Vanguard California Correlations

Mutual Funds . USA . 
Fund . Vanguard California Intermediate Term
VCADX Fund  USD 11.20  0.01  0.09%   
The current 90-days correlation between Vanguard California and Vanguard California Long Term is 0.99 (i.e., No risk reduction). The correlation of Vanguard California 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.

Vanguard California Correlation With Market

Poor diversification

The correlation between Vanguard California Intermedia and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vanguard California Intermedia and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Vanguard California Intermediate Term. 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 unemployment.

Moving together with Vanguard Mutual Fund

  1.0VCAIX Vanguard CaliforniaPairCorr
  0.89MKCMX Blackrock CaliforniaPairCorr
  0.9MACMX Brf Clf MplPairCorr
  0.9MDCMX Brf Clf MplopPairCorr
  0.89MECMX Brf Clf MplPairCorr
  0.86MFCMX Brf Clf MplPairCorr
  0.99BCIAX California Intermediate-terPairCorr
  0.97BCIYX California IntermediatePairCorr
  0.99BCITX California IntermediatePairCorr
  0.77GPBFX Gmo E PlusPairCorr
  0.62WARCX Wells Fargo AdvantagePairCorr
  0.77PFE Pfizer IncPairCorr
  0.76DD Dupont De NemoursPairCorr
  0.66CAT CaterpillarPairCorr
  0.63MMM 3M CompanyPairCorr
  0.62XOM Exxon Mobil CorpPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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