California Municipal Correlations

Mutual Funds . USA . 
Fund . California Municipal Portfolio
SNCAX Fund  USD 13.73  0.02  0.15%   
The current 90-days correlation between California Municipal and T Rowe Price is 0.1 (i.e., Average 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

  0.64GCEAX Ab Global EPairCorr
  0.63GCECX Ab Global EPairCorr
  0.64GCEYX Ab Global EPairCorr
  0.92AMNCX Ab Minnesota PortfolioPairCorr
  0.88AMNAX Ab Minnesota PortfolioPairCorr
  0.86ANAZX Ab Global BondPairCorr
  0.86ANAYX Ab Global BondPairCorr
  0.86ANAGX Ab Global BondPairCorr
  0.89ANAIX Ab Global BondPairCorr
  0.89ANACX Ab Global BondPairCorr
  0.7ANBIX Ab Bond InflationPairCorr
  0.98ANIAX New York MunicipalPairCorr
  0.97ANJAX Ab New JerseyPairCorr
  0.97ANJCX Ab New JerseyPairCorr
  0.94ANIYX New York MunicipalPairCorr
  0.97ANMCX New York MunicipalPairCorr
  0.96ANYCX Ab New YorkPairCorr
  0.64STEYX International StrategicPairCorr
  0.64STEZX International StrategicPairCorr
  0.64STESX International StrategicPairCorr
  0.83STHAX Ab Sustainable ThematicPairCorr
  0.8STHYX Ab Sustainable ThematicPairCorr
  0.97AOHAX Ab Ohio PortfolioPairCorr
  0.96AOHCX Ab Ohio PortfolioPairCorr
  0.9APAAX Ab Pennsylvania PortfolioPairCorr
  0.97APACX Ab Pennsylvania PortfolioPairCorr

Moving against California Mutual Fund

  0.34SCAVX Ab Small CapPairCorr
  0.34SCCVX Ab Small CapPairCorr
  0.33SCRSX Small Cap CorePairCorr
  0.32SCRYX Small Cap CorePairCorr
  0.36CHCCX Ab Discovery GrowthPairCorr
  0.35SUTCX Ab Sustainable ThematicPairCorr
  0.35CHCLX Ab Discovery GrowthPairCorr
  0.35CHCIX Ab Discovery GrowthPairCorr
  0.35CHCYX Ab Discovery GrowthPairCorr
  0.34SCYVX Ab Small CapPairCorr

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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