Johnson Municipal Correlations

JMUNX Fund

USD 16.45 0.02 0.12%

The current 90-days correlation between Johnson Municipal Income and Johnson Institutional Short is 0.25 (i.e., Modest diversification). The correlation of Johnson Municipal 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.

Johnson Municipal Correlation With Market

Poor diversification

The correlation between Johnson Municipal Income and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Johnson Municipal Income 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 Johnson Municipal Income. 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 inflation.

Moving together with Johnson Mutual Fund

0.77	JCPLX	Johnson Core Plus	Pair Corr
0.84	JEQIX	Johnson Equity Income	Pair Corr
0.84	JEQSX	Johnson Equity Income	Pair Corr
0.72	JIBSX	Johnson Mutual Funds	Pair Corr
0.81	JIBDX	Johnson Institutional	Pair Corr
0.76	JIBFX	Johnson Institutional	Pair Corr
0.74	JIBEX	Johnson Institutional	Pair Corr
0.74	JIMEX	Johnson Institutional	Pair Corr
0.83	JIMDX	Johnson Institutional	Pair Corr
0.74	JIMFX	Johnson Institutional	Pair Corr
0.82	JOPPX	Johnson Opportunity	Pair Corr
0.82	JOSSX	Johnson Opportunity	Pair Corr
0.94	FROZX	Franklin Ohio Tax	Pair Corr
0.94	FKTOX	Franklin Ohio Tax	Pair Corr
0.95	VOHIX	Vanguard Ohio Long	Pair Corr
0.95	FOHQX	Franklin Ohio Tax	Pair Corr
0.95	FOITX	Franklin Ohio Tax	Pair Corr
0.95	FTOIX	Franklin Ohio Tax	Pair Corr
0.96	NXOHX	Nuveen Ohio Municipal	Pair Corr
0.97	FOHFX	Fidelity Ohio Municipal	Pair Corr
0.95	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.95	FOHTX	Nuveen Ohio Municipal	Pair Corr
0.7	SMPIX	Semiconductor Ultrasector	Pair Corr
0.7	SMPSX	Semiconductor Ultrasector	Pair Corr
0.89	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.89	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.89	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.89	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.78	RSNYX	Victory Global Natural	Pair Corr
0.89	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.77	RSNRX	Victory Global Natural	Pair Corr
0.89	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.79	DGIIX	Dgi Balanced I	Pair Corr
0.86	VGPMX	Vanguard Global Capital	Pair Corr
0.68	HIIIX	Catalystsmh High Income	Pair Corr
0.69	PQIRX	Pioneer Equity Income	Pair Corr

Related Correlations Analysis

	JCPLX	JENHX	JEQIX	JEQSX	JIBSX	JIBDX	JIBFX	JIBEX	JIMEX	JIMDX
JCPLX		0.55	0.73	0.73	0.97	0.84	0.98	0.96	0.96	0.85	JCPLX
JENHX	0.55		0.75	0.75	0.47	0.67	0.47	0.53	0.5	0.65	JENHX
JEQIX	0.73	0.75		1.0	0.62	0.92	0.67	0.73	0.7	0.92	JEQIX
JEQSX	0.73	0.75	1.0		0.62	0.92	0.67	0.72	0.7	0.92	JEQSX
JIBSX	0.97	0.47	0.62	0.62		0.76	0.99	0.95	0.96	0.77	JIBSX
JIBDX	0.84	0.67	0.92	0.92	0.76		0.79	0.89	0.87	1.0	JIBDX
JIBFX	0.98	0.47	0.67	0.67	0.99	0.79		0.95	0.96	0.8	JIBFX
JIBEX	0.96	0.53	0.73	0.72	0.95	0.89	0.95		1.0	0.89	JIBEX
JIMEX	0.96	0.5	0.7	0.7	0.96	0.87	0.96	1.0		0.87	JIMEX
JIMDX	0.85	0.65	0.92	0.92	0.77	1.0	0.8	0.89	0.87		JIMDX
	JCPLX	JENHX	JEQIX	JEQSX	JIBSX	JIBDX	JIBFX	JIBEX	JIMEX	JIMDX

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Risk-Adjusted Indicators

There is a big difference between Johnson Mutual Fund performing well and Johnson Municipal 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 Johnson Municipal'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
JCPLX	0.16	0.02	(0.20)	0.39	0.00	(0.20)	0.31	(0.23)	0.77
JENHX	0.54	(0.05)	(0.07)	0.00	0.76	(0.57)	1.04	(1.45)	3.66
JEQIX	0.49	0.08	0.09	0.20	0.40	(0.53)	1.29	(0.84)	4.56
JEQSX	0.49	0.08	0.09	0.19	0.40	(0.54)	1.28	(0.84)	4.56
JIBSX	0.16	0.02	(0.20)	0.40	0.00	(0.19)	0.34	(0.27)	0.75
JIBDX	0.05	0.01	(0.69)	8.69	0.00	(0.08)	0.13	(0.07)	0.26
JIBFX	0.16	0.02	(0.19)	0.53	0.00	(0.20)	0.34	(0.27)	0.75
JIBEX	0.10	0.01	(0.35)	1.22	0.00	(0.14)	0.20	(0.13)	0.47
JIMEX	0.10	0.01	(0.36)	0.99	0.00	(0.14)	0.26	(0.20)	0.46
JIMDX	0.05	0.01	(0.71)	7.27	0.00	(0.09)	0.13	(0.07)	0.26

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Johnson Municipal Correlations

Johnson Municipal Correlation With Market

Poor diversification

Moving together with Johnson Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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