American High Correlations

AMHIX Fund  USD 15.24  0.02  0.13%   
The current 90-days correlation between American High Income and Munivest Fund is 0.59 (i.e., Very weak diversification). The correlation of American 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.

American High Correlation With Market

Modest diversification

The correlation between American High Income Municipal and NYA is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding American High Income Municipal and NYA 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 American High Income 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 gross domestic product.

Moving together with American Mutual Fund

  0.7AMECX Income FundPairCorr
  0.69RNEBX New World FundPairCorr
  0.78AMFCX American MutualPairCorr
  0.79AMFFX American MutualPairCorr
  0.83RNCCX American Funds IncomePairCorr
  0.91FPPPX American Funds PresePairCorr
  0.7AMEFX Income FundPairCorr
  0.84RNGGX New Economy FundPairCorr
  0.84RNGFX New Economy FundPairCorr
  0.84RNGHX New Economy FundPairCorr
  0.84RNGBX New Economy FundPairCorr
  0.84RNGAX New Economy FundPairCorr
  0.84RNGEX New Economy FundPairCorr
  0.84RNGCX New Economy FundPairCorr
  0.89TEBCX Tax Exempt BondPairCorr
  0.91TECCX Tax Exempt FundPairCorr
  0.94TEAFX Tax Exempt BondPairCorr
  0.83FPTPX American Funds ConsePairCorr
  0.95TECFX Tax Exempt FundPairCorr
  0.95TEFEX Tax Exempt FundPairCorr
  0.84RNNEX New Economy FundPairCorr
  0.82CDJAX American Funds CollegePairCorr
  0.8AMPCX Amcap Fund ClassPairCorr
  0.8AMPFX Amcap Fund ClassPairCorr
  0.83RNPBX New PerspectivePairCorr
  0.83RNPAX New PerspectivePairCorr
  0.84RNPHX New PerspectivePairCorr
  0.84RNPGX New PerspectivePairCorr
  0.83RNPCX New PerspectivePairCorr
  0.84RNPFX New PerspectivePairCorr
  0.8RNPEX New PerspectivePairCorr
  0.79AMRMX American MutualPairCorr
  0.79AMRFX American MutualPairCorr
  0.84RNRPX American Funds RetirementPairCorr
  0.85AMUSX Us Government SecuritiesPairCorr
  0.68TEPCX American Funds TaxPairCorr
  0.86TEPAX American Funds TaxPairCorr
  0.7RNWFX New World FundPairCorr
  0.7RNWEX New World FundPairCorr

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   
MVTMHD
MVTMUE
MHDMUE
MHDMVF
MVTMVF
RMMMHD
  
High negative correlations   
MYDKTF

Risk-Adjusted Indicators

There is a big difference between American Mutual Fund performing well and American 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 American 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MVF  0.44  0.04  0.06  0.09  0.48 
 0.89 
 2.60 
MUE  0.37  0.02  0.02  0.05  0.53 
 0.70 
 2.22 
KTF  0.42  0.13  0.29 (10.30) 0.00 
 0.74 
 8.11 
MHD  0.45  0.02  0.03  0.05  0.54 
 1.03 
 2.47 
NXC  0.56 (0.01) 0.00 (0.04) 0.00 
 0.94 
 4.96 
RFM  0.48  0.04  0.05  0.07  0.66 
 1.00 
 3.70 
FTHY  0.42 (0.01)(0.01)(0.02) 0.53 
 1.08 
 2.94 
MYD  0.42 (0.01)(0.02)(0.03) 0.56 
 0.75 
 2.09 
RMM  0.47  0.02  0.03  0.06  0.60 
 1.03 
 2.99 
MVT  0.41  0.01  0.01  0.02  0.56 
 0.84 
 2.36