifetime HybridPairCorr
  0.78PHJQX Principal Lifetime HybridPairCorr
  0.78PHJJX Principal Lifetime HybridPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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