New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
ANIAX Fund  USD 13.41  0.01  0.07%   
The current 90-days correlation between New York Municipal and Ab New York is 0.86 (i.e., Very poor diversification). The correlation of New York 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 York Correlation With Market

Significant diversification

The correlation between New York Municipal 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 New York 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 New York 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 nation.

Moving together with New Mutual Fund

  0.65GCEAX Ab Global EPairCorr
  0.65GCECX Ab Global EPairCorr
  0.69GCEYX Ab Global EPairCorr
  0.91AMNCX Ab Minnesota PortfolioPairCorr
  0.94AMNAX Ab Minnesota PortfolioPairCorr
  0.88ANAZX Ab Global BondPairCorr
  0.9ANAYX Ab Global BondPairCorr
  0.88ANAGX Ab Global BondPairCorr
  0.9ANAIX Ab Global BondPairCorr
  0.91ANACX Ab Global BondPairCorr
  0.75ANBIX Ab Bond InflationPairCorr
  0.96ANJAX Ab New JerseyPairCorr
  0.96ANJCX Ab New JerseyPairCorr
  1.0ANIYX New York MunicipalPairCorr
  0.99ANMCX New York MunicipalPairCorr
  0.95ANYCX Ab New YorkPairCorr
  0.69STEYX International StrategicPairCorr
  0.69STEZX International StrategicPairCorr
  0.69STESX International StrategicPairCorr
  0.84STHAX Ab Sustainable ThematicPairCorr
  0.85STHYX Ab Sustainable ThematicPairCorr
  0.95AOHAX Ab Ohio PortfolioPairCorr
  0.95AOHCX Ab Ohio PortfolioPairCorr
  0.95APAAX Ab Pennsylvania PortfolioPairCorr
  0.95APACX Ab Pennsylvania PortfolioPairCorr

Moving against New Mutual Fund

  0.36SCCVX Ab Small CapPairCorr
  0.35SCAVX Ab Small CapPairCorr
  0.34SCRSX Small Cap CorePairCorr
  0.38SUTCX Ab Sustainable ThematicPairCorr
  0.37SUTAX Ab Sustainable ThematicPairCorr
  0.37SUTZX Ab Sustainable ThematicPairCorr
  0.36CHCLX Ab Discovery GrowthPairCorr
  0.36CHCIX Ab Discovery GrowthPairCorr
  0.36CHCCX Ab Discovery GrowthPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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