Virginia Tax-free Correlations

PRVAX Fund

USD 11.31 0.01 0.09%

The current 90-days correlation between Virginia Tax Free and Maryland Tax Free Bond is 0.12 (i.e., Average diversification). The correlation of Virginia 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.

Virginia Tax-free Correlation With Market

Very good diversification

The correlation between Virginia Tax Free Bond and DJI is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Virginia Tax Free Bond 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 Virginia Tax Free Bond. 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 nation.

Moving together with Virginia Mutual Fund

0.68	TEIMX	T Rowe Price	Pair Corr
0.99	TFBIX	Maryland Tax Free	Pair Corr
1.0	TFBVX	Virginia Tax Free	Pair Corr
0.79	TFHAX	T Rowe Price	Pair Corr
0.99	TFILX	T Rowe Price	Pair Corr
0.69	RPLCX	T Rowe Price	Pair Corr

Moving against Virginia Mutual Fund

0.44	RPIEX	T Rowe Price	Pair Corr
0.42	RPEIX	T Rowe Price	Pair Corr
0.35	PGTIX	T Rowe Price	Pair Corr
0.34	TFIFX	T Rowe Price	Pair Corr

Related Correlations Analysis

	MDXBX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP
MDXBX		0.15	0.0	-0.33	0.14	0.96	0.43	0.01	-0.25	MDXBX
444859BR2	0.15		0.0	0.21	-0.63	-0.02	-0.58	0.24	-0.31	444859BR2
AQUI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.33	0.21	0.0		-0.51	-0.43	-0.41	-0.02	0.09	BRRAY
MSTSX	0.14	-0.63	0.0	-0.51		0.33	0.69	0.02	-0.12	MSTSX
ABHYX	0.96	-0.02	0.0	-0.43	0.33		0.56	-0.02	-0.22	ABHYX
LBHIX	0.43	-0.58	0.0	-0.41	0.69	0.56		-0.21	0.13	LBHIX
SCAXF	0.01	0.24	0.0	-0.02	0.02	-0.02	-0.21		-0.75	SCAXF
VIASP	-0.25	-0.31	0.0	0.09	-0.12	-0.22	0.13	-0.75		VIASP
	MDXBX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP

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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

ABHYX	+ 0.96	MDXBX
LBHIX	+ 0.69	MSTSX
LBHIX	+ 0.56	ABHYX
LBHIX	+ 0.43	MDXBX
ABHYX	+ 0.33	MSTSX
SCAXF	+ 0.24	444859BR2

High negative correlations

VIASP	- 0.75	SCAXF
MSTSX	- 0.63	444859BR2
LBHIX	- 0.58	444859BR2
MSTSX	- 0.51	BRRAY
ABHYX	- 0.43	BRRAY
LBHIX	- 0.41	BRRAY

Risk-Adjusted Indicators

There is a big difference between Virginia Mutual Fund performing well and Virginia 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 Virginia 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
MDXBX	0.14	0.00	(0.26)	(0.02)	0.20	(0.21)	0.30	(0.39)	1.39
444859BR2	1.31	(0.03)	0.00	0.36	0.00	0.00	5.93	(4.50)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.11)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	0.04	(0.11)	(0.30)	0.52	(0.59)	1.21	(1.02)	2.80
ABHYX	0.16	0.00	(0.20)	0.08	0.26	(0.24)	0.34	(0.33)	1.91
LBHIX	0.11	0.01	(0.32)	0.44	0.00	(0.29)	0.24	(0.24)	0.96
SCAXF	0.70	(0.40)	0.00	(1.01)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.11	0.01	(3.65)	1.04	(0.83)	2.28	(1.15)	7.18

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