Baird Short-term Correlations

BTMIX Fund

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The current 90-days correlation between Baird Short Term and Baird Aggregate Bond is 0.2 (i.e., Modest diversification). The correlation of Baird Short-term 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 Short-term Correlation With Market

Very good diversification

The correlation between Baird Short Term Municipal and DJI is -0.24 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Short Term 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 Short Term 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 gross domestic product.

Moving together with Baird Mutual Fund

0.78	BSBIX	Baird Short Term	Pair Corr
0.79	BSBSX	Baird Short Term	Pair Corr
0.83	BSNSX	Baird Strategic Municipal	Pair Corr
0.84	BSNIX	Baird Strategic Municipal	Pair Corr
0.97	BTMSX	Baird Short Term	Pair Corr
0.67	BMBSX	Baird Quality Interm	Pair Corr
0.68	BMBIX	Baird Quality Interm	Pair Corr
0.81	BMNSX	Baird E Intermediate	Pair Corr
0.82	BMNIX	Baird E Intermediate	Pair Corr
0.79	BMQSX	Baird Municipal Bond	Pair Corr
0.79	BMQIX	Baird Municipal Bond	Pair Corr
0.87	VMLTX	Vanguard Limited Term	Pair Corr
0.87	VMLUX	Vanguard Limited Term	Pair Corr
0.67	VWSTX	Vanguard Short Term	Pair Corr
0.67	VWSUX	Vanguard Short Term	Pair Corr
0.84	GDUSX	Goldman Sachs Short	Pair Corr
0.86	GANPX	Goldman Sachs Short	Pair Corr
0.69	SNDPX	Diversified Municipal	Pair Corr
0.69	AIDYX	Diversified Municipal	Pair Corr
0.69	AIDZX	Diversified Municipal	Pair Corr

Related Correlations Analysis

	BAGIX	BAGSX	BSBIX	BSBSX	BSGSX	BSGIX	BSNSX	BSNIX	BSVSX	BSVIX
BAGIX		1.0	0.51	0.51	-0.7	-0.7	0.67	0.66	-0.75	-0.75	BAGIX
BAGSX	1.0		0.5	0.5	-0.7	-0.71	0.67	0.65	-0.75	-0.75	BAGSX
BSBIX	0.51	0.5		0.96	0.05	0.05	0.74	0.73	-0.04	-0.04	BSBIX
BSBSX	0.51	0.5	0.96		0.02	0.01	0.77	0.76	-0.11	-0.1	BSBSX
BSGSX	-0.7	-0.7	0.05	0.02		1.0	-0.16	-0.16	0.95	0.95	BSGSX
BSGIX	-0.7	-0.71	0.05	0.01	1.0		-0.16	-0.16	0.95	0.95	BSGIX
BSNSX	0.67	0.67	0.74	0.77	-0.16	-0.16		0.99	-0.24	-0.24	BSNSX
BSNIX	0.66	0.65	0.73	0.76	-0.16	-0.16	0.99		-0.24	-0.24	BSNIX
BSVSX	-0.75	-0.75	-0.04	-0.11	0.95	0.95	-0.24	-0.24		1.0	BSVSX
BSVIX	-0.75	-0.75	-0.04	-0.1	0.95	0.95	-0.24	-0.24	1.0		BSVIX
	BAGIX	BAGSX	BSBIX	BSBSX	BSGSX	BSGIX	BSNSX	BSNIX	BSVSX	BSVIX

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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

BAGSX	+ 1.0	BAGIX
BSGIX	+ 1.0	BSGSX
BSVIX	+ 1.0	BSVSX
BSNIX	+ 0.99	BSNSX
BSBSX	+ 0.96	BSBIX
BSVSX	+ 0.95	BSGSX

High negative correlations

BSVIX	- 0.75	BAGSX
BSVSX	- 0.75	BAGSX
BSVIX	- 0.75	BAGIX
BSVSX	- 0.75	BAGIX
BSGIX	- 0.71	BAGSX
BSGSX	- 0.7	BAGSX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Short-term 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 Short-term'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
BAGIX	0.23	(0.05)	0.00	(0.55)	0.00	0.00	0.51	(0.51)	1.30
BAGSX	0.22	(0.05)	0.00	(0.57)	0.00	0.00	0.48	(0.58)	1.28
BSBIX	0.07	0.00	(0.91)	(0.13)	0.00	(0.12)	0.11	(0.11)	0.53
BSBSX	0.08	0.00	(0.87)	(0.53)	0.05	(0.13)	0.21	(0.11)	0.63
BSGSX	0.79	0.15	0.05	0.92	0.85	(0.87)	1.90	(1.52)	5.09
BSGIX	0.80	0.15	0.05	0.96	0.85	(0.90)	1.86	(1.55)	5.12
BSNSX	0.08	(0.01)	(0.40)	(0.06)	0.10	(0.14)	0.19	(0.29)	0.88
BSNIX	0.09	(0.01)	(0.42)	(0.08)	0.12	(0.15)	0.19	(0.19)	0.88
BSVSX	0.90	0.14	0.18	0.22	0.70	(1.10)	1.99	(1.66)	7.18
BSVIX	0.91	0.15	0.18	0.22	0.71	(1.07)	2.05	(1.66)	7.30

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