New Economy Correlations

RNGBX Fund

USD 53.32 0.44 0.82%

The current 90-days correlation between New Economy Fund and Manning Napier Diversified is 0.18 (i.e., Average diversification). The correlation of New Economy 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 Economy Correlation With Market

Very weak diversification

The correlation between New Economy Fund and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Economy Fund 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 Economy Fund. 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 New Mutual Fund

0.69	AMECX	Income Fund	Pair Corr
0.87	RNEBX	New World Fund	Pair Corr
0.67	AMFCX	American Mutual	Pair Corr
0.67	AMFFX	American Mutual	Pair Corr
0.68	RNCCX	American Funds Income	Pair Corr
0.73	AMEFX	Income Fund	Pair Corr
1.0	RNGCX	New Economy Fund	Pair Corr
0.8	AMHIX	American High Income	Pair Corr
0.81	TEBCX	Tax Exempt Bond	Pair Corr
0.8	TECCX	Tax Exempt Fund	Pair Corr
0.78	TEAFX	Tax Exempt Bond	Pair Corr
0.62	FPTPX	American Funds Conse	Pair Corr
0.77	TEFEX	Tax Exempt Fund	Pair Corr
0.88	RNNEX	New Economy Fund	Pair Corr
0.78	CDJAX	American Funds College	Pair Corr
0.99	AMPFX	Amcap Fund Class	Pair Corr
0.88	RNPAX	New Perspective	Pair Corr
0.74	RNPHX	New Perspective	Pair Corr
0.86	RNPGX	New Perspective	Pair Corr
0.85	AMRMX	American Mutual	Pair Corr
0.88	AMRFX	American Mutual	Pair Corr
0.72	AMUSX	Us Government Securities	Pair Corr
0.76	RNWFX	New World Fund	Pair Corr
0.76	RNWHX	New World Fund	Pair Corr
0.77	RNWGX	New World Fund	Pair Corr
0.77	RNWBX	New World Fund	Pair Corr
0.87	RNWAX	New World Fund	Pair Corr
0.65	ANBEX	American Funds Strategic	Pair Corr
0.63	ANBFX	American Funds Strategic	Pair Corr
0.95	ANCFX	American Funds Funda	Pair Corr
0.89	ANFCX	New Economy Fund	Pair Corr
0.75	NPFCX	New Perspective	Pair Corr
0.87	NPFFX	New Perspective	Pair Corr

Related Correlations Analysis

	MNDWX	TFCAX	TLSHX	FPTPX	SRDAX
MNDWX		0.16	0.84	0.85	-0.27	MNDWX
TFCAX	0.16		0.4	0.18	0.83	TFCAX
TLSHX	0.84	0.4		0.94	0.0	TLSHX
FPTPX	0.85	0.18	0.94		-0.25	FPTPX
SRDAX	-0.27	0.83	0.0	-0.25		SRDAX
	MNDWX	TFCAX	TLSHX	FPTPX	SRDAX

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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

FPTPX	+ 0.94	TLSHX
FPTPX	+ 0.85	MNDWX
TLSHX	+ 0.84	MNDWX
SRDAX	+ 0.83	TFCAX
TLSHX	+ 0.4	TFCAX
FPTPX	+ 0.18	TFCAX

High negative correlations

SRDAX	- 0.27	MNDWX
SRDAX	- 0.25	FPTPX
SRDAX	- 0.0	TLSHX

Risk-Adjusted Indicators

There is a big difference between New Mutual Fund performing well and New Economy 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 Economy'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
MNDWX	0.12	0.01	0.01	0.21	0.11	(0.16)	0.29	(0.29)	0.97
TFCAX	0.03	0.00	0.00	(0.51)	0.00	0.00	0.10	0.00	0.40
TLSHX	0.26	0.02	0.03	0.07	0.33	(0.29)	0.55	(0.46)	1.87
FPTPX	0.29	0.02	0.02	0.06	0.45	(0.31)	0.61	(0.52)	2.15
SRDAX	0.14	0.02	0.05	2.15	0.00	(0.19)	0.29	(0.37)	0.95

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