New York Correlations

Mutual Funds . USA . 
Fund . New York Municipal
SNNYX Fund  USD 13.56  0.02  0.15%   
The current 90-days correlation between New York Municipal and Europac Gold Fund is 0.08 (i.e., Significant 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

Very good diversification

The correlation between New York Municipal and DJI is -0.23 (i.e., Very good 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

  0.95AMNCX Ab Minnesota PortfolioPairCorr
  0.89AMNAX Ab Minnesota PortfolioPairCorr
  0.8ANAZX Ab Global BondPairCorr
  0.79ANAYX Ab Global BondPairCorr
  0.79ANAGX Ab Global BondPairCorr
  0.79ANAIX Ab Global BondPairCorr
  0.77ANACX Ab Global BondPairCorr
  0.77ANBIX Ab Bond InflationPairCorr
  0.99ANIAX New York MunicipalPairCorr
  0.95ANJAX Ab New JerseyPairCorr
  0.95ANJCX Ab New JerseyPairCorr
  0.99ANIYX New York MunicipalPairCorr
  0.99ANMCX New York MunicipalPairCorr
  0.95ANYCX Ab New YorkPairCorr
  0.74STHAX Ab Sustainable ThematicPairCorr
  0.76STHYX Ab Sustainable ThematicPairCorr
  0.96AOHAX Ab Ohio PortfolioPairCorr
  0.96AOHCX Ab Ohio PortfolioPairCorr
  0.94APAAX Ab Pennsylvania PortfolioPairCorr
  0.95APACX Ab Pennsylvania PortfolioPairCorr

Related Correlations Analysis

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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   
USERX
+ 0.99
EPGFX
FRGOX
+ 0.99
EPGFX
SGDLX
+ 0.99
GLDAX
FRGOX
+ 0.99
USERX
FRGOX
+ 0.95
GLDAX
SGDLX
+ 0.95
FRGOX
  
High negative correlations   
SPPIX
- 0.96
GLDAX
SGDLX
- 0.91
SPPIX
FRGOX
- 0.9
SPPIX
USERX
- 0.89
SPPIX
SPPIX
- 0.86
EPGFX
USERX
- 0.06
MXKJX

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.

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