Hawaii Municipal Correlations

BSHIX Fund

USD 9.88 0.01 0.10%

The current 90-days correlation between Hawaii Municipal Bond and Upright Growth Income is -0.04 (i.e., Good 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

Average diversification

The correlation between Hawaii Municipal Bond and DJI is 0.13 (i.e., Average 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 gross domestic product.

Moving together with Hawaii Mutual Fund

0.85	BHIAX	Hawaii Municipal Bond	Pair Corr
0.85	HICOX	Colorado Bondshares	Pair Corr
0.97	KYTFX	Kentucky Tax Free	Pair Corr
0.96	UVABX	Virginia Bond	Pair Corr
0.99	HULYX	Hawaiian Tax Free	Pair Corr
0.98	HULFX	Hawaiian Tax Free	Pair Corr
0.99	ORTYX	Aquila Tax Free	Pair Corr
0.96	UVAIX	Usaa Virginia Bond	Pair Corr
0.96	USVAX	Virginia Bond	Pair Corr
0.98	HULAX	Hawaiian Tax Free	Pair Corr
0.73	WAGSX	Wasatch Global Select	Pair Corr
0.63	SRORX	Calamos Antetokounmpo	Pair Corr
0.71	FHLKX	Fidelity Health Savings	Pair Corr
0.7	PHJYX	Principal Lifetime Hybrid	Pair Corr
0.63	IAGIX	Voya Solution Moderately	Pair Corr
0.67	JISZX	Jpmorgan Multi Sector	Pair Corr
0.67	JROUX	J Hancock Ii	Pair Corr
0.64	BZDCX	Ohio Variable College	Pair Corr

Moving against Hawaii Mutual Fund

0.42	RYMEX	Commodities Strategy	Pair Corr
0.42	RYMJX	Commodities Strategy	Pair Corr
0.42	RYMBX	Commodities Strategy	Pair Corr
0.36	PRLVX	Private Shares	Pair Corr

Related Correlations Analysis

	UPDDX	GETFX	HGOFX	LGLSX	TEGAX	MSSGX	GGRYX	PRNHX
UPDDX		0.04	0.83	0.83	0.29	0.31	0.33	0.08	UPDDX
GETFX	0.04		-0.18	0.03	0.77	-0.24	0.91	0.94	GETFX
HGOFX	0.83	-0.18		0.94	0.24	0.43	0.15	-0.05	HGOFX
LGLSX	0.83	0.03	0.94		0.5	0.42	0.33	0.16	LGLSX
TEGAX	0.29	0.77	0.24	0.5		0.11	0.85	0.87	TEGAX
MSSGX	0.31	-0.24	0.43	0.42	0.11		-0.1	-0.07	MSSGX
GGRYX	0.33	0.91	0.15	0.33	0.85	-0.1		0.92	GGRYX
PRNHX	0.08	0.94	-0.05	0.16	0.87	-0.07	0.92		PRNHX
	UPDDX	GETFX	HGOFX	LGLSX	TEGAX	MSSGX	GGRYX	PRNHX

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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

PRNHX	+ 0.94	GETFX
LGLSX	+ 0.94	HGOFX
PRNHX	+ 0.92	GGRYX
GGRYX	+ 0.91	GETFX
PRNHX	+ 0.87	TEGAX
GGRYX	+ 0.85	TEGAX

High negative correlations

MSSGX	- 0.24	GETFX
HGOFX	- 0.18	GETFX
GGRYX	- 0.1	MSSGX
PRNHX	- 0.07	MSSGX
PRNHX	- 0.05	HGOFX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
UPDDX	1.63	0.13	0.05	0.22	2.35	(1.76)	3.22	(2.59)	15.30
GETFX	0.46	0.00	(0.06)	0.06	0.69	(0.49)	1.04	(0.80)	3.80
HGOFX	1.00	0.15	0.07	0.40	1.33	(1.03)	1.99	(1.93)	6.57
LGLSX	1.22	0.21	0.09	0.42	1.57	(1.26)	2.65	(2.37)	8.91
TEGAX	1.08	0.13	0.07	0.28	1.33	(1.12)	2.17	(1.83)	7.72
MSSGX	1.58	0.44	0.20	(7.70)	1.51	(2.01)	3.81	(2.32)	11.74
GGRYX	0.44	0.01	(0.06)	0.09	0.57	(0.49)	0.86	(0.70)	3.17
PRNHX	0.90	0.02	0.00	0.11	1.19	(0.97)	1.80	(1.60)	7.56

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