Diversified Municipal Correlations

AIDYX Fund

USD 13.90 0.01 0.07%

The correlation of Diversified Municipal 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.

Diversified Municipal Correlation With Market

Average diversification

The correlation between Diversified Municipal Portfoli and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Diversified Municipal Portfoli 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 Diversified Municipal Portfolio. 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 Diversified Mutual Fund

0.97	AMNCX	Ab Minnesota Portfolio	Pair Corr
0.9	AMNAX	Ab Minnesota Portfolio	Pair Corr
0.79	ANAZX	Ab Global Bond	Pair Corr
0.87	ANAYX	Ab Global Bond	Pair Corr
0.8	ANAGX	Ab Global Bond	Pair Corr
0.78	ANAIX	Ab Global Bond	Pair Corr
0.84	ANACX	Ab Global Bond	Pair Corr
0.87	ANBIX	Ab Bond Inflation	Pair Corr
0.98	ANIAX	New York Municipal	Pair Corr
0.94	ANJAX	Ab New Jersey	Pair Corr
0.98	ANIYX	New York Municipal	Pair Corr
0.99	ANMCX	New York Municipal	Pair Corr
0.86	ANYCX	Ab New York	Pair Corr
0.85	STHAX	Ab Sustainable Thematic	Pair Corr
0.87	STHYX	Ab Sustainable Thematic	Pair Corr
0.96	AOHAX	Ab Ohio Portfolio	Pair Corr
0.9	AOHCX	Ab Ohio Portfolio	Pair Corr
0.85	APAAX	Ab Pennsylvania Portfolio	Pair Corr
0.88	APACX	Ab Pennsylvania Portfolio	Pair Corr

Moving against Diversified Mutual Fund

0.46	SCAVX	Ab Small Cap	Pair Corr
0.46	SCCVX	Ab Small Cap	Pair Corr
0.46	SCYVX	Ab Small Cap	Pair Corr
0.39	APGZX	Ab Large Cap	Pair Corr
0.39	APGYX	Ab Large Cap	Pair Corr
0.39	APGAX	Ab Large Cap	Pair Corr
0.37	ASCLX	Ab Select Longshort	Pair Corr
0.37	ASILX	Ab Select Longshort	Pair Corr
0.36	SCRZX	Small Cap Core	Pair Corr
0.35	SCRSX	Small Cap Core	Pair Corr
0.35	SCRYX	Small Cap Core	Pair Corr
0.32	CHCLX	Ab Discovery Growth	Pair Corr
0.32	CHCIX	Ab Discovery Growth	Pair Corr

Related Correlations Analysis

	GCEAX	GCECX	AMNAX	AMTAX	AMTZX	AMTYX	AMTOX	ANAZX	ANAYX	ANAGX
GCEAX		1.0	0.12	0.86	0.92	0.86	0.92	-0.04	0.01	-0.05	GCEAX
GCECX	1.0		0.14	0.85	0.92	0.85	0.92	-0.02	0.04	-0.03	GCECX
AMNAX	0.12	0.14		0.12	0.19	0.12	0.2	0.9	0.91	0.9	AMNAX
AMTAX	0.86	0.85	0.12		0.92	1.0	0.92	-0.09	0.0	-0.09	AMTAX
AMTZX	0.92	0.92	0.19	0.92		0.92	1.0	-0.03	0.04	-0.03	AMTZX
AMTYX	0.86	0.85	0.12	1.0	0.92		0.92	-0.09	0.0	-0.09	AMTYX
AMTOX	0.92	0.92	0.2	0.92	1.0	0.92		-0.01	0.06	-0.02	AMTOX
ANAZX	-0.04	-0.02	0.9	-0.09	-0.03	-0.09	-0.01		0.95	1.0	ANAZX
ANAYX	0.01	0.04	0.91	0.0	0.04	0.0	0.06	0.95		0.96	ANAYX
ANAGX	-0.05	-0.03	0.9	-0.09	-0.03	-0.09	-0.02	1.0	0.96		ANAGX
	GCEAX	GCECX	AMNAX	AMTAX	AMTZX	AMTYX	AMTOX	ANAZX	ANAYX	ANAGX

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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

GCECX	+ 1.0	GCEAX
AMTYX	+ 1.0	AMTAX
AMTOX	+ 1.0	AMTZX
ANAGX	+ 1.0	ANAZX
ANAGX	+ 0.96	ANAYX
ANAYX	+ 0.95	ANAZX

High negative correlations

ANAGX	- 0.09	AMTYX
ANAZX	- 0.09	AMTYX
ANAGX	- 0.09	AMTAX
ANAZX	- 0.09	AMTAX
ANAGX	- 0.05	GCEAX
ANAZX	- 0.04	GCEAX

Risk-Adjusted Indicators

There is a big difference between Diversified Mutual Fund performing well and Diversified Municipal 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 Diversified Municipal'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
GCEAX	0.58	(0.07)	(0.14)	0.02	0.71	(0.60)	1.15	(1.24)	3.45
GCECX	0.57	(0.08)	(0.15)	0.01	0.70	(0.61)	1.18	(1.22)	3.44
AMNAX	0.12	0.00	(0.45)	0.11	0.19	(0.17)	0.31	(0.31)	1.15
AMTAX	0.49	0.04	(0.13)	8.89	0.55	(0.57)	1.18	(1.05)	3.45
AMTZX	0.48	0.00	(0.10)	0.13	0.56	(0.53)	1.09	(1.06)	3.51
AMTYX	0.49	0.00	(0.12)	0.00	0.56	(0.57)	1.08	(1.05)	3.57
AMTOX	0.49	0.00	(0.10)	0.13	0.53	(0.60)	1.10	(1.08)	3.43
ANAZX	0.18	(0.02)	0.00	1.56	0.00	0.00	0.29	(0.29)	1.01
ANAYX	0.18	(0.02)	0.00	(4.58)	0.00	0.00	0.29	(0.29)	1.01
ANAGX	0.16	(0.02)	0.00	0.67	0.00	0.00	0.29	(0.29)	1.01

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