Baird Strategic Correlations

BSNSX Fund

USD 10.26 0.03 0.29%

The current 90-days correlation between Baird Strategic Municipal and 1919 Financial Services is -0.06 (i.e., Good diversification). The correlation of Baird Strategic 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 Strategic Correlation With Market

Average diversification

The correlation between Baird Strategic Municipal and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Strategic Municipal 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 Strategic Municipal. 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 state.

Moving together with Baird Mutual Fund

0.81	BAGIX	Baird Aggregate Bond	Pair Corr
0.8	BAGSX	Baird Aggregate Bond	Pair Corr
0.65	BSGSX	Baird Smallmid Cap	Pair Corr
0.9	BSNIX	Baird Strategic Municipal	Pair Corr
0.96	BTMSX	Baird Short Term	Pair Corr
0.81	BCOSX	Baird E Plus	Pair Corr
0.84	BCOIX	Baird E Plus	Pair Corr
0.84	BIMIX	Baird Intermediate Bond	Pair Corr
0.98	BMBSX	Baird Quality Interm	Pair Corr
0.94	BMBIX	Baird Quality Interm	Pair Corr
0.61	BMDIX	Baird Midcap	Pair Corr
0.76	BMNIX	Baird E Intermediate	Pair Corr
0.77	BMQSX	Baird Municipal Bond	Pair Corr
0.62	CCGSX	Chautauqua Global Growth	Pair Corr
0.67	CCWIX	Chautauqua International	Pair Corr
0.92	VWITX	Vanguard Intermediate-ter	Pair Corr
0.91	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.91	AFTEX	Tax Exempt Bond	Pair Corr
0.9	AFTFX	Tax Exempt Bond	Pair Corr
0.9	TEBCX	Tax Exempt Bond	Pair Corr
0.91	TEAFX	Tax Exempt Bond	Pair Corr
0.9	TFEBX	Tax Exempt Bond	Pair Corr
0.91	FLTMX	Fidelity Intermediate	Pair Corr
0.88	MDNLX	Blackrock National	Pair Corr
0.89	MFNLX	Blackrock Natl Muni	Pair Corr
0.83	GPBFX	Gmo E Plus	Pair Corr

Moving against Baird Mutual Fund

0.45	GAAKX	Gmo Alternative Allo	Pair Corr
0.44	GAAGX	Gmo Alternative Allo	Pair Corr

Related Correlations Analysis

	SBFAX	DVFYX	FIKBX	TFIFX	RPFGX	FNPSX	VFAIX	FGB
SBFAX		0.71	0.71	0.89	0.72	0.62	0.41	-0.33	SBFAX
DVFYX	0.71		0.95	0.88	1.0	0.96	0.9	0.35	DVFYX
FIKBX	0.71	0.95		0.88	0.95	0.96	0.88	0.32	FIKBX
TFIFX	0.89	0.88	0.88		0.89	0.8	0.64	-0.03	TFIFX
RPFGX	0.72	1.0	0.95	0.89		0.96	0.89	0.34	RPFGX
FNPSX	0.62	0.96	0.96	0.8	0.96		0.96	0.44	FNPSX
VFAIX	0.41	0.9	0.88	0.64	0.89	0.96		0.65	VFAIX
FGB	-0.33	0.35	0.32	-0.03	0.34	0.44	0.65		FGB
	SBFAX	DVFYX	FIKBX	TFIFX	RPFGX	FNPSX	VFAIX	FGB

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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

RPFGX	+ 1.0	DVFYX
FNPSX	+ 0.96	DVFYX
FNPSX	+ 0.96	FIKBX
FNPSX	+ 0.96	RPFGX
VFAIX	+ 0.96	FNPSX
FIKBX	+ 0.95	DVFYX

High negative correlations

FGB	- 0.33	SBFAX
FGB	- 0.03	TFIFX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Strategic 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 Strategic'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
SBFAX	0.91	(0.07)	0.00	(0.06)	0.00	0.00	1.73	(1.85)	15.92
DVFYX	0.79	0.06	0.01	0.21	0.91	(0.87)	1.35	(1.39)	9.40
FIKBX	0.83	0.08	0.02	0.29	0.97	(0.93)	1.66	(1.95)	11.21
TFIFX	0.88	0.00	(0.03)	0.08	1.52	(0.91)	1.50	(1.77)	13.33
RPFGX	0.79	0.06	0.01	0.21	0.92	(0.87)	1.34	(1.40)	9.41
FNPSX	1.16	0.12	0.05	0.28	1.41	(1.21)	2.05	(2.48)	13.76
VFAIX	0.80	0.12	0.06	0.38	0.88	(0.89)	1.46	(1.49)	10.22
FGB	0.73	0.11	0.03	0.86	0.97	(0.81)	1.72	(1.25)	5.45

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