Northern Income Correlations

Mutual Funds . USA . 
Fund . Northern Income Equity
NOIEX Fund  USD 16.56  0.24  1.47%   
The current 90-days correlation between Northern Income Equity and Northern High Yield is 0.62 (i.e., Poor diversification). The correlation of Northern Income 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.

Northern Income Correlation With Market

Poor diversification

The correlation between Northern Income Equity and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Income Equity 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 Northern Income Equity. 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 income.

Moving together with Northern Mutual Fund

  0.7NOMIX Northern Mid CapPairCorr
  0.84NOLCX Northern Large CapPairCorr
  0.76NOLVX Northern Large CapPairCorr
  0.95NOSIX Northern Stock IndexPairCorr
  0.66BBALX Northern Global TacticalPairCorr
  0.74NSIDX Northern Small CapPairCorr
  0.86NSRKX Northern Global SustPairCorr
  0.85NSRIX Northern Global SustPairCorr
  0.93NUEIX Northern Quality EsgPairCorr
  0.93NUESX Northern Quality EsgPairCorr
  0.68NMMGX Multi Manager GlobalPairCorr

Moving against Northern Mutual Fund

  0.41NSIUX Northern Short-intermediaPairCorr
  0.34NOUGX Northern GovernmentPairCorr
  0.32BTIAX Northern Ustreasury IndexPairCorr

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   
NOFIX
+ 0.86
NOIGX
NOIGX
+ 0.79
NHFIX
NOFIX
+ 0.79
NHFIX
NOSIX
+ 0.72
NOLVX
NOLVX
+ 0.55
NHFIX
NOLVX
+ 0.24
NOIGX
  
High negative correlations   
NOFIX
- 0.45
NOSIX
NOSIX
- 0.35
NOIGX

Risk-Adjusted Indicators

There is a big difference between Northern Mutual Fund performing well and Northern Income 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 Northern Income'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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