Ab Municipal Correlations

Mutual Funds . USA . 
Fund . Ab Municipal Income
MISHX Fund  USD 11.34  0.05  0.44%   
The current 90-days correlation between Ab Municipal Income and Touchstone International Equity is -0.07 (i.e., Good diversification). The correlation of Ab 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.

Ab Municipal Correlation With Market

Very good diversification

The correlation between Ab Municipal Income and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ab Municipal 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 Ab 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 rate.

Moving together with MISHX Mutual Fund

  0.93AMNCX Ab Minnesota PortfolioPairCorr
  0.91AMNAX Ab Minnesota PortfolioPairCorr
  0.8ANAZX Ab Global BondPairCorr
  0.8ANAYX Ab Global BondPairCorr
  0.8ANAGX Ab Global BondPairCorr
  0.78ANAIX Ab Global BondPairCorr
  0.75ANACX Ab Global BondPairCorr
  0.8ANBIX Ab Bond InflationPairCorr
  0.95ANIAX New York MunicipalPairCorr
  0.96ANJAX Ab New JerseyPairCorr
  0.89ANJCX Ab New JerseyPairCorr
  0.95ANIYX New York MunicipalPairCorr
  0.94ANMCX New York MunicipalPairCorr
  0.93ANYCX Ab New YorkPairCorr
  0.76STHAX Ab Sustainable ThematicPairCorr
  0.78STHYX Ab Sustainable ThematicPairCorr
  0.98AOHAX Ab Ohio PortfolioPairCorr
  0.96AOHCX Ab Ohio PortfolioPairCorr
  0.97APAAX Ab Pennsylvania PortfolioPairCorr
  0.98APACX Ab Pennsylvania PortfolioPairCorr

Moving against MISHX Mutual Fund

  0.34SCAVX Ab Small CapPairCorr
  0.34SCCVX Ab Small CapPairCorr
  0.34SCYVX Ab Small CapPairCorr

Related Correlations Analysis

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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   
LEQCX
+ 0.92
GSCYX
HQIAX
+ 0.88
LEQCX
HQIAX
+ 0.78
GSCYX
DSDYX
+ 0.18
TOIIX
HQIAX
+ 0.16
TOIIX
  
High negative correlations   
LEQCX
- 0.59
DSDYX
GSCYX
- 0.58
DSDYX
HQIAX
- 0.5
DSDYX
LEQCX
- 0.18
TOIIX
GSCYX
- 0.18
TOIIX

Risk-Adjusted Indicators

There is a big difference between MISHX Mutual Fund performing well and Ab 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 Ab 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.

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