Kentucky Tax-free Correlations

KYTFX Fund

USD 7.23 0.01 0.14%

The current 90-days correlation between Kentucky Tax Free and Great West Real Estate is 0.15 (i.e., Average diversification). The correlation of Kentucky 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.

Kentucky Tax-free Correlation With Market

Very good diversification

The correlation between Kentucky Tax Free Income and DJI is -0.25 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kentucky Tax Free Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kentucky Tax Free 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 census.

Moving together with Kentucky Mutual Fund

0.99	NTFIX	North Carolina Tax	Pair Corr
0.92	KYSMX	Kentucky Tax Free	Pair Corr
0.91	NTSMX	North Carolina Tax	Pair Corr
0.98	TNTIX	Tennessee Tax Free	Pair Corr
0.98	DUALX	Alabama Tax Free	Pair Corr
0.99	DUMSX	Mississippi Tax Free	Pair Corr
0.68	DUTMX	Taxable Municipal Bond	Pair Corr
0.84	TTSMX	Tennessee Tax Free	Pair Corr
0.97	UVABX	Virginia Bond	Pair Corr
0.96	HULYX	Hawaiian Tax Free	Pair Corr
0.96	HULFX	Hawaiian Tax Free	Pair Corr
0.97	ORTYX	Aquila Tax Free	Pair Corr
0.96	UVAIX	Usaa Virginia Bond	Pair Corr
0.96	USVAX	Virginia Bond	Pair Corr
0.96	HULAX	Hawaiian Tax Free	Pair Corr
0.61	GABFX	Gmo Asset Allocation	Pair Corr

Moving against Kentucky Mutual Fund

0.41	ORFFX	Aquila Tax Free	Pair Corr
0.36	CLM	Cornerstone Strategic	Pair Corr
0.36	FNCMX	Fidelity Nasdaq Posite	Pair Corr
0.34	RIFYX	Victory Rs Science	Pair Corr
0.32	GMCQX	Gmo Equity Allocation	Pair Corr
0.32	JDCAX	Janus Forty Fund	Pair Corr
0.32	JHEQX	Jpmorgan Hedged Equity	Pair Corr

Related Correlations Analysis

	MXREX	NREEX	CREYX	FREEX	PRKAX	MSURX
MXREX		0.92	0.95	0.94	0.75	0.55	MXREX
NREEX	0.92		0.88	0.99	0.84	0.42	NREEX
CREYX	0.95	0.88		0.88	0.84	0.69	CREYX
FREEX	0.94	0.99	0.88		0.79	0.42	FREEX
PRKAX	0.75	0.84	0.84	0.79		0.57	PRKAX
MSURX	0.55	0.42	0.69	0.42	0.57		MSURX
	MXREX	NREEX	CREYX	FREEX	PRKAX	MSURX

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Risk-Adjusted Indicators

There is a big difference between Kentucky Mutual Fund performing well and Kentucky 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 Kentucky 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
MXREX	0.66	0.02	(0.09)	0.21	0.73	(0.74)	1.34	(1.06)	3.82
NREEX	0.71	0.05	(0.07)	0.73	0.87	(0.73)	1.41	(1.48)	4.37
CREYX	0.68	0.05	(0.05)	0.32	0.75	(0.76)	1.43	(1.31)	3.74
FREEX	0.68	0.05	(0.07)	0.78	0.80	(0.71)	1.25	(1.24)	4.09
PRKAX	0.55	0.05	(0.07)	0.35	0.54	(0.67)	1.02	(1.24)	3.53
MSURX	0.46	0.10	(0.05)	(1.03)	0.35	(0.75)	1.16	(0.83)	3.64

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