Old Westbury Correlations

Mutual Funds . USA . 
Fund . Old Westbury Municipal
OWMBX Fund  USD 11.37  0.01  0.09%   
The current 90-days correlation between Old Westbury Municipal and Vanguard Inflation Protected Securities is 0.51 (i.e., Very weak diversification). The correlation of Old Westbury 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.

Old Westbury Correlation With Market

Significant diversification

The correlation between Old Westbury Municipal and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old Westbury Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Old Westbury 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 bureau of labor statistics.

Moving together with Old Mutual Fund

  0.97OWCAX Old Westbury CaliforniaPairCorr
  0.85OWCIX Old Westbury CreditPairCorr
  0.78OWFIX Old Westbury FixedPairCorr
  0.99OWNYX Old Westbury NewPairCorr
  0.85OWSBX Old Westbury ShortPairCorr
  0.9VWITX Vanguard Intermediate-terPairCorr
  0.9VWIUX Vanguard Intermediate-terPairCorr
  0.92AFTEX Tax Exempt BondPairCorr
  0.92AFTFX Tax Exempt BondPairCorr
  0.93TEBCX Tax Exempt BondPairCorr
  0.92TEAFX Tax Exempt BondPairCorr
  0.92TFEBX Tax Exempt BondPairCorr
  0.92FLTMX Fidelity IntermediatePairCorr
  0.86MDNLX Blackrock NationalPairCorr
  0.91MFNLX Blackrock Natl MuniPairCorr
  0.61MGGYX Mirova Global GreenPairCorr
  0.61MGGAX Mirova Global GreenPairCorr
  0.68VHCIX Vanguard Health CarePairCorr
  0.61IRVIX Voya Russelltm LargePairCorr
  0.65FFBAX First Foundation FixedPairCorr
  0.63PTATX T Rowe PricePairCorr
  0.66CCWFX Capital World BondPairCorr
  0.82RHYAX Rbc Bluebay GlobalPairCorr
  0.8PAOPX T Rowe PricePairCorr

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   
FMUUX
+ 0.93
VIPIX
CABIX
+ 0.9
WABMSX
WRLDX
+ 0.82
VIPIX
CABIX
+ 0.81
WRLDX
FMUUX
+ 0.73
WRLDX
WABMSX
+ 0.63
WRLDX
  
High negative correlations   
XHYIX
- 0.22
FMUUX
XHYIX
- 0.19
VIPIX

Risk-Adjusted Indicators

There is a big difference between Old Mutual Fund performing well and Old Westbury 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 Old Westbury'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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