New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
PNYAX Fund  USD 10.74  0.03  0.28%   
The current 90-days correlation between New York Municipal and Pimco High Yield is 0.97 (i.e., Almost no diversification). The correlation of New York 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.

New York Correlation With Market

Modest diversification

The correlation between New York Municipal and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New York 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 New York 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 nation.

Moving together with New Mutual Fund

  0.75PWLEX Pimco Rae WorldwidePairCorr
  0.73PWLBX Pimco Rae WorldwidePairCorr
  0.74PWLMX Pimco Rae WorldwidePairCorr
  0.74PWLIX Pimco Rae WorldwidePairCorr
  0.66PFBPX Pimco Foreign BondPairCorr
  0.75PFCJX Pimco Preferred AndPairCorr
  0.76PFANX Pimco Capital SecPairCorr
  0.68PFGAX Long Term GovernmentPairCorr
  0.69PFGCX Long Term GovernmentPairCorr
  0.75PFINX Pimco Capital SecPairCorr
  0.99PFMIX Municipal BondPairCorr
  0.67PFONX Pimco International BondPairCorr
  0.65PFORX Pimco Foreign BondPairCorr
  0.73PFNNX Pimco Preferred AndPairCorr
  0.69PFOAX Pimco Foreign BondPairCorr
  0.76PFOCX Pimco Foreign BondPairCorr
  0.72PFRAX Pimco Foreign BondPairCorr
  0.74PFPNX Pimco Capital SecPairCorr
  0.68PFRRX Pimco Foreign BondPairCorr
  0.66PFSIX Pimco Emerging MarketsPairCorr
  0.65PGAPX Pimco Global MultiPairCorr
  0.66PXTIX Fundamental IndexplusPairCorr
  0.66PXTNX Pimco Rae PlusPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between New Mutual Fund performing well and New York 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 New York'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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