Blackrock New Correlations

MKNJX Fund

USD 10.12 0.02 0.20%

The current 90-days correlation between Blackrock New Jersey and Blackrock Pa Muni is 0.96 (i.e., Almost no diversification). The correlation of Blackrock New 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.

Blackrock New Correlation With Market

Average diversification

The correlation between Blackrock New Jersey and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock New Jersey and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Blackrock New Jersey. 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 inflation.

Moving together with Blackrock Mutual Fund

0.96	MKCMX	Blackrock California	Pair Corr
0.68	MKILX	Blackrock International	Pair Corr
0.65	BRAMX	Bats Series M	Pair Corr
0.99	MKMTX	Blackrock Strategic	Pair Corr
0.73	BRACX	Bats Series C	Pair Corr
0.99	MKNKX	Blackrock New York	Pair Corr
0.78	BRCPX	Blackrock Conservative	Pair Corr
0.99	MKPYX	Blackrock Pennsylvania	Pair Corr
0.7	BRIAX	Blackrock Retirement	Pair Corr
0.82	BRHYX	Blackrock Hi Yld	Pair Corr
0.75	BRIDX	Blackrock Retirement	Pair Corr
0.75	BRIEX	Blackrock Retirement	Pair Corr
0.76	BRICX	Blackrock Retirement	Pair Corr
0.71	MKWIX	Blackrock Strategic	Pair Corr
0.61	BRMPX	Blackrock Moderate	Pair Corr

Related Correlations Analysis

	MSPYX	MSUMX	BHYSX	BHYIX	BHYCX	BHYAX	MKCMX	MKCPX	MKEAX
MSPYX		0.48	0.75	0.74	0.79	0.75	0.91	0.61	0.28	MSPYX
MSUMX	0.48		0.73	0.75	0.69	0.72	0.79	0.09	-0.21	MSUMX
BHYSX	0.75	0.73		0.99	0.99	1.0	0.86	0.51	0.45	BHYSX
BHYIX	0.74	0.75	0.99		0.99	0.99	0.86	0.51	0.42	BHYIX
BHYCX	0.79	0.69	0.99	0.99		0.99	0.86	0.59	0.47	BHYCX
BHYAX	0.75	0.72	1.0	0.99	0.99		0.85	0.52	0.45	BHYAX
MKCMX	0.91	0.79	0.86	0.86	0.86	0.85		0.44	0.11	MKCMX
MKCPX	0.61	0.09	0.51	0.51	0.59	0.52	0.44		0.43	MKCPX
MKEAX	0.28	-0.21	0.45	0.42	0.47	0.45	0.11	0.43		MKEAX
	MSPYX	MSUMX	BHYSX	BHYIX	BHYCX	BHYAX	MKCMX	MKCPX	MKEAX

Click cells to compare fundamentals

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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

BHYAX	+ 1.0	BHYSX
BHYIX	+ 0.99	BHYSX
BHYCX	+ 0.99	BHYSX
BHYCX	+ 0.99	BHYIX
BHYAX	+ 0.99	BHYIX
BHYAX	+ 0.99	BHYCX

High negative correlations

MKEAX

- 0.21

MSUMX

Risk-Adjusted Indicators

There is a big difference between Blackrock Mutual Fund performing well and Blackrock New 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 Blackrock New'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
MSPYX	0.21	(0.03)	0.00	(0.56)	0.00	0.00	0.41	(0.71)	1.63
MSUMX	0.16	0.02	0.33	1.03	0.06	(0.22)	0.34	(0.23)	0.91
BHYSX	0.18	0.00	0.22	(0.06)	0.22	(0.23)	0.42	(0.42)	1.14
BHYIX	0.16	0.00	0.19	(0.05)	0.19	(0.25)	0.56	(0.29)	1.14
BHYCX	0.15	(0.01)	0.00	(0.12)	0.00	0.00	0.42	(0.28)	0.99
BHYAX	0.17	0.00	0.21	(0.06)	0.20	(0.23)	0.42	(0.42)	1.00
MKCMX	0.14	(0.01)	0.00	(0.31)	0.00	0.00	0.34	(0.42)	1.17
MKCPX	0.46	(0.03)	0.00	(0.15)	0.00	0.00	0.76	(1.19)	2.80
MKEAX	0.83	(0.02)	0.00	(0.09)	0.00	0.00	1.60	(1.75)	5.42

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