American High-income Correlations

Mutual Funds . USA . 
Fund . American High Income Municipal
ABHFX Fund  USD 15.46  0.05  0.32%   
The current 90-days correlation between American High Income and Tax Exempt Bond is 0.98 (i.e., Almost no diversification). The correlation of American High-income 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.

American High-income Correlation With Market

Average diversification

The correlation between American High Income Municipal and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding American High Income Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in American High Income 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 census.

Moving together with American Mutual Fund

  0.8AMECX Income FundPairCorr
  0.82RNEBX New World FundPairCorr
  0.78AMFCX American MutualPairCorr
  0.78AMFFX American MutualPairCorr
  0.8RNCCX American Funds IncomePairCorr
  0.85AMEFX Income FundPairCorr
  0.73RNGGX New Economy FundPairCorr
  0.72RNGFX New Economy FundPairCorr
  0.72RNGHX New Economy FundPairCorr
  0.7RNGBX New Economy FundPairCorr
  0.7RNGAX New Economy FundPairCorr
  0.72RNGEX New Economy FundPairCorr
  0.71RNGCX New Economy FundPairCorr
  0.98AMHIX American High IncomePairCorr
  0.97TEBCX Tax Exempt BondPairCorr
  0.96TECCX Tax Exempt FundPairCorr
  0.99TEAFX Tax Exempt BondPairCorr
  0.79FPTPX American Funds ConsePairCorr
  0.98TECFX Tax Exempt FundPairCorr
  0.98TEFEX Tax Exempt FundPairCorr
  0.71RNNEX New Economy FundPairCorr
  0.73CDJAX American Funds CollegePairCorr
  0.71AMPCX Amcap Fund ClassPairCorr
  0.73AMPFX Amcap Fund ClassPairCorr
  0.79RNPBX New PerspectivePairCorr
  0.79RNPAX New PerspectivePairCorr
  0.79RNPHX New PerspectivePairCorr
  0.79RNPGX New PerspectivePairCorr
  0.79RNPCX New PerspectivePairCorr
  0.79RNPFX New PerspectivePairCorr
  0.79RNPEX New PerspectivePairCorr
  0.78AMRMX American MutualPairCorr
  0.78AMRFX American MutualPairCorr
  0.64RNRPX American Funds RetirementPairCorr
  0.93AMUSX Us Government SecuritiesPairCorr
  0.92TEPCX American Funds TaxPairCorr
  0.82TEPAX American Funds TaxPairCorr
  0.83TEPFX American Funds TaxPairCorr
  0.83RNWFX New World FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between American Mutual Fund performing well and American High-income 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 American High-income'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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