Aim Taxexempt Correlations

IORPX Fund

USD 10.47 0.02 0.19%

The current 90-days correlation between Aim Taxexempt Funds and Invesco Municipal Income is 0.95 (i.e., Almost no diversification). The correlation of Aim Taxexempt 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.

Aim Taxexempt Correlation With Market

Very good diversification

The correlation between Aim Taxexempt Funds and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aim Taxexempt Funds 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 Aim Taxexempt Funds. 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 american community survey.

Moving together with Aim Mutual Fund

0.79	VMICX	Invesco Municipal Income	Pair Corr
0.84	VMINX	Invesco Municipal Income	Pair Corr
0.86	VMIIX	Invesco Municipal Income	Pair Corr
0.68	AMHYX	Invesco High Yield	Pair Corr
0.66	HYIFX	Invesco High Yield	Pair Corr
0.66	HYINX	Invesco High Yield	Pair Corr
0.73	OCACX	Oppenheimer Roc Ca	Pair Corr
0.64	STBYX	Invesco Short Term	Pair Corr

Related Correlations Analysis

	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX
VMICX		0.99	0.99	-0.21	0.21	0.71	0.48	0.48	0.22	0.19	VMICX
VMINX	0.99		1.0	-0.13	0.29	0.64	0.39	0.39	0.3	0.27	VMINX
VMIIX	0.99	1.0		-0.11	0.32	0.63	0.38	0.37	0.33	0.3	VMIIX
OARDX	-0.21	-0.13	-0.11		0.77	-0.56	-0.67	-0.68	0.79	0.77	OARDX
AMHYX	0.21	0.29	0.32	0.77		-0.25	-0.47	-0.47	0.94	0.98	AMHYX
OSICX	0.71	0.64	0.63	-0.56	-0.25		0.89	0.89	-0.22	-0.25	OSICX
OSMAX	0.48	0.39	0.38	-0.67	-0.47	0.89		1.0	-0.45	-0.47	OSMAX
OSMCX	0.48	0.39	0.37	-0.68	-0.47	0.89	1.0		-0.45	-0.47	OSMCX
HYIFX	0.22	0.3	0.33	0.79	0.94	-0.22	-0.45	-0.45		0.94	HYIFX
HYINX	0.19	0.27	0.3	0.77	0.98	-0.25	-0.47	-0.47	0.94		HYINX
	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX

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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

VMIIX	+ 1.0	VMINX
OSMCX	+ 1.0	OSMAX
VMINX	+ 0.99	VMICX
VMIIX	+ 0.99	VMICX
HYINX	+ 0.98	AMHYX
HYIFX	+ 0.94	AMHYX

High negative correlations

OSMCX	- 0.68	OARDX
OSMAX	- 0.67	OARDX
OSICX	- 0.56	OARDX
HYINX	- 0.47	OSMCX
HYINX	- 0.47	OSMAX
OSMCX	- 0.47	AMHYX

Risk-Adjusted Indicators

There is a big difference between Aim Mutual Fund performing well and Aim Taxexempt 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 Aim Taxexempt'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
VMICX	0.16	0.02	(0.31)	(0.11)	0.21	(0.21)	0.33	(0.41)	1.59
VMINX	0.16	0.03	(0.26)	(0.15)	0.21	(0.20)	0.42	(0.33)	1.58
VMIIX	0.17	0.03	(0.26)	(0.14)	0.23	(0.21)	0.33	(0.41)	1.58
OARDX	0.47	(0.01)	(0.07)	0.11	0.51	(0.51)	1.00	(0.93)	3.01
AMHYX	0.13	0.03	(0.35)	(2.38)	0.00	(0.32)	0.28	(0.28)	0.85
OSICX	0.19	(0.02)	0.00	(0.18)	0.00	0.00	0.33	(0.64)	1.58
OSMAX	0.62	(0.17)	0.00	(0.20)	0.00	0.00	1.14	(1.21)	3.83
OSMCX	0.62	(0.18)	0.00	(0.21)	0.00	0.00	1.13	(1.21)	3.86
HYIFX	0.13	0.02	(0.35)	0.37	0.00	(0.32)	0.28	(0.28)	0.85
HYINX	0.13	0.02	(0.36)	4.02	0.00	(0.32)	0.28	(0.28)	0.85

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