Delaware Tax-free Correlations

DMTFX Fund

USD 10.67 0.01 0.09%

The current 90-days correlation between Delaware Tax Free and Locorr Longshort Modities is -0.05 (i.e., Good diversification). The correlation of Delaware Tax-free 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.

Delaware Tax-free Correlation With Market

Very good diversification

The correlation between Delaware Tax Free Usa and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delaware Tax Free Usa and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delaware Tax Free Usa. 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 census.

Moving together with Delaware Mutual Fund

0.66	IMAAX	Ivy Apollo Multi	Pair Corr
0.82	OCFIX	Optimum Fixed Income	Pair Corr
0.88	CXHYX	Delaware National High	Pair Corr
0.99	FTNYX	Delaware Tax Free	Pair Corr
0.99	FTORX	First Investors Tax	Pair Corr
0.9	FTOTX	First Investors Tax	Pair Corr
0.62	DLTZX	Delaware Limited Term	Pair Corr
0.63	DLTRX	Delaware Limited Term	Pair Corr
0.9	DMHIX	Delaware Minnesota High	Pair Corr
0.97	DMOCX	Delaware Tax Free	Pair Corr
0.94	DMNIX	Delaware Tax Free	Pair Corr
0.89	DMUSX	Delaware Tax Free	Pair Corr
0.86	VAZIX	Delaware Tax Free	Pair Corr
0.83	OIFIX	Optimum Fixed Income	Pair Corr
0.99	VCTFX	Delaware Tax Free	Pair Corr
0.83	DPCFX	Delaware Diversified	Pair Corr
0.84	DPDFX	Delaware Diversified	Pair Corr
0.86	DPFFX	Delaware Diversified	Pair Corr

Moving against Delaware Mutual Fund

0.48	OCLGX	Optimum Large Cap	Pair Corr
0.44	OASVX	Optimum Small Mid	Pair Corr
0.44	OCSVX	Optimum Small Mid	Pair Corr
0.44	DMO	Western Asset Mortgage	Pair Corr
0.44	WCEAX	Ivy E Equity	Pair Corr
0.37	OASGX	Optimum Small Mid	Pair Corr
0.37	OCSGX	Optimum Small Mid	Pair Corr
0.34	WSTAX	Ivy Science And	Pair Corr
0.33	WSGAX	Ivy Small Cap	Pair Corr
0.48	OILGX	Optimum Large Cap	Pair Corr
0.44	OISVX	Optimum Small Mid	Pair Corr
0.44	FGIPX	First Investors Growth	Pair Corr
0.43	FGINX	First Investors Growth	Pair Corr
0.37	OISGX	Optimum Small Mid	Pair Corr

Related Correlations Analysis

	LCSAX	VISTX	SWSFX	TSDCX	AOUNX	RYAMX	FOSPX
LCSAX		0.15	-0.67	-0.79	-0.75	0.0	0.14	LCSAX
VISTX	0.15		0.37	0.32	0.36	0.0	0.9	VISTX
SWSFX	-0.67	0.37		0.88	0.89	0.0	0.41	SWSFX
TSDCX	-0.79	0.32	0.88		0.97	0.0	0.41	TSDCX
AOUNX	-0.75	0.36	0.89	0.97		0.0	0.45	AOUNX
RYAMX	0.0	0.0	0.0	0.0	0.0		0.0	RYAMX
FOSPX	0.14	0.9	0.41	0.41	0.45	0.0		FOSPX
	LCSAX	VISTX	SWSFX	TSDCX	AOUNX	RYAMX	FOSPX

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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

AOUNX	+ 0.97	TSDCX
FOSPX	+ 0.9	VISTX
AOUNX	+ 0.89	SWSFX
TSDCX	+ 0.88	SWSFX
FOSPX	+ 0.45	AOUNX
FOSPX	+ 0.41	SWSFX

High negative correlations

TSDCX	- 0.79	LCSAX
AOUNX	- 0.75	LCSAX
SWSFX	- 0.67	LCSAX
FOSPX	- 0.0	RYAMX
RYAMX	- 0.0	AOUNX
RYAMX	- 0.0	TSDCX

Risk-Adjusted Indicators

There is a big difference between Delaware Mutual Fund performing well and Delaware Tax-free 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 Delaware Tax-free'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
LCSAX	0.26	(0.07)	0.00	(6.59)	0.00	0.00	0.42	(0.54)	1.79
VISTX	0.08	0.00	(0.82)	0.21	0.04	(0.10)	0.15	(0.15)	0.61
SWSFX	0.05	0.01	(0.86)	(1.66)	0.00	(0.22)	0.10	(0.10)	0.59
TSDCX	0.06	0.01	(0.78)	(0.63)	0.00	(0.16)	0.11	(0.11)	0.55
AOUNX	0.05	0.01	(0.82)	(0.58)	0.00	(0.22)	0.10	(0.10)	0.61
RYAMX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FOSPX	0.09	0.00	(0.72)	0.90	0.02	(0.14)	0.22	(0.11)	0.55

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