Commonwealth Global Correlations

Mutual Funds . USA . 
Fund . Commonwealth Global Fund
CNGLX Fund  USD 19.88  0.04  0.20%   
The current 90-days correlation between Commonwealth Global and Commonwealth Australianew Zealand is 0.7 (i.e., Poor diversification). The correlation of Commonwealth Global 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.

Commonwealth Global Correlation With Market

Poor diversification

The correlation between Commonwealth Global Fund and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Commonwealth Global Fund 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 Commonwealth Global Fund. 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 bureau of economic analysis.

Moving together with Commonwealth Mutual Fund

  0.84CNREX Commonwealth Real EstatePairCorr
  0.75FCWGX American Funds CapitalPairCorr
  0.75FWCGX American Funds CapitalPairCorr
  0.76CWGIX Capital World GrowthPairCorr
  0.76CWGFX Capital World GrowthPairCorr
  0.77CWGCX Capital World GrowthPairCorr
  0.75RWIFX Capital World GrowthPairCorr
  0.77CWICX Capital World GrowthPairCorr
  0.77RWIAX Capital World GrowthPairCorr
  0.76CWIAX Capital World GrowthPairCorr
  0.75WGIFX Capital World GrowthPairCorr
  0.9VTSAX Vanguard Total StockPairCorr
  0.9VFIAX Vanguard 500 IndexPairCorr
  0.9VTSMX Vanguard Total StockPairCorr
  0.9VSMPX Vanguard Total StockPairCorr
  0.9VSTSX Vanguard Total StockPairCorr
  0.93VITSX Vanguard Total StockPairCorr
  0.9VFINX Vanguard 500 IndexPairCorr
  0.9VFFSX Vanguard 500 IndexPairCorr
  0.62HWACX Hotchkis Wiley ValuePairCorr
  0.68PGLSX Global Multi StrategyPairCorr

Moving against Commonwealth Mutual Fund

  0.34USGDX Morgan Stanley GovernmentPairCorr

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   
GABOX
+ 0.95
CNJFX
BUFGX
+ 0.77
CNREX
CNJFX
+ 0.7
CNZLX
GABOX
+ 0.65
CNZLX
CNREX
+ 0.14
CNZLX
BUFGX
+ 0.08
CNZLX
  
High negative correlations   
BUFGX
- 0.53
GABOX
BUFGX
- 0.47
CNJFX
GABOX
- 0.39
CNREX
CNREX
- 0.31
CNJFX

Risk-Adjusted Indicators

There is a big difference between Commonwealth Mutual Fund performing well and Commonwealth Global 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 Commonwealth Global'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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