California Municipal Correlations

AICAX Fund  USD 13.71  0.03  0.22%   
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

Significant diversification

The correlation between California Municipal Portfolio and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Municipal Portfolio 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 California Municipal Portfolio. 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 nation.

Moving together with California Mutual Fund

  0.61GCEAX Ab Global EPairCorr
  0.61GCEYX Ab Global EPairCorr
  0.93AMNCX Ab Minnesota PortfolioPairCorr
  0.87AMNAX Ab Minnesota PortfolioPairCorr
  0.88ANAZX Ab Global BondPairCorr
  0.9ANAYX Ab Global BondPairCorr
  0.87ANAGX Ab Global BondPairCorr
  0.9ANAIX Ab Global BondPairCorr
  0.9ANACX Ab Global BondPairCorr
  0.73ANBIX Ab Bond InflationPairCorr
  0.98ANIAX New York MunicipalPairCorr
  0.97ANJAX Ab New JerseyPairCorr
  0.97ANJCX Ab New JerseyPairCorr
  0.93ANIYX New York MunicipalPairCorr
  0.98ANMCX New York MunicipalPairCorr
  0.96ANYCX Ab New YorkPairCorr
  0.64STEYX International StrategicPairCorr
  0.64STEZX International StrategicPairCorr
  0.64STESX International StrategicPairCorr
  0.84STHAX Ab Sustainable ThematicPairCorr
  0.81STHYX Ab Sustainable ThematicPairCorr
  0.97AOHAX Ab Ohio PortfolioPairCorr
  0.87AOHCX Ab Ohio PortfolioPairCorr
  0.97APAAX Ab Pennsylvania PortfolioPairCorr
  0.97APACX Ab Pennsylvania PortfolioPairCorr

Moving against California Mutual Fund

  0.38SCAVX Ab Small CapPairCorr
  0.38SCCVX Ab Small CapPairCorr
  0.37SCRSX Small Cap CorePairCorr
  0.37SCRYX Small Cap CorePairCorr
  0.4CHCCX Ab Discovery GrowthPairCorr
  0.39SUTCX Ab Sustainable ThematicPairCorr
  0.39CHCLX Ab Discovery GrowthPairCorr
  0.39CHCIX Ab Discovery GrowthPairCorr
  0.39CHCYX Ab Discovery GrowthPairCorr
  0.37SCRZX Small Cap CorePairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
SBFAXFIKBX
VMRXXQCMMIX
IAAEXFIKBX
SBFAXVMRXX
IAAEXSBFAX
SBFAXQCMMIX
  
High negative correlations   
FIKBXQCMMIX
IAAEXQCMMIX
IAAEXVMRXX
FIKBXVMRXX
IAAEXAEYXX
SBFAXAEYXX

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.