New York Correlations

ANMCX Fund

USD 13.41 0.01 0.07%

The current 90-days correlation between New York Municipal and Ab Global E is 0.13 (i.e., Average 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 0.02 (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 main economic indicators.

Moving together with New Mutual Fund

0.63	GCEAX	Ab Global E	Pair Corr
0.62	GCECX	Ab Global E	Pair Corr
0.63	GCEYX	Ab Global E	Pair Corr
0.92	AMNCX	Ab Minnesota Portfolio	Pair Corr
0.94	AMNAX	Ab Minnesota Portfolio	Pair Corr
0.86	ANAZX	Ab Global Bond	Pair Corr
0.88	ANAYX	Ab Global Bond	Pair Corr
0.86	ANAGX	Ab Global Bond	Pair Corr
0.88	ANAIX	Ab Global Bond	Pair Corr
0.89	ANACX	Ab Global Bond	Pair Corr
0.71	ANBIX	Ab Bond Inflation	Pair Corr
0.99	ANIAX	New York Municipal	Pair Corr
0.96	ANJAX	Ab New Jersey	Pair Corr
0.96	ANJCX	Ab New Jersey	Pair Corr
0.99	ANIYX	New York Municipal	Pair Corr
0.96	ANYCX	Ab New York	Pair Corr
0.63	STEYX	International Strategic	Pair Corr
0.63	STEZX	International Strategic	Pair Corr
0.63	STESX	International Strategic	Pair Corr
0.8	STHAX	Ab Sustainable Thematic	Pair Corr
0.81	STHYX	Ab Sustainable Thematic	Pair Corr
0.95	AOHAX	Ab Ohio Portfolio	Pair Corr
0.96	AOHCX	Ab Ohio Portfolio	Pair Corr
0.93	APAAX	Ab Pennsylvania Portfolio	Pair Corr
0.94	APACX	Ab Pennsylvania Portfolio	Pair Corr

Moving against New Mutual Fund

0.32	SUTCX	Ab Sustainable Thematic	Pair Corr
0.31	SUTAX	Ab Sustainable Thematic	Pair Corr
0.31	SUTZX	Ab Sustainable Thematic	Pair Corr

Related Correlations Analysis

	GCEAX	GCECX	GCEYX	AVAAX	AVAYX	AVACX	ITRAX	AMNCX	AMNAX
GCEAX		1.0	1.0	0.61	0.59	0.59	0.6	0.41	0.48	GCEAX
GCECX	1.0		1.0	0.6	0.58	0.58	0.61	0.4	0.47	GCECX
GCEYX	1.0	1.0		0.61	0.6	0.59	0.59	0.41	0.48	GCEYX
AVAAX	0.61	0.6	0.61		0.99	1.0	0.04	0.93	0.97	AVAAX
AVAYX	0.59	0.58	0.6	0.99		0.99	-0.02	0.93	0.98	AVAYX
AVACX	0.59	0.58	0.59	1.0	0.99		0.03	0.94	0.98	AVACX
ITRAX	0.6	0.61	0.59	0.04	-0.02	0.03		-0.07	-0.08	ITRAX
AMNCX	0.41	0.4	0.41	0.93	0.93	0.94	-0.07		0.98	AMNCX
AMNAX	0.48	0.47	0.48	0.97	0.98	0.98	-0.08	0.98		AMNAX
	GCEAX	GCECX	GCEYX	AVAAX	AVAYX	AVACX	ITRAX	AMNCX	AMNAX

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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

GCECX	+ 1.0	GCEAX
GCEYX	+ 1.0	GCEAX
GCEYX	+ 1.0	GCECX
AVACX	+ 1.0	AVAAX
AVAYX	+ 0.99	AVAAX
AVACX	+ 0.99	AVAYX

High negative correlations

AMNAX	- 0.08	ITRAX
AMNCX	- 0.07	ITRAX
ITRAX	- 0.02	AVAYX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GCEAX	0.69	0.00	0.11	0.00	0.85	(0.72)	1.50	(1.35)	4.21
GCECX	0.70	0.03	0.10	(22.28)	0.86	(0.72)	1.48	(1.39)	4.27
GCEYX	0.70	0.00	0.11	0.00	0.84	(0.75)	1.50	(1.35)	4.27
AVAAX	0.15	0.01	0.25	0.38	0.15	(0.19)	0.29	(0.38)	1.06
AVAYX	0.16	0.01	0.29	0.45	0.13	(0.20)	0.38	(0.39)	1.06
AVACX	0.15	0.01	0.25	0.28	0.16	(0.19)	0.29	(0.39)	1.06
ITRAX	0.43	(0.01)	0.00	0.32	0.00	0.00	0.91	(0.92)	2.36
AMNCX	0.15	0.00	0.24	(0.14)	0.18	(0.21)	0.31	(0.32)	1.06
AMNAX	0.15	0.00	0.26	0.02	0.16	(0.21)	0.32	(0.32)	1.05

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