California Tax Correlations

SCTCX Fund

USD 10.75 0.01 0.09%

The correlation of California Tax 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.

California Tax Correlation With Market

Average diversification

The correlation between California Tax Free Fund and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Tax Free Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in California Tax Free 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 California Mutual Fund

0.97	DHICX	Wells Fargo Advantage	Pair Corr
0.83	VMPYX	Wells Fargo Advantage	Pair Corr
0.85	VMPAX	Wells Fargo Advantage	Pair Corr
0.76	WABIX	Wells Fargo Advantage	Pair Corr
0.63	WSCGX	Small Pany Growth	Pair Corr
0.62	WSCOX	Wells Fargo Advantage	Pair Corr
0.68	WSBIX	Short Term Municipal	Pair Corr
0.77	WARAX	Wells Fargo Advantage	Pair Corr
0.76	WARDX	Wells Fargo Advantage	Pair Corr
0.78	WARCX	Wells Fargo Advantage	Pair Corr
0.61	STAFX	Wells Fargo Large	Pair Corr
0.61	STDFX	Wells Fargo Large	Pair Corr
0.67	WSICX	Wells Fargo Strategic	Pair Corr
0.7	WSSCX	Short Term Municipal	Pair Corr
0.68	WSTMX	Short Term Municipal	Pair Corr
0.62	STNFX	Wells Fargo Large	Pair Corr
0.93	STRIX	Wells Fargo Advantage	Pair Corr
0.85	STYAX	Wells Fargo Income	Pair Corr
0.67	SCNSX	Wells Fargo Mon	Pair Corr
1.0	SCTAX	California Tax Free	Pair Corr
0.66	SCSDX	Wells Fargo Mon	Pair Corr

Related Correlations Analysis

	MCBXX	MSVIX	FIKBX	VFAIX	GCFSX
MCBXX		0.0	0.0	0.0	0.0	MCBXX
MSVIX	0.0		0.69	0.31	0.46	MSVIX
FIKBX	0.0	0.69		0.88	0.88	FIKBX
VFAIX	0.0	0.31	0.88		0.88	VFAIX
GCFSX	0.0	0.46	0.88	0.88		GCFSX
	MCBXX	MSVIX	FIKBX	VFAIX	GCFSX

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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

VFAIX	+ 0.88	FIKBX
GCFSX	+ 0.88	FIKBX
GCFSX	+ 0.88	VFAIX
FIKBX	+ 0.69	MSVIX
GCFSX	+ 0.46	MSVIX
VFAIX	+ 0.31	MSVIX

High negative correlations

GCFSX	- 0.0	MCBXX
VFAIX	- 0.0	MCBXX
FIKBX	- 0.0	MCBXX
MSVIX	- 0.0	MCBXX

Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Tax 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 California Tax'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
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSVIX	0.86	(0.09)	0.00	(0.09)	0.00	0.00	1.64	(1.42)	15.14
FIKBX	0.83	0.08	0.02	0.29	0.97	(0.93)	1.66	(1.95)	11.21
VFAIX	0.80	0.12	0.06	0.38	0.88	(0.89)	1.46	(1.49)	10.22
GCFSX	0.60	0.10	0.01	10.43	0.69	(0.69)	1.50	(1.23)	6.27

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