Tax-exempt Bond Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond Fund
PITEX Fund  USD 6.75  0.01  0.15%   
The current 90-days correlation between Tax Exempt Bond and The Gold Bullion is 0.22 (i.e., Modest diversification). The correlation of Tax-exempt Bond 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.

Tax-exempt Bond Correlation With Market

Very good diversification

The correlation between Tax Exempt Bond 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 Tax Exempt Bond Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Tax Exempt Bond 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 Tax-exempt Mutual Fund

  0.69PFIJX Strategic Asset ManaPairCorr
  0.71PFILX Strategic Asset ManaPairCorr
  0.69PFIFX Strategic Asset ManaPairCorr
  0.73PFIGX Strategic Asset ManaPairCorr
  0.67PFISX International Small PanyPairCorr
  0.71PFIPX Strategic Asset ManaPairCorr
  0.71SAUPX Strategic Asset ManaPairCorr
  0.75PGBAX Global Diversified IncomePairCorr
  0.83PGBLX Global Diversified IncomePairCorr
  0.86PGDCX Global Diversified IncomePairCorr
  0.82PGDIX Global Diversified IncomePairCorr
  0.82STCCX Short Term IncomePairCorr
  0.71PGRUX Global Real EstatePairCorr
  0.71PGRVX Global Real EstatePairCorr
  0.73PGSLX Principal Global SusPairCorr
  0.72PGRKX Global Real EstatePairCorr
  0.68PYHIX High Yield FundPairCorr

Moving against Tax-exempt Mutual Fund

  0.38PFPPX Midcap GrowthPairCorr
  0.38PGRTX Smallcap GrowthPairCorr
  0.34PGBEX Blue Chip FundPairCorr
  0.34PGBFX Blue Chip FundPairCorr
  0.34PGBGX Blue Chip FundPairCorr
  0.34PGBHX Blue Chip FundPairCorr
  0.38PGWIX Midcap GrowthPairCorr
  0.38PHASX Midcap GrowthPairCorr

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   
GLDAX
+ 0.99
FGDIX
EKWDX
+ 0.93
OCMAX
EKWDX
+ 0.92
GLDAX
FGDIX
+ 0.9
OCMAX
EKWDX
+ 0.9
FGDIX
GLDAX
+ 0.89
OCMAX
  
High negative correlations   
MXKJX
- 0.11
OCMAX
MXKJX
- 0.0
FGDIX

Risk-Adjusted Indicators

There is a big difference between Tax-exempt Mutual Fund performing well and Tax-exempt Bond 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 Tax-exempt Bond'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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