Aberdeen Tax-free Correlations

ABESX Fund

USD 8.88 0.01 0.11%

The current 90-days correlation between Aberdeen Tax Free and Ab Bond Inflation is -0.05 (i.e., Good diversification). The correlation of Aberdeen Tax-free 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.

Aberdeen Tax-free Correlation With Market

Significant diversification

The correlation between Aberdeen Tax Free Income and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aberdeen Tax Free Income 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 Aberdeen Tax Free Income. 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 state.

Moving together with Aberdeen Mutual Fund

0.8	CGFIX	Aberdeen Global Fixed	Pair Corr
0.89	NTFAX	Aberdeen Tax Free	Pair Corr
0.86	AAHMX	Aberdeen Short Duration	Pair Corr
1.0	ABEIX	Aberdeen Tax Free	Pair Corr
0.87	ACHMX	Abrdn Short Duration	Pair Corr
0.89	AGCIX	Aberdeen Global Unco	Pair Corr

Moving against Aberdeen Mutual Fund

0.33

ATOAX

Alpine Ultra Short

Pair Corr

Related Correlations Analysis

	ABNTX	TSDCX	GMCDX	PRVBX	MGGNX	LSHEX	RESAX
ABNTX		0.26	0.7	0.84	0.46	0.36	0.84	ABNTX
TSDCX	0.26		0.73	0.49	-0.12	-0.44	0.2	TSDCX
GMCDX	0.7	0.73		0.8	0.17	-0.13	0.71	GMCDX
PRVBX	0.84	0.49	0.8		0.21	0.11	0.68	PRVBX
MGGNX	0.46	-0.12	0.17	0.21		0.22	0.75	MGGNX
LSHEX	0.36	-0.44	-0.13	0.11	0.22		0.23	LSHEX
RESAX	0.84	0.2	0.71	0.68	0.75	0.23		RESAX
	ABNTX	TSDCX	GMCDX	PRVBX	MGGNX	LSHEX	RESAX

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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

PRVBX	+ 0.84	ABNTX
RESAX	+ 0.84	ABNTX
PRVBX	+ 0.8	GMCDX
RESAX	+ 0.75	MGGNX
GMCDX	+ 0.73	TSDCX
RESAX	+ 0.71	GMCDX

High negative correlations

LSHEX	- 0.44	TSDCX
LSHEX	- 0.13	GMCDX
MGGNX	- 0.12	TSDCX

Risk-Adjusted Indicators

There is a big difference between Aberdeen Mutual Fund performing well and Aberdeen Tax-free 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 Aberdeen Tax-free'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
ABNTX	0.13	0.00	(0.30)	0.23	0.09	(0.18)	0.30	(0.30)	0.79
TSDCX	0.05	0.01	0.00	(4.55)	0.00	0.00	0.11	(0.11)	0.66
GMCDX	0.24	0.05	(0.05)	1.74	0.01	(0.31)	0.46	(0.41)	2.04
PRVBX	0.10	0.00	(0.59)	(0.02)	0.05	(0.13)	0.25	(0.19)	0.58
MGGNX	0.16	(0.01)	(0.30)	(0.15)	0.17	(0.24)	0.35	(0.35)	1.05
LSHEX	2.24	0.00	0.00	0.07	3.42	(2.12)	3.51	(5.76)	20.04
RESAX	0.22	0.02	(0.14)	0.50	0.20	(0.29)	0.49	(0.37)	2.22

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