Victory Tax-exempt Correlations

GUTEX Fund

USD 8.60 0.05 0.58%

The current 90-days correlation between Victory Tax Exempt and Income Fund Income is 0.18 (i.e., Average diversification). The correlation of Victory Tax-exempt 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.

Victory Tax-exempt Correlation With Market

Very good diversification

The correlation between Victory Tax Exempt Fund and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Victory Tax Exempt Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Victory Tax Exempt 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 income.

Moving together with Victory Mutual Fund

0.66	UINCX	Income Fund Income	Pair Corr
0.69	UITBX	Intermediate Term Bond	Pair Corr
0.66	UITCX	Usaa Intermediate Term	Pair Corr
0.83	UITIX	Usaa Tax Exempt	Pair Corr
0.98	ULTIX	Usaa Tax Exempt	Pair Corr
0.64	IPFIX	Victory Incore	Pair Corr
0.65	RSDYX	Victory Incore Low	Pair Corr

Related Correlations Analysis

	UINCX	UINQX	SRVEX	UITBX	UITCX	UITIX	SSGSX	SBALX	SSVSX
UINCX		-0.7	-0.69	0.95	0.99	0.62	-0.67	-0.13	-0.69	UINCX
UINQX	-0.7		0.95	-0.75	-0.76	-0.22	0.78	0.68	0.95	UINQX
SRVEX	-0.69	0.95		-0.76	-0.75	-0.19	0.84	0.75	1.0	SRVEX
UITBX	0.95	-0.75	-0.76		0.97	0.57	-0.66	-0.22	-0.76	UITBX
UITCX	0.99	-0.76	-0.75	0.97		0.6	-0.68	-0.22	-0.75	UITCX
UITIX	0.62	-0.22	-0.19	0.57	0.6		-0.23	0.24	-0.19	UITIX
SSGSX	-0.67	0.78	0.84	-0.66	-0.68	-0.23		0.49	0.84	SSGSX
SBALX	-0.13	0.68	0.75	-0.22	-0.22	0.24	0.49		0.74	SBALX
SSVSX	-0.69	0.95	1.0	-0.76	-0.75	-0.19	0.84	0.74		SSVSX
	UINCX	UINQX	SRVEX	UITBX	UITCX	UITIX	SSGSX	SBALX	SSVSX

Click cells to compare fundamentals

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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

SSVSX	+ 1.0	SRVEX
UITCX	+ 0.99	UINCX
UITCX	+ 0.97	UITBX
UITBX	+ 0.95	UINCX
SRVEX	+ 0.95	UINQX
SSVSX	+ 0.95	UINQX

High negative correlations

SSVSX	- 0.76	UITBX
UITBX	- 0.76	SRVEX
UITCX	- 0.76	UINQX
SSVSX	- 0.75	UITCX
UITCX	- 0.75	SRVEX
UITBX	- 0.75	UINQX

Risk-Adjusted Indicators

There is a big difference between Victory Mutual Fund performing well and Victory Tax-exempt 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 Victory Tax-exempt'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
UINCX	0.19	(0.03)	0.00	(1.04)	0.00	0.00	0.43	(0.51)	1.22
UINQX	0.74	0.09	(0.02)	3.90	0.97	(0.74)	1.57	(1.90)	5.14
SRVEX	0.64	(0.03)	(0.03)	0.09	0.94	(0.65)	1.54	(1.96)	5.12
UITBX	0.21	(0.02)	0.00	0.35	0.00	0.00	0.43	(0.55)	1.21
UITCX	0.19	(0.04)	0.00	(2.18)	0.00	0.00	0.33	(0.55)	1.19
UITIX	0.12	(0.01)	(0.35)	(0.08)	0.17	(0.18)	0.32	(0.24)	1.19
SSGSX	0.85	(0.02)	0.02	0.10	0.73	(1.07)	1.77	(1.33)	7.39
SBALX	0.35	(0.03)	(0.21)	0.04	0.40	(0.40)	0.75	(0.74)	2.07
SSVSX	0.64	(0.03)	(0.03)	0.09	0.94	(0.65)	1.55	(1.98)	5.12

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