New World Correlations

Mutual Funds . USA . 
Fund . New World Fund
RNWCX Fund  USD 79.84  0.14  0.18%   
The current 90-days correlation between New World Fund and Jpmorgan Smartretirement 2040 is 0.93 (i.e., Almost no 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

Good diversification

The correlation between New World Fund and DJI is -0.04 (i.e., Good 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 Your Equity Center 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 main economic indicators.

Moving together with New Mutual Fund

  0.95AMECX Income FundPairCorr
  0.97RNEBX New World FundPairCorr
  0.84AMFCX American MutualPairCorr
  0.84AMFFX American MutualPairCorr
  0.94RNCCX American Funds IncomePairCorr
  0.95AMEFX Income FundPairCorr
  0.72RNGGX New Economy FundPairCorr
  0.77RNGFX New Economy FundPairCorr
  0.8RNGHX New Economy FundPairCorr
  0.72RNGBX New Economy FundPairCorr
  0.72RNGAX New Economy FundPairCorr
  0.77RNGEX New Economy FundPairCorr
  0.72RNGCX New Economy FundPairCorr
  0.64TECCX Tax Exempt FundPairCorr
  0.94FPTPX American Funds ConsePairCorr
  0.77RNNEX New Economy FundPairCorr
  0.79CDJAX American Funds CollegePairCorr
  0.75AMPCX Amcap Fund ClassPairCorr
  0.7AMPFX Amcap Fund ClassPairCorr
  0.89RNPBX New PerspectivePairCorr
  0.89RNPAX New PerspectivePairCorr
  0.81RNPHX New PerspectivePairCorr
  0.9RNPGX New PerspectivePairCorr
  0.89RNPCX New PerspectivePairCorr
  0.9RNPFX New PerspectivePairCorr
  0.81RNPEX New PerspectivePairCorr
  0.78AMRMX American MutualPairCorr
  0.79AMRFX American MutualPairCorr
  0.83RNRPX American Funds RetirementPairCorr
  0.62TEPAX American Funds TaxPairCorr
  0.9RNWFX New World FundPairCorr

Moving against New Mutual Fund

  0.37FPPPX American Funds PresePairCorr

Related Correlations Analysis

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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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