Pimco New Correlations

Funds . USA . 
Fund . Pimco New York
PNI Fund  USD 7.15  0.02  0.28%   
The current 90-days correlation between Pimco New York and Pimco New York is 0.76 (i.e., Poor diversification). The correlation of Pimco 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.

Pimco New Correlation With Market

Weak diversification

The correlation between Pimco New York and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pimco New York 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 Pimco New York. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Pimco Fund

  0.74NHS Neuberger Berman HighPairCorr
  0.77GSAEX Goldman Sachs AsiaPairCorr
  0.77FHAHX Fidelity Freedom BlendPairCorr
  0.8PBNAX Pace Strategic FixedPairCorr
  0.66HDVSX Hartford InternationalPairCorr
  0.75VIISX Virtus InternationalPairCorr
  0.68TEI Templeton EmergingPairCorr
  0.65HRLSX Hartford GlobalPairCorr
  0.64GCSLX Pioneer Global EquityPairCorr
  0.83MGRQX Mfs International GrowthPairCorr
  0.74TEQHX Tiaa Cref EmergingPairCorr
  0.67IGAAX International Growth AndPairCorr
  0.62PEMMX Putnam Emerging MarketsPairCorr
  0.7GEMMX Gmo Emerging MarketsPairCorr
  0.76GGCPX Goldman Sachs InternPairCorr
  0.77FHKCX Fidelity China RegionPairCorr
  0.75FIRIX Fidelity InternationalPairCorr
  0.78NGCAX Columbia Greater ChinaPairCorr
  0.74GSTPX Goldman Sachs InflationPairCorr
  0.68USSTX Tax Exempt ShortPairCorr
  0.64FTTEX Fidelity Total InterPairCorr
  0.72PTSRX Short Term FundPairCorr
  0.75HFZCX Hartford SchrodersPairCorr
  0.79GSOUX Goldman Sachs GovernmentPairCorr
  0.79SGVIX Wells Fargo GovernmentPairCorr
  0.64FGCSX Federated Short-intermediaPairCorr
  0.72FOSKX Fidelity OverseasPairCorr
  0.63GOPCX Aberdeen China OpptyPairCorr
  0.81FGZMX Fidelity New MarketsPairCorr
  0.79EXCPX Unconstrained Bond SeriesPairCorr
  0.71HJSIX Hennessy Japan SmallPairCorr
  0.84FIAIX Fidelity Advisor SusPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Pimco Fund performing well and Pimco New 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 Pimco 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.

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