New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
SNNYX Fund  USD 13.40  0.00  0.00%   
The current 90-days correlation between New York Municipal and Ab Global E is 0.1 (i.e., Average 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

Average diversification

The correlation between New York Municipal and DJI is 0.17 (i.e., Average 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 World Market Map 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 manufacturing.

Moving together with New Mutual Fund

  0.62GCEAX Ab Global EPairCorr
  0.62GCECX Ab Global EPairCorr
  0.62GCEYX Ab Global EPairCorr
  0.98AMNCX Ab Minnesota PortfolioPairCorr
  0.98AMNAX Ab Minnesota PortfolioPairCorr
  0.88ANAZX Ab Global BondPairCorr
  0.87ANAYX Ab Global BondPairCorr
  0.88ANAGX Ab Global BondPairCorr
  0.88ANAIX Ab Global BondPairCorr
  0.86ANACX Ab Global BondPairCorr
  0.68ANBIX Ab Bond InflationPairCorr
  1.0ANIAX New York MunicipalPairCorr
  0.98ANJAX Ab New JerseyPairCorr
  0.98ANJCX Ab New JerseyPairCorr
  1.0ANIYX New York MunicipalPairCorr
  0.99ANMCX New York MunicipalPairCorr
  0.99ANYCX Ab New YorkPairCorr
  0.76STHAX Ab Sustainable ThematicPairCorr
  0.83STHYX Ab Sustainable ThematicPairCorr
  0.92AOHAX Ab Ohio PortfolioPairCorr
  0.98AOHCX Ab Ohio PortfolioPairCorr
  0.98APAAX Ab Pennsylvania PortfolioPairCorr
  0.98APACX Ab Pennsylvania PortfolioPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
GCEAX  0.56 (0.08) 0.00 (0.80) 0.00 
 0.00 
 0.79 
(1.24)
 4.70 
GCECX  0.55 (0.08) 0.00 (0.73) 0.00 
 0.00 
 0.82 
(1.22)
 4.69 
GCEYX  0.56 (0.09) 0.00 (0.80) 0.00 
 0.00 
 0.79 
(1.24)
 5.18 
AMNCX  0.16 (0.04) 0.00 (0.69) 0.00 
 0.00 
 0.31 
(0.41)
 1.15 
AMNAX  0.16 (0.04) 0.00 (0.76) 0.00 
 0.00 
 0.31 
(0.42)
 1.15 
AMTAX  0.48 (0.11) 0.00 (0.73) 0.00 
 0.00 
 0.95 
(1.05)
 3.46 
AMTZX  0.48 (0.11) 0.00 (0.72) 0.00 
 0.00 
 0.97 
(1.06)
 3.42 
AMTYX  0.48 (0.11) 0.00 (0.70) 0.00 
 0.00 
 0.85 
(1.05)
 3.48 
AMTOX  0.49 (0.11) 0.00 (0.67) 0.00 
 0.00 
 0.98 
(1.08)
 3.45 
ANAZX  0.19 (0.04) 0.00 (1.11) 0.00 
 0.00 
 0.29 
(0.44)
 1.16 

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