Baird Midcap Correlations

Mutual Funds USA . 
Fund . Baird Midcap Fund
BMDIX Fund  USD 26.36  0.10  0.38%   
The current 90-days correlation between Baird Midcap and Baird Intermediate Bond is 0.02 (i.e., Significant diversification). The correlation of Baird Midcap 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 Midcap Correlation With Market

Very poor diversification

The correlation between Baird Midcap Fund and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Midcap Fund 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 Midcap Fund. 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 gross domestic product.

Moving together with Baird Mutual Fund

  0.93BSGSX Baird Smallmid CapPairCorr
  0.96BSGIX Baird Smallmid CapPairCorr
  0.88BSVSX Baird Smallcap ValuePairCorr
  0.88BSVIX Baird Smallcap ValuePairCorr
  0.81BUBIX Baird Ultra ShortPairCorr
  0.81BUBSX Baird Ultra ShortPairCorr
  1.0BMDSX Baird MidcapPairCorr
  0.76CCGIX Chautauqua Global GrowthPairCorr
  0.75CCGSX Chautauqua Global GrowthPairCorr
  0.98PAMCX T Rowe PricePairCorr
  0.98RRMGX T Rowe PricePairCorr
  0.98TRQZX T Rowe PricePairCorr
  0.9RPMGX T Rowe PricePairCorr
  0.93PRJIX T Rowe PricePairCorr
  0.93PRNHX T Rowe PricePairCorr
  0.93TRUZX T Rowe PricePairCorr
  0.97PCBIX Midcap Fund InstitutionalPairCorr
  0.92PEMGX Midcap Fund ClassPairCorr
  0.97PMBCX Midcap Fund ClassPairCorr

Moving against Baird Mutual Fund

  0.59BAGSX Baird Aggregate BondPairCorr
  0.57BAGIX Baird Aggregate BondPairCorr
  0.56BCOIX Baird E PlusPairCorr
  0.55BCOSX Baird E PlusPairCorr
  0.55BIMIX Baird Intermediate BondPairCorr
  0.53BIMSX Baird Intermediate BondPairCorr

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   
BAGIX
+ 0.95
BIMIX
BGCIX
+ 0.84
PRUFX
IARYX
+ 0.77
BIMIX
IARYX
+ 0.66
BAGIX
  
High negative correlations   
BAGIX
- 0.74
PRUFX
PRUFX
- 0.71
BIMIX
BGCIX
- 0.6
BAGIX
BGCIX
- 0.53
BIMIX
IARYX
- 0.27
PRUFX
IARYX
- 0.11
BGCIX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Midcap 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 Midcap'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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