New Perspective Correlations

Mutual Funds . USA . 
Fund . New Perspective Fund
CNPFX Fund  USD 61.80  0.74  1.21%   
The current 90-days correlation between New Perspective and Fidelity Sai Convertible is 0.05 (i.e., Significant diversification). The correlation of New Perspective 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 Perspective Correlation With Market

Good diversification

The correlation between New Perspective Fund and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Perspective 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 New Perspective 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 census.

Moving together with New Mutual Fund

  0.9AMFCX American MutualPairCorr
  0.81AMFFX American MutualPairCorr
  0.61RNCCX American Funds IncomePairCorr
  0.82RNGBX New Economy FundPairCorr
  1.0RNPGX New PerspectivePairCorr
  0.88ANFFX New Economy FundPairCorr
  1.0NPFFX New PerspectivePairCorr
  0.9FAITX American Funds 2050PairCorr
  0.83GWPEX American Funds GrowthPairCorr
  0.8CGFFX Growth FundPairCorr
  0.83CGRGX American Funds GrowthPairCorr
  0.64RRCTX American Funds 2020PairCorr
  0.93GGPCX American Funds GlobalPairCorr
  0.98FCJTX American Funds 2055PairCorr
  0.68RRQPX American Funds RetirementPairCorr
  0.97FCKTX American Funds 2060PairCorr
  0.96RAFTX American Funds 2035PairCorr
  0.78RAFGX Amcap Fund ClassPairCorr
  0.9RAHTX American Funds 2045PairCorr
  0.91RAMHX American BalancedPairCorr
  0.72RSLBX Smallcap WorldPairCorr

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   
PCNTX
+ 0.95
XAVKX
PCNTX
+ 0.89
CCD
LCFYX
+ 0.84
XAVKX
PCNTX
+ 0.84
LCFYX
XAVKX
+ 0.8
CCD
LCFYX
+ 0.73
CCD
  
High negative correlations   
CCD
- 0.76
FSAWX
PCNTX
- 0.65
FSAWX
XAVKX
- 0.49
FSAWX
LCFYX
- 0.27
FSAWX

Risk-Adjusted Indicators

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