New Economy Correlations

Mutual Funds . USA . 
Fund . New Economy Fund
RNGGX Fund  USD 61.33  0.42  0.68%   
The current 90-days correlation between New Economy Fund and Guggenheim High Yield is 0.32 (i.e., Weak diversification). The correlation of New Economy 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 Economy Correlation With Market

Significant diversification

The correlation between New Economy Fund and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Economy Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in New Economy Fund. 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 price.

Moving together with New Mutual Fund

  0.76AMECX Income FundPairCorr
  0.74RNEBX New World FundPairCorr
  0.86AMFCX American MutualPairCorr
  0.87AMFFX American MutualPairCorr
  0.88RNCCX American Funds IncomePairCorr
  0.87FPPPX American Funds PresePairCorr
  0.76AMEFX Income FundPairCorr
  1.0RNGFX New Economy FundPairCorr
  0.97RNGHX New Economy FundPairCorr
  1.0RNGBX New Economy FundPairCorr
  0.97RNGAX New Economy FundPairCorr
  0.97RNGEX New Economy FundPairCorr
  1.0RNGCX New Economy FundPairCorr
  0.89AMHIX American High IncomePairCorr
  0.83TEBCX Tax Exempt BondPairCorr
  0.83TECCX Tax Exempt FundPairCorr
  0.85TEAFX Tax Exempt BondPairCorr
  0.89FPTPX American Funds ConsePairCorr
  0.86TECFX Tax Exempt FundPairCorr
  0.84TEFEX Tax Exempt FundPairCorr
  0.97RNNEX New Economy FundPairCorr
  0.98CDJAX American Funds CollegePairCorr
  0.96AMPCX Amcap Fund ClassPairCorr
  0.96AMPFX Amcap Fund ClassPairCorr
  0.94RNPBX New PerspectivePairCorr
  0.94RNPAX New PerspectivePairCorr
  0.94RNPHX New PerspectivePairCorr
  0.94RNPGX New PerspectivePairCorr
  0.98RNPCX New PerspectivePairCorr
  0.94RNPFX New PerspectivePairCorr
  0.94RNPEX New PerspectivePairCorr
  0.84AMRMX American MutualPairCorr
  0.84AMRFX American MutualPairCorr
  0.89RNRPX American Funds RetirementPairCorr
  0.85AMUSX Us Government SecuritiesPairCorr
  0.78TEPCX American Funds TaxPairCorr
  0.78TEPAX American Funds TaxPairCorr
  0.78TEPFX American Funds TaxPairCorr
  0.75RNWFX New World FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between New Mutual Fund performing well and New Economy 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 Economy'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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