Hawaii Municipal Correlations

Mutual Funds . USA . 
Fund . Hawaii Municipal Bond
BHIAX Fund  USD 9.88  0.01  0.10%   
The current 90-days correlation between Hawaii Municipal Bond and Hawaii Municipal Bond is 0.95 (i.e., Almost no diversification). The correlation of Hawaii 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.

Hawaii Municipal Correlation With Market

Modest diversification

The correlation between Hawaii Municipal Bond and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hawaii Municipal Bond 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 Hawaii Municipal Bond. 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 nation.

Moving together with Hawaii Mutual Fund

  0.99BSHIX Hawaii Municipal BondPairCorr
  0.82HICOX Colorado BondsharesPairCorr
  0.91KYTFX Kentucky Tax FreePairCorr
  0.93UVABX Virginia BondPairCorr
  0.99HULYX Hawaiian Tax FreePairCorr
  0.98HULFX Hawaiian Tax FreePairCorr
  0.99ORTYX Aquila Tax FreePairCorr
  0.97UVAIX Usaa Virginia BondPairCorr
  0.97USVAX Virginia BondPairCorr
  0.99HULAX Hawaiian Tax FreePairCorr
  0.61VINIX Vanguard InstitutionalPairCorr
  0.73MFOCX Marsico FocusPairCorr
  0.81WSSCX Short Term MunicipalPairCorr
  0.63PRQZX Pimco Realpath BlendPairCorr
  0.66FTVZX Fuller Thaler BehavioralPairCorr
  0.64WAMCX Wasatch Ultra GrowthPairCorr
  0.71STENX Northern LightsPairCorr
  0.85PEBCX Emerging Markets BondPairCorr
  0.61SHCDX Stone Harbor EmergingPairCorr
  0.63FLSZX Franklin Lifesmart 2055PairCorr

Moving against Hawaii Mutual Fund

  0.43ORFFX Aquila Tax FreePairCorr

Related Correlations Analysis

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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   
BHIAX
+ 0.99
BSHIX
FGWMX
+ 0.8
BSHIX
FGWMX
+ 0.77
BHIAX
FGWMX
+ 0.5
PWJQX
PWJQX
+ 0.41
MNDVUX
FGWMX
+ 0.25
MNDVUX
  
High negative correlations   
BHIAX
- 0.55
SURFX
SURFX
- 0.53
BSHIX
FGWMX
- 0.25
SURFX
MNDVUX
- 0.19
SURFX
PNPXX
- 0.16
MNDVUX
PNPXX
- 0.05
BHIAX

Risk-Adjusted Indicators

There is a big difference between Hawaii Mutual Fund performing well and Hawaii 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 Hawaii 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.

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