Banking Fund Correlations

Mutual Funds . USA . 
Fund . Banking Fund Class
RYBKX Fund  USD 90.62  0.44  0.49%   
The current 90-days correlation between Banking Fund Class and Voya Government Money is -0.04 (i.e., Good diversification). The correlation of Banking Fund 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.

Banking Fund Correlation With Market

Very poor diversification

The correlation between Banking Fund Class and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Banking Fund Class 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 Banking Fund Class. 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 industry.

Moving together with Banking Mutual Fund

  0.9RYBCX Basic MaterialsPairCorr
  0.9RYBAX Basic MaterialsPairCorr
  0.9RYBMX Basic MaterialsPairCorr
  0.97RYBHX Sp Midcap 400PairCorr
  0.9RYBIX Basic MaterialsPairCorr
  0.96RYAKX Russell 2000 15xPairCorr
  0.9RYAEX Europe 125x StrategyPairCorr
  0.98RYAHX Mid Cap 15xPairCorr
  0.86RYAUX Utilities Fund ClassPairCorr
  0.93RYATX Nasdaq 100 FundPairCorr
  0.96RYANX Nova Fund ClassPairCorr
  0.91RYAZX Sp Smallcap 600PairCorr
  0.95RYAWX Sp 500 PurePairCorr
  0.96RYAVX Sp Midcap 400PairCorr
  0.92RYDHX Dow Jones IndustrialPairCorr
  0.98RYDCX Mid Cap 15xPairCorr
  0.91RYDKX Dow Jones IndustrialPairCorr
  0.67RYEAX Energy Fund ClassPairCorr
  0.67RYECX Energy Fund ClassPairCorr
  0.89RYCEX Europe 125x StrategyPairCorr
  0.94RYCHX Technology Fund ClassPairCorr
  0.94RYCCX Nasdaq 100 2xPairCorr
  0.97RYCNX Transportation Fund ClassPairCorr
  0.96RYCMX Russell 2000 15xPairCorr

Moving against Banking Mutual Fund

  0.98RYAFX Inverse Russell 2000PairCorr
  0.98RYAGX Inverse Mid CapPairCorr
  0.95RYARX Inverse Sp 500PairCorr
  0.92RYACX Inverse Nasdaq 100PairCorr
  0.92RYAIX Inverse Nasdaq 100PairCorr
  0.92RYALX Inverse Nasdaq 100PairCorr
  0.92RYAPX Inverse Nasdaq 100PairCorr
  0.48RYABX Government Long BondPairCorr
  0.98RYCLX Inverse Mid CapPairCorr
  0.98RYCQX Inverse Russell 2000PairCorr
  0.94RYCBX Inverse Sp 500 Steady GrowthPairCorr
  0.93RYCWX Inverse Dow 2x Steady GrowthPairCorr
  0.93RYCZX Inverse Dow 2x Steady GrowthPairCorr
  0.9RYCDX Rydex Inverse Nasdaq Steady GrowthPairCorr
  0.48RYCGX Government Long BondPairCorr
  0.48RYGBX Government Long BondPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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