Tax-exempt High Correlations

RTHAX Fund

USD 10.01 0.02 0.20%

The current 90-days correlation between Tax Exempt High and Tax Exempt Fund Of is 0.24 (i.e., Modest diversification). The correlation of Tax-exempt High 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 High Correlation With Market

Average diversification

The correlation between Tax Exempt High Yield and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt High Yield 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 High Yield. 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 Tax-exempt Mutual Fund

0.63	RREAX	Global Real Estate	Pair Corr
0.63	RREYX	Global Real Estate	Pair Corr
0.63	RRESX	Global Real Estate	Pair Corr
0.63	RRSCX	Global Real Estate	Pair Corr
0.67	RRSRX	Global Real Estate	Pair Corr
0.72	RSBTX	Short Duration Bond	Pair Corr
0.72	RSBYX	Short Duration Bond	Pair Corr
0.7	RSBCX	Short Duration Bond	Pair Corr
0.79	RSDTX	Short Duration Bond	Pair Corr
0.99	RBCUX	Tax Exempt Bond	Pair Corr
0.99	RTEAX	Tax Exempt Bond	Pair Corr
0.97	RTECX	Tax Exempt Bond	Pair Corr

Related Correlations Analysis

	TEFEX	EXCAX	PITEX	TAFTX	PTBCX	RBCUX	PTEAX	RTBEX	RTECX
TEFEX		1.0	0.91	0.92	0.95	0.9	0.9	0.0	0.89	TEFEX
EXCAX	1.0		0.9	0.92	0.95	0.89	0.89	0.0	0.88	EXCAX
PITEX	0.91	0.9		0.98	0.91	0.97	1.0	0.0	0.98	PITEX
TAFTX	0.92	0.92	0.98		0.88	0.98	0.98	0.0	0.96	TAFTX
PTBCX	0.95	0.95	0.91	0.88		0.87	0.9	0.0	0.91	PTBCX
RBCUX	0.9	0.89	0.97	0.98	0.87		0.97	0.0	0.99	RBCUX
PTEAX	0.9	0.89	1.0	0.98	0.9	0.97		0.0	0.98	PTEAX
RTBEX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	RTBEX
RTECX	0.89	0.88	0.98	0.96	0.91	0.99	0.98	0.0		RTECX
	TEFEX	EXCAX	PITEX	TAFTX	PTBCX	RBCUX	PTEAX	RTBEX	RTECX

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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

EXCAX	+ 1.0	TEFEX
PTEAX	+ 1.0	PITEX
RTECX	+ 0.99	RBCUX
TAFTX	+ 0.98	PITEX
RTECX	+ 0.98	PITEX
RBCUX	+ 0.98	TAFTX

High negative correlations

RTECX	- 0.0	RTBEX
RTBEX	- 0.0	PTEAX
RTBEX	- 0.0	RBCUX
RTBEX	- 0.0	PTBCX
RTBEX	- 0.0	TAFTX
RTBEX	- 0.0	PITEX

Risk-Adjusted Indicators

There is a big difference between Tax-exempt Mutual Fund performing well and Tax-exempt High 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 High'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
TEFEX	0.13	0.01	(0.31)	0.03	0.22	(0.17)	0.30	(0.30)	1.37
EXCAX	0.13	0.01	(0.31)	0.02	0.22	(0.17)	0.30	(0.30)	1.37
PITEX	0.14	(0.01)	(0.30)	(0.59)	0.20	(0.23)	0.30	(0.30)	1.34
TAFTX	0.13	(0.01)	(0.30)	(0.04)	0.22	(0.17)	0.30	(0.30)	1.37
PTBCX	0.12	0.00	0.00	0.14	0.00	0.00	0.30	(0.29)	1.19
RBCUX	0.10	(0.01)	(0.34)	(0.13)	0.17	(0.11)	0.23	(0.23)	1.00
PTEAX	0.13	(0.01)	(0.29)	(0.34)	0.20	(0.23)	0.30	(0.30)	1.49
RTBEX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RTECX	0.09	(0.01)	(0.37)	(0.28)	0.18	(0.11)	0.18	(0.23)	1.01

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