Baird Core Correlations

BCOSX Fund

USD 10.94 0.04 0.37%

The current 90-days correlation between Baird E Plus and T Rowe Price is 0.03 (i.e., Significant diversification). The correlation of Baird Core 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.

Baird Core Correlation With Market

Poor diversification

The correlation between Baird E Plus and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird E Plus 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 Baird E Plus. 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 producer price index.

Moving together with Baird Mutual Fund

0.99	BAGIX	Baird Aggregate Bond	Pair Corr
0.99	BAGSX	Baird Aggregate Bond	Pair Corr
0.82	BSBIX	Baird Short Term	Pair Corr
0.81	BSBSX	Baird Short Term	Pair Corr
0.79	BSNSX	Baird Strategic Municipal	Pair Corr
0.78	BSNIX	Baird Strategic Municipal	Pair Corr
0.78	BTMSX	Baird Short Term	Pair Corr
0.78	BTMIX	Baird Short Term	Pair Corr
0.74	BUBIX	Baird Ultra Short	Pair Corr
0.98	BCOIX	Baird E Plus	Pair Corr
0.73	BUBSX	Baird Ultra Short	Pair Corr
0.92	BIMSX	Baird Intermediate Bond	Pair Corr
0.91	BIMIX	Baird Intermediate Bond	Pair Corr
0.81	BMBSX	Baird Quality Interm	Pair Corr
0.8	BMBIX	Baird Quality Interm	Pair Corr
0.82	BMNSX	Baird E Intermediate	Pair Corr
0.81	BMNIX	Baird E Intermediate	Pair Corr
0.83	BMQSX	Baird Municipal Bond	Pair Corr
0.83	BMQIX	Baird Municipal Bond	Pair Corr
0.98	DODIX	Dodge Income	Pair Corr
0.98	DOXIX	Dodge Cox Income	Pair Corr
0.93	FIWGX	Strategic Advisers	Pair Corr
0.82	MWTNX	Metropolitan West Total	Pair Corr
0.71	MWTSX	Metropolitan West Total	Pair Corr
0.96	PTTPX	Pimco Total Return	Pair Corr
0.97	PTRRX	Total Return	Pair Corr
0.96	PTRAX	Total Return	Pair Corr
0.96	PTTRX	Total Return	Pair Corr
0.94	PDBSX	Prudential Total Return	Pair Corr

Related Correlations Analysis

	BCOIX	FTBFX	BAGIX	LOLDX	LLDYX	TRAIX	PACLX	ANFFX	RNNEX	TRLGX
BCOIX		0.94	0.98	0.75	0.75	0.67	0.29	0.7	0.64	-0.66	BCOIX
FTBFX	0.94		0.94	0.76	0.73	0.54	0.23	0.58	0.57	-0.54	FTBFX
BAGIX	0.98	0.94		0.72	0.73	0.6	0.26	0.63	0.58	-0.6	BAGIX
LOLDX	0.75	0.76	0.72		0.96	0.71	0.2	0.78	0.7	-0.76	LOLDX
LLDYX	0.75	0.73	0.73	0.96		0.72	0.21	0.79	0.71	-0.78	LLDYX
TRAIX	0.67	0.54	0.6	0.71	0.72		0.53	0.97	0.83	-0.84	TRAIX
PACLX	0.29	0.23	0.26	0.2	0.21	0.53		0.53	0.75	-0.1	PACLX
ANFFX	0.7	0.58	0.63	0.78	0.79	0.97	0.53		0.89	-0.85	ANFFX
RNNEX	0.64	0.57	0.58	0.7	0.71	0.83	0.75	0.89		-0.59	RNNEX
TRLGX	-0.66	-0.54	-0.6	-0.76	-0.78	-0.84	-0.1	-0.85	-0.59		TRLGX
	BCOIX	FTBFX	BAGIX	LOLDX	LLDYX	TRAIX	PACLX	ANFFX	RNNEX	TRLGX

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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

BAGIX	+ 0.98	BCOIX
ANFFX	+ 0.97	TRAIX
LLDYX	+ 0.96	LOLDX
FTBFX	+ 0.94	BCOIX
BAGIX	+ 0.94	FTBFX
RNNEX	+ 0.89	ANFFX

High negative correlations

TRLGX	- 0.85	ANFFX
TRLGX	- 0.84	TRAIX
TRLGX	- 0.78	LLDYX
TRLGX	- 0.76	LOLDX
TRLGX	- 0.66	BCOIX
TRLGX	- 0.6	BAGIX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Core 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 Baird Core'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
BCOIX	0.14	0.01	(0.28)	0.41	0.00	(0.18)	0.29	(0.29)	0.68
FTBFX	0.14	0.01	(0.28)	0.26	0.03	(0.18)	0.31	(0.21)	0.62
BAGIX	0.15	0.01	(0.32)	0.47	0.00	(0.20)	0.30	(0.30)	0.61
LOLDX	0.09	0.01	(0.22)	0.38	0.00	(0.31)	0.26	(0.26)	0.78
LLDYX	0.06	0.00	0.00	0.00	0.00	0.00	0.26	0.00	0.78
TRAIX	0.44	0.07	0.05	0.30	0.24	(0.55)	0.79	(0.81)	8.03
PACLX	0.33	(0.05)	0.00	(0.05)	0.00	0.00	0.76	(0.82)	1.88
ANFFX	0.98	0.19	0.13	0.36	0.95	(0.99)	2.23	(1.81)	12.62
RNNEX	0.84	0.01	0.00	0.08	1.14	(0.77)	1.82	(1.82)	4.69
TRLGX	1.03	(0.34)	0.00	(0.32)	0.00	0.00	1.51	(2.14)	14.53

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