New Economy Correlations

RNGFX Fund

USD 60.73 0.10 0.16%

The current 90-days correlation between New Economy Fund and Oil Gas Ultrasector is 0.04 (i.e., Significant 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

Good diversification

The correlation between New Economy Fund and DJI is -0.06 (i.e., Good 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 census.

Moving together with New Mutual Fund

0.88	FNFPX	American Funds New	Pair Corr
0.88	FFPNX	American Funds New	Pair Corr
0.89	NPFCX	New Perspective	Pair Corr
0.88	ANWPX	New Perspective	Pair Corr
0.88	CNPEX	New Perspective	Pair Corr
0.88	CNPFX	New Perspective	Pair Corr
0.89	CNPCX	New Perspective	Pair Corr
0.89	RNPAX	New Perspective	Pair Corr
0.72	WMT	Walmart	Pair Corr
0.86	AXP	American Express	Pair Corr
0.83	BAC	Bank of America	Pair Corr

Moving against New Mutual Fund

0.53	VZ	Verizon Communications	Pair Corr
0.37	KO	Coca Cola	Pair Corr
0.37	MCD	McDonalds	Pair Corr
0.36	PG	Procter Gamble	Pair Corr
0.35	MRK	Merck Company	Pair Corr

Related Correlations Analysis

	ENPSX	HNRGX	SMAPX	GLEAX	FIKAX	ALEFX
ENPSX		0.98	0.91	0.91	0.92	0.92	ENPSX
HNRGX	0.98		0.93	0.94	0.96	0.93	HNRGX
SMAPX	0.91	0.93		0.99	0.91	0.98	SMAPX
GLEAX	0.91	0.94	0.99		0.92	0.99	GLEAX
FIKAX	0.92	0.96	0.91	0.92		0.87	FIKAX
ALEFX	0.92	0.93	0.98	0.99	0.87		ALEFX
	ENPSX	HNRGX	SMAPX	GLEAX	FIKAX	ALEFX

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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
ENPSX	1.53	0.14	0.06	0.09	2.19	(1.39)	3.17	(3.59)	8.59
HNRGX	0.91	0.09	0.08	0.09	1.40	(0.83)	1.80	(2.30)	5.81
SMAPX	1.11	0.11	0.09	0.12	1.50	(1.19)	2.13	(2.32)	7.93
GLEAX	1.05	0.11	0.09	0.11	1.39	(1.07)	1.92	(2.42)	6.59
FIKAX	1.03	0.08	0.06	0.05	1.55	(0.96)	1.80	(2.57)	6.59
ALEFX	0.98	0.14	0.11	0.16	1.29	(1.03)	1.96	(2.27)	6.21

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