Intermediate Term Correlations

TWTCX Fund

USD 10.77 0.01 0.09%

The current 90-days correlation between Intermediate Term Tax and Pace High Yield is 0.33 (i.e., Weak diversification). The correlation of Intermediate Term 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.

Intermediate Term Correlation With Market

Very good diversification

The correlation between Intermediate Term Tax Free Bon and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Intermediate Term Tax Free Bon 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 Intermediate Term 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 main economic indicators.

Moving together with Intermediate Mutual Fund

0.82	CDBCX	Diversified Bond	Pair Corr
0.82	TWACX	Short Term Government	Pair Corr
0.8	TWARX	Short Term Government	Pair Corr
0.82	TWAVX	Short Term Government	Pair Corr
0.61	TWGAX	International Growth	Pair Corr
0.61	TWIEX	International Growth	Pair Corr
0.98	TWTIX	Intermediate Term Tax	Pair Corr
0.81	TWUSX	Short Term Government	Pair Corr
0.81	TWUOX	Short Term Government	Pair Corr
0.99	TWWOX	Intermediate Term Tax	Pair Corr

Moving against Intermediate Mutual Fund

0.51	TWCCX	Ultra Fund C	Pair Corr
0.49	AMEIX	Equity Growth	Pair Corr
0.47	TWCAX	Select Fund A	Pair Corr
0.47	TWCIX	Select Fund Investor	Pair Corr
0.47	TWCGX	Growth Fund Investor	Pair Corr
0.42	TWADX	Value Fund A	Pair Corr
0.41	AMGIX	Income Growth	Pair Corr
0.51	TWCUX	Ultra Fund Investor	Pair Corr
0.48	TWSIX	Select Fund I	Pair Corr
0.47	TWGIX	Growth Fund I	Pair Corr
0.46	TWRCX	Growth Fund C	Pair Corr
0.45	TWHIX	Heritage Fund Investor	Pair Corr
0.51	TWUAX	Ultra Fund A	Pair Corr
0.51	TWUIX	Ultra Fund I	Pair Corr
0.42	TWVLX	Value Fund Investor	Pair Corr
0.41	ANOHX	American Century Small	Pair Corr
0.4	ANORX	Small Cap Growth	Pair Corr
0.4	ANONX	Small Cap Growth	Pair Corr

Related Correlations Analysis

	PHDTX	PHIAX	RSHMX	CYBAX	AGTFX	FHAIX	WAHSX
PHDTX		1.0	0.2	0.83	0.85	0.88	0.94	PHDTX
PHIAX	1.0		0.23	0.84	0.84	0.89	0.95	PHIAX
RSHMX	0.2	0.23		0.49	-0.02	0.44	0.33	RSHMX
CYBAX	0.83	0.84	0.49		0.62	0.86	0.94	CYBAX
AGTFX	0.85	0.84	-0.02	0.62		0.74	0.73	AGTFX
FHAIX	0.88	0.89	0.44	0.86	0.74		0.87	FHAIX
WAHSX	0.94	0.95	0.33	0.94	0.73	0.87		WAHSX
	PHDTX	PHIAX	RSHMX	CYBAX	AGTFX	FHAIX	WAHSX

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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

PHIAX	+ 1.0	PHDTX
WAHSX	+ 0.95	PHIAX
WAHSX	+ 0.94	PHDTX
WAHSX	+ 0.94	CYBAX
FHAIX	+ 0.89	PHIAX
FHAIX	+ 0.88	PHDTX

High negative correlations

AGTFX

- 0.02

RSHMX

Risk-Adjusted Indicators

There is a big difference between Intermediate Mutual Fund performing well and Intermediate Term 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 Intermediate Term'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
PHDTX	0.10	0.01	(0.53)	0.34	0.00	(0.16)	0.23	(0.22)	0.78
PHIAX	0.10	0.01	(0.48)	0.30	0.00	(0.15)	0.23	(0.23)	0.80
RSHMX	0.24	0.02	(0.23)	(0.06)	0.37	(0.27)	0.42	(0.52)	1.98
CYBAX	0.10	0.00	(0.87)	0.17	0.00	(0.13)	0.24	(0.16)	0.73
AGTFX	0.53	(0.03)	(0.08)	0.08	0.57	(0.62)	1.20	(0.88)	3.40
FHAIX	0.10	0.01	0.00	0.36	0.00	0.00	0.57	0.00	1.15
WAHSX	0.13	0.02	(0.51)	0.51	0.00	(0.25)	0.43	(0.14)	0.86

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