Thrivent Municipal Correlations

TMBIX Fund

USD 10.36 0.04 0.39%

The current 90-days correlation between Thrivent Municipal Bond and Thrivent Partner Worldwide is 0.03 (i.e., Significant diversification). The correlation of Thrivent Municipal 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.

Thrivent Municipal Correlation With Market

Very good diversification

The correlation between Thrivent Municipal Bond and DJI is -0.35 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thrivent Municipal Bond 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 Thrivent Municipal 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 gross domestic product.

Moving together with Thrivent Mutual Fund

0.73	THLIX	Thrivent Limited Maturity	Pair Corr
0.98	THMBX	Thrivent High Income	Pair Corr
0.61	THYFX	Thrivent Diversified	Pair Corr
0.84	AAINX	Thrivent Opportunity	Pair Corr
0.65	AAHYX	Thrivent Diversified	Pair Corr
1.0	AAMBX	Thrivent Municipal Bond	Pair Corr
0.74	LBIIX	Thrivent Income	Pair Corr
0.77	LBLAX	Thrivent Limited Maturity	Pair Corr
0.73	LUBIX	Thrivent Income	Pair Corr
0.63	TBFAX	Thrivent Government Bond	Pair Corr
0.65	TBFIX	Thrivent Government Bond	Pair Corr
0.84	IIINX	Thrivent Opportunity	Pair Corr

Related Correlations Analysis

	TWAAX	TWAIX	THLCX	THLIX	THMAX	THMBX	THYFX	AAAGX	AABFX	AAINX
TWAAX		1.0	-0.39	0.26	-0.35	0.33	0.36	-0.39	0.18	0.6	TWAAX
TWAIX	1.0		-0.38	0.26	-0.34	0.33	0.37	-0.38	0.19	0.59	TWAIX
THLCX	-0.39	-0.38		0.09	0.92	-0.05	0.42	1.0	0.64	-0.31	THLCX
THLIX	0.26	0.26	0.09		0.17	0.77	0.7	0.09	0.53	0.77	THLIX
THMAX	-0.35	-0.34	0.92	0.17		0.11	0.51	0.92	0.81	-0.19	THMAX
THMBX	0.33	0.33	-0.05	0.77	0.11		0.67	-0.05	0.49	0.78	THMBX
THYFX	0.36	0.37	0.42	0.7	0.51	0.67		0.43	0.83	0.68	THYFX
AAAGX	-0.39	-0.38	1.0	0.09	0.92	-0.05	0.43		0.64	-0.31	AAAGX
AABFX	0.18	0.19	0.64	0.53	0.81	0.49	0.83	0.64		0.34	AABFX
AAINX	0.6	0.59	-0.31	0.77	-0.19	0.78	0.68	-0.31	0.34		AAINX
	TWAAX	TWAIX	THLCX	THLIX	THMAX	THMBX	THYFX	AAAGX	AABFX	AAINX

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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

TWAIX	+ 1.0	TWAAX
AAAGX	+ 1.0	THLCX
THMAX	+ 0.92	THLCX
AAAGX	+ 0.92	THMAX
AABFX	+ 0.83	THYFX
AABFX	+ 0.81	THMAX

High negative correlations

AAAGX	- 0.39	TWAAX
THLCX	- 0.39	TWAAX
AAAGX	- 0.38	TWAIX
THLCX	- 0.38	TWAIX
THMAX	- 0.35	TWAAX
THMAX	- 0.34	TWAIX

Risk-Adjusted Indicators

There is a big difference between Thrivent Mutual Fund performing well and Thrivent Municipal 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 Thrivent Municipal'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
TWAAX	0.60	(0.13)	0.00	(0.17)	0.00	0.00	0.92	(1.56)	3.84
TWAIX	0.60	(0.13)	0.00	(0.16)	0.00	0.00	0.91	(1.55)	3.81
THLCX	0.69	(0.02)	(0.03)	0.10	0.98	(0.68)	1.28	(1.95)	5.04
THLIX	0.08	0.00	(0.92)	(0.01)	0.00	(0.12)	0.16	(0.16)	0.65
THMAX	0.36	0.05	(0.13)	3.67	0.34	(0.43)	0.73	(0.78)	2.29
THMBX	0.16	0.02	(0.23)	(0.08)	0.24	(0.23)	0.42	(0.31)	1.65
THYFX	0.17	(0.01)	(0.38)	0.07	0.14	(0.23)	0.42	(0.42)	1.14
AAAGX	0.68	(0.02)	(0.03)	0.10	0.98	(0.69)	1.28	(1.96)	5.01
AABFX	0.25	0.01	(0.32)	0.68	0.24	(0.27)	0.57	(0.56)	1.41
AAINX	0.13	0.00	(0.53)	(0.07)	0.13	(0.18)	0.33	(0.22)	0.99

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