California High Correlations

CAYAX Fund

USD 9.74 0.02 0.21%

The current 90-days correlation between California High Yield and Mid Cap Value is 0.07 (i.e., Significant diversification). The correlation of California High 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 High Correlation With Market

Average diversification

The correlation between California High Yield Municipa and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California High Yield Municipa and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in California High Yield 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 nation.

Moving together with California Mutual Fund

0.61	CDBCX	Diversified Bond	Pair Corr
0.97	TWTCX	Intermediate Term Tax	Pair Corr
0.99	TWTIX	Intermediate Term Tax	Pair Corr
0.65	TWSCX	Strategic Allocation	Pair Corr
0.98	TWWOX	Intermediate Term Tax	Pair Corr
0.71	NPHIX	High Income Fund	Pair Corr

Related Correlations Analysis

	AMDVX	AMEIX	AMGIX	CDBCX	AMKIX	TWACX	TWADX	TWCCX	TWCAX	TWCIX
AMDVX		0.27	0.7	0.22	0.03	0.05	0.99	0.39	0.34	0.2	AMDVX
AMEIX	0.27		0.77	-0.52	-0.64	-0.64	0.18	0.95	0.95	0.9	AMEIX
AMGIX	0.7	0.77		-0.19	-0.45	-0.38	0.64	0.76	0.73	0.7	AMGIX
CDBCX	0.22	-0.52	-0.19		0.68	0.96	0.22	-0.43	-0.4	-0.43	CDBCX
AMKIX	0.03	-0.64	-0.45	0.68		0.71	0.11	-0.51	-0.48	-0.56	AMKIX
TWACX	0.05	-0.64	-0.38	0.96	0.71		0.06	-0.54	-0.51	-0.53	TWACX
TWADX	0.99	0.18	0.64	0.22	0.11	0.06		0.32	0.26	0.12	TWADX
TWCCX	0.39	0.95	0.76	-0.43	-0.51	-0.54	0.32		0.99	0.91	TWCCX
TWCAX	0.34	0.95	0.73	-0.4	-0.48	-0.51	0.26	0.99		0.92	TWCAX
TWCIX	0.2	0.9	0.7	-0.43	-0.56	-0.53	0.12	0.91	0.92		TWCIX
	AMDVX	AMEIX	AMGIX	CDBCX	AMKIX	TWACX	TWADX	TWCCX	TWCAX	TWCIX

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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

TWADX	+ 0.99	AMDVX
TWCAX	+ 0.99	TWCCX
TWACX	+ 0.96	CDBCX
TWCCX	+ 0.95	AMEIX
TWCAX	+ 0.95	AMEIX
TWCIX	+ 0.92	TWCAX

High negative correlations

TWACX	- 0.64	AMEIX
AMKIX	- 0.64	AMEIX
TWCIX	- 0.56	AMKIX
TWCCX	- 0.54	TWACX
TWCIX	- 0.53	TWACX
CDBCX	- 0.52	AMEIX

Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California High 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 High'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
AMDVX	0.65	(0.16)	0.00	(0.16)	0.00	0.00	0.91	(1.04)	10.08
AMEIX	0.55	0.06	0.06	0.10	0.76	(0.56)	1.10	(0.96)	5.36
AMGIX	0.53	(0.03)	0.00	(0.15)	0.00	0.00	1.15	(0.87)	5.42
CDBCX	0.24	(0.08)	0.00	(2.79)	0.00	0.00	0.33	(0.65)	1.54
AMKIX	0.73	(0.04)	0.00	(0.10)	0.00	0.00	1.43	(1.72)	4.82
TWACX	0.07	0.00	0.00	0.00	0.00	0.00	0.11	(0.11)	0.56
TWADX	0.60	(0.17)	0.00	(0.19)	0.00	0.00	0.93	(0.81)	10.91
TWCCX	0.80	0.04	0.02	0.07	1.49	(0.70)	1.68	(2.32)	7.59
TWCAX	0.74	0.04	0.02	0.07	1.33	(0.63)	1.52	(2.20)	6.22
TWCIX	0.73	0.04	0.01	0.18	1.32	(0.62)	1.53	(2.20)	6.03

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