New Economy Correlations
| ANFFX Fund | USD 62.81 0.51 0.82% |
The current 90-days correlation between New Economy Fund and Smallcap World Fund is 0.63 (i.e., Poor diversification). The correlation of New Economy 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 Economy Correlation With Market
Very weak diversification
The correlation between New Economy Fund and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Economy Fund and DJI in the same portfolio, assuming nothing else is changed.
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Moving together with New Mutual Fund
| 0.88 | RNEBX | New World Fund | PairCorr |
| 0.72 | AMEFX | Income Fund | PairCorr |
| 0.7 | RNGCX | New Economy Fund | PairCorr |
| 0.79 | AMHIX | American High Income | PairCorr |
| 0.8 | TEBCX | Tax Exempt Bond | PairCorr |
| 0.78 | TECCX | Tax Exempt Fund | PairCorr |
| 0.64 | TEAFX | Tax Exempt Bond | PairCorr |
| 0.63 | TEFEX | Tax Exempt Fund | PairCorr |
| 0.69 | RNNEX | New Economy Fund | PairCorr |
| 0.82 | CDJAX | American Funds College | PairCorr |
| 0.74 | AMPFX | Amcap Fund Class | PairCorr |
| 0.83 | RNPAX | New Perspective | PairCorr |
| 0.89 | RNPHX | New Perspective | PairCorr |
| 0.84 | RNPGX | New Perspective | PairCorr |
| 0.72 | AMUSX | Us Government Securities | PairCorr |
| 0.87 | RNWFX | New World Fund | PairCorr |
| 0.88 | RNWHX | New World Fund | PairCorr |
| 0.79 | RNWGX | New World Fund | PairCorr |
| 0.79 | RNWBX | New World Fund | PairCorr |
| 0.89 | RNWAX | New World Fund | PairCorr |
| 0.64 | ANBFX | American Funds Strategic | PairCorr |
| 0.74 | ANCFX | American Funds Funda | PairCorr |
| 1.0 | ANFCX | New Economy Fund | PairCorr |
| 0.9 | NPFCX | New Perspective | PairCorr |
| 0.9 | NPFFX | New Perspective | PairCorr |
Related Correlations Analysis
| 0.81 | 0.81 | 0.83 | 0.76 | SCWFX | ||
| 0.81 | 0.96 | 0.83 | 0.9 | NWFFX | ||
| 0.81 | 0.96 | 0.9 | 0.89 | NPFFX | ||
| 0.83 | 0.83 | 0.9 | 0.71 | AICFX | ||
| 0.76 | 0.9 | 0.89 | 0.71 | WSHFX | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between New Mutual Fund performing well and New Economy 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 Economy'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.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SCWFX | 0.65 | (0.04) | 0.00 | (0.07) | 0.00 | 1.13 | 4.59 | |||
| NWFFX | 0.55 | 0.00 | 0.00 | (0.02) | 0.89 | 0.90 | 3.73 | |||
| NPFFX | 0.72 | (0.04) | 0.00 | (0.13) | 0.00 | 1.18 | 6.03 | |||
| AICFX | 0.75 | (0.10) | 0.00 | (0.10) | 0.00 | 1.01 | 8.53 | |||
| WSHFX | 0.61 | (0.02) | 0.00 | 0.11 | 0.00 | 1.09 | 5.83 |