Victory Tax-exempt Correlations

RETCX Fund

USD 8.61 0.02 0.23%

The current 90-days correlation between Victory Tax Exempt and Vanguard Intermediate Term Tax Exempt is 0.87 (i.e., Very poor diversification). The correlation of Victory Tax-exempt 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.

Victory Tax-exempt Correlation With Market

Very good diversification

The correlation between Victory Tax Exempt Fund and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Victory Tax Exempt 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 Victory Tax Exempt 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 main economic indicators.

Moving together with VICTORY Mutual Fund

0.66	MUCYX	Victory Incore Total	Pair Corr
0.97	RHMYX	Victory High Income	Pair Corr
0.97	VWLTX	Vanguard Long Term	Pair Corr
0.82	VWAHX	Vanguard High Yield	Pair Corr
0.82	VWALX	Vanguard High Yield	Pair Corr
0.95	FSMUX	Strategic Advisers	Pair Corr
0.97	VWLUX	Vanguard Long Term	Pair Corr
0.93	FAFTX	Franklin Federal Tax	Pair Corr
0.81	FFTQX	Franklin Federal Tax	Pair Corr
0.82	FKTIX	Franklin Federal Tax	Pair Corr
0.97	FRFTX	Franklin Federal Tax	Pair Corr
0.82	FFQAX	Franklin Federal Tax	Pair Corr
0.67	MGGYX	Mirova Global Green	Pair Corr
0.65	MGGAX	Mirova Global Green	Pair Corr
0.63	HLDTX	Hartford Emerging	Pair Corr

Moving against VICTORY Mutual Fund

0.37	FSRBX	Banking Portfolio Banking	Pair Corr
0.36	LGPIX	Large Cap Growth	Pair Corr
0.31	WCEYX	Ivy E Equity	Pair Corr
0.31	SDGTX	Deutsche Capital Growth	Pair Corr

Related Correlations Analysis

	VWIUX	VWLUX	VWEAX	VMLUX	VWSUX
VWIUX		1.0	0.52	0.82	0.3	VWIUX
VWLUX	1.0		0.54	0.82	0.33	VWLUX
VWEAX	0.52	0.54		0.77	0.85	VWEAX
VMLUX	0.82	0.82	0.77		0.7	VMLUX
VWSUX	0.3	0.33	0.85	0.7		VWSUX
	VWIUX	VWLUX	VWEAX	VMLUX	VWSUX

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Risk-Adjusted Indicators

There is a big difference between VICTORY Mutual Fund performing well and Victory Tax-exempt 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 Victory Tax-exempt'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
VWIUX	0.12	0.01	(0.42)	0.03	0.16	(0.17)	0.29	(0.29)	1.10
VWLUX	0.16	0.02	(0.28)	(0.04)	0.24	(0.21)	0.37	(0.37)	1.65
VWEAX	0.11	0.01	(0.51)	(2.39)	0.00	(0.23)	0.37	(0.18)	0.74
VMLUX	0.07	0.00	(0.60)	(0.06)	0.00	(0.14)	0.18	(0.18)	0.74
VWSUX	0.04	0.00	(1.02)	(0.13)	0.00	(0.12)	0.13	(0.06)	0.51

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