Old Westbury Correlations

OWNYX Fund

USD 9.78 0.01 0.10%

The current 90-days correlation between Old Westbury New and Diversified Bond Fund is 0.56 (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

Average diversification

The correlation between Old Westbury New and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old Westbury New 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 New. 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 manufacturing.

Moving together with Old Mutual Fund

0.97	OWCAX	Old Westbury California	Pair Corr
0.83	OWFIX	Old Westbury Fixed	Pair Corr
0.86	OWSBX	Old Westbury Short	Pair Corr
0.95	FKNRX	Franklin New York	Pair Corr
0.91	FNYZX	Franklin New York	Pair Corr
0.92	FKNQX	Franklin New York	Pair Corr
0.92	FKNCX	Franklin New York	Pair Corr
0.92	FKNIX	Franklin New York	Pair Corr
0.87	ALNVX	Ab New York	Pair Corr
0.87	ALNYX	Ab New York	Pair Corr
0.85	ANYCX	Ab New York	Pair Corr
0.65	PDI	Pimco Dynamic Income	Pair Corr
0.7	GIOIX	Guggenheim Macro Opp	Pair Corr
0.74	DLDFX	Destinations Low Duration	Pair Corr
0.93	TIMUX	Transamerica Intermediate	Pair Corr
0.66	ABNOX	Ab Bond Inflation	Pair Corr
0.71	DBIWX	Dws Global Macro	Pair Corr
0.66	USGDX	Morgan Stanley Government	Pair Corr

Moving against Old Mutual Fund

0.33	TCTGX	Transamerica Cleartrack	Pair Corr
0.33	TDKTX	Cleartrack 2015 Class	Pair Corr
0.33	TCTJX	Transamerica Cleartrack	Pair Corr

Related Correlations Analysis

	CDBCX	PGFCX	WDIAX	JPDVX	MDVSX	EKBDX	PGBAX
CDBCX		0.68	0.33	0.3	0.28	-0.72	0.95	CDBCX
PGFCX	0.68		0.88	0.87	0.84	-0.07	0.84	PGFCX
WDIAX	0.33	0.88		0.91	0.99	0.28	0.57	WDIAX
JPDVX	0.3	0.87	0.91		0.9	0.35	0.5	JPDVX
MDVSX	0.28	0.84	0.99	0.9		0.3	0.53	MDVSX
EKBDX	-0.72	-0.07	0.28	0.35	0.3		-0.57	EKBDX
PGBAX	0.95	0.84	0.57	0.5	0.53	-0.57		PGBAX
	CDBCX	PGFCX	WDIAX	JPDVX	MDVSX	EKBDX	PGBAX

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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

MDVSX	+ 0.99	WDIAX
PGBAX	+ 0.95	CDBCX
JPDVX	+ 0.91	WDIAX
MDVSX	+ 0.9	JPDVX
WDIAX	+ 0.88	PGFCX
JPDVX	+ 0.87	PGFCX

High negative correlations

EKBDX	- 0.72	CDBCX
PGBAX	- 0.57	EKBDX
EKBDX	- 0.07	PGFCX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CDBCX	0.23	0.01	0.24	0.27	0.22	(0.30)	0.56	(0.44)	1.34
PGFCX	0.29	0.01	0.13	(0.03)	0.39	(0.35)	0.67	(0.48)	1.75
WDIAX	0.65	0.02	0.00	(0.04)	0.00	0.00	1.23	(1.48)	3.27
JPDVX	0.54	(0.02)	0.00	(0.10)	0.00	0.00	0.94	(1.30)	3.01
MDVSX	0.65	0.04	0.00	(0.02)	0.00	0.00	1.34	(1.43)	3.79
EKBDX	1.06	(0.07)	0.00	(0.15)	0.00	0.00	1.43	(2.62)	7.17
PGBAX	0.14	0.01	0.40	0.13	0.07	(0.18)	0.34	(0.25)	0.85

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