California Municipal Correlations

Mutual Funds . USA . 
Fund . California Municipal Portfolio
SNCAX Fund  USD 13.92  0.02  0.14%   
The current 90-days correlation between California Municipal and Goldman Sachs Emerging is 0.32 (i.e., Weak diversification). The correlation of California Municipal 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.

California Municipal Correlation With Market

Modest diversification

The correlation between California Municipal Portfolio and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Municipal Portfolio and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in California Municipal Portfolio. 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 California Mutual Fund

  0.79GCEAX Ab Global EPairCorr
  0.79GCECX Ab Global EPairCorr
  0.78GCEYX Ab Global EPairCorr
  0.86AMNCX Ab Minnesota PortfolioPairCorr
  0.78AMNAX Ab Minnesota PortfolioPairCorr
  0.93ANAZX Ab Global BondPairCorr
  0.87ANAGX Ab Global BondPairCorr
  0.93ANACX Ab Global BondPairCorr
  0.64ANBIX Ab Bond InflationPairCorr
  0.98ANIAX New York MunicipalPairCorr
  0.95ANJAX Ab New JerseyPairCorr
  0.97ANIYX New York MunicipalPairCorr
  0.99ANMCX New York MunicipalPairCorr
  0.91STHAX Ab Sustainable ThematicPairCorr
  0.93STHYX Ab Sustainable ThematicPairCorr
  0.63APGZX Ab Large CapPairCorr
  0.63APGYX Ab Large CapPairCorr
  0.79ARECX Ab Global RealPairCorr
  0.66CIAGX Ab Centrated InternaPairCorr
  0.8ARIIX Ab Global RealPairCorr
  0.65CIGYX Ab Centrated InternaPairCorr
  0.64ASCLX Ab Select Longshort Potential GrowthPairCorr
  0.71ASLAX Ab Select LongshortPairCorr
  0.95AAZYX Ab Municipal IncomePairCorr
  0.67ASYLX Ab Select LongshortPairCorr
  0.9ABIMX Ab Impact MunicipalPairCorr
  0.63ABNTX Ab Bond InflationPairCorr
  0.63ABNOX Ab Bond InflationPairCorr
  0.7ABNCX Ab Bond InflationPairCorr
  0.63ABNYX Ab Bond InflationPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Municipal 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 California Municipal'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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