California Intermediate Correlations

Mutual Funds . USA . 
Fund . California Intermediate Municipal
PCMBX Fund  USD 9.21  0.01  0.11%   
The current 90-days correlation between California Intermediate and Guidepath Conservative Income is 0.38 (i.e., Weak diversification). The correlation of California Intermediate 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 Intermediate Correlation With Market

Significant diversification

The correlation between California Intermediate Munici and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Intermediate Munici 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 California Intermediate 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 bureau of labor statistics.

Moving together with California Mutual Fund

  0.63PWLEX Pimco Rae WorldwidePairCorr
  0.64PWLMX Pimco Rae WorldwidePairCorr
  0.75PWLIX Pimco Rae WorldwidePairCorr
  0.63PFBPX Pimco Foreign BondPairCorr
  0.9PFCJX Pimco Preferred AndPairCorr
  0.9PFANX Pimco Capital SecPairCorr
  0.66PFGAX Long Term GovernmentPairCorr
  0.83PFGCX Long Term GovernmentPairCorr
  0.64PFIAX Pimco Floating IncomePairCorr
  0.93PFIIX Pimco Floating IncomePairCorr
  0.94PFIUX Pimco Unconstrained BondPairCorr
  0.8PFINX Pimco Capital SecPairCorr
  0.86PFMIX Municipal BondPairCorr
  0.64PFNCX Pimco Floating IncomePairCorr
  0.92PFONX Pimco International BondPairCorr
  0.91PFORX Pimco Foreign BondPairCorr
  0.9PFNNX Pimco Preferred AndPairCorr
  0.66PFNIX Pimco Low DurationPairCorr
  0.67PFNUX Pimco Dynamic BondPairCorr
  0.91PFOAX Pimco Foreign BondPairCorr
  0.87PFOCX Pimco Foreign BondPairCorr
  0.92PFRAX Pimco Foreign BondPairCorr
  0.89PFPNX Pimco Capital SecPairCorr
  0.83PFTCX Short Term FundPairCorr
  0.93PFTPX Pimco Floating IncomePairCorr
  0.84PFSIX Pimco Emerging MarketsPairCorr
  0.82PGAPX Pimco Global MultiPairCorr
  0.69PXTIX Fundamental IndexplusPairCorr
  0.74PXTNX Pimco Rae PlusPairCorr
  0.84PGBIX Global Bond FundPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Intermediate 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 Intermediate'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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