Ultra Short-term Correlations

URUSX Fund

USD 10.07 0.01 0.1%

The current 90-days correlation between Ultra Short Term and Capital Growth Fund is -0.09 (i.e., Good diversification). The correlation of Ultra Short-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.

Ultra Short-term Correlation With Market

Good diversification

The correlation between Ultra Short Term Bond and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Short Term 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 Ultra Short Term 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 state.

Moving together with Ultra Mutual Fund

0.81	UIHIX	High Income Fund	Pair Corr
0.7	UIGIX	Growth Income	Pair Corr
0.73	UIGRX	Growth Fund Growth	Pair Corr
0.66	UIISX	Income Stock	Pair Corr
0.67	UISBX	Short Term Bond	Pair Corr
0.67	UIVAX	Value Fund Value	Pair Corr
0.81	URHIX	High Income Fund	Pair Corr
0.68	URNQX	Nasdaq 100 Index	Pair Corr
0.7	URSBX	Short Term Bond	Pair Corr
0.73	USPRX	Sp 500 Index	Pair Corr
1.0	UUSIX	Ultra Short Term	Pair Corr
0.71	UIAGX	Aggressive Growth	Pair Corr
0.93	PTSPX	Pimco Short Term	Pair Corr
0.93	PTSHX	Short Term Fund	Pair Corr
0.93	PSFAX	Short Term Fund	Pair Corr
0.94	PTSRX	Short Term Fund	Pair Corr
0.99	PSDNX	Putnam Ultra Short	Pair Corr
0.98	LUSNX	Lord Abbett Ultra	Pair Corr
0.91	VUBFX	Vanguard Ultra-short-term	Pair Corr
0.99	PSDRX	Putnam Short Duration	Pair Corr
0.99	PSDYX	Putnam Short Duration	Pair Corr
0.73	VSTSX	Vanguard Total Stock	Pair Corr
0.73	VSMPX	Vanguard Total Stock	Pair Corr
0.73	VITSX	Vanguard Total Stock	Pair Corr
0.73	VFFSX	Vanguard 500 Index	Pair Corr

Moving against Ultra Mutual Fund

0.53	UIGSX	Government Securities	Pair Corr
0.53	URGSX	Government Securities	Pair Corr
0.49	UIITX	Intermediate Term Bond	Pair Corr
0.48	URIBX	Intermediate Term Bond	Pair Corr
0.48	URIFX	Income Fund Income	Pair Corr
0.47	UIINX	Income Fund Income	Pair Corr
0.46	UIIFX	International Fund	Pair Corr

Related Correlations Analysis

	UICGX	UIEMX	UIHIX	UIIFX	UIGIX	UIGSX	UIGRX	UIINX	UIISX	UIITX
UICGX		0.56	0.7	0.18	0.87	-0.45	0.78	-0.4	0.87	-0.47	UICGX
UIEMX	0.56		0.42	0.76	0.17	0.14	0.06	0.18	0.21	0.12	UIEMX
UIHIX	0.7	0.42		-0.04	0.73	-0.32	0.71	-0.22	0.68	-0.3	UIHIX
UIIFX	0.18	0.76	-0.04		-0.32	0.65	-0.44	0.66	-0.24	0.62	UIIFX
UIGIX	0.87	0.17	0.73	-0.32		-0.73	0.97	-0.68	0.97	-0.74	UIGIX
UIGSX	-0.45	0.14	-0.32	0.65	-0.73		-0.77	0.99	-0.66	1.0	UIGSX
UIGRX	0.78	0.06	0.71	-0.44	0.97	-0.77		-0.72	0.89	-0.77	UIGRX
UIINX	-0.4	0.18	-0.22	0.66	-0.68	0.99	-0.72		-0.63	0.99	UIINX
UIISX	0.87	0.21	0.68	-0.24	0.97	-0.66	0.89	-0.63		-0.68	UIISX
UIITX	-0.47	0.12	-0.3	0.62	-0.74	1.0	-0.77	0.99	-0.68		UIITX
	UICGX	UIEMX	UIHIX	UIIFX	UIGIX	UIGSX	UIGRX	UIINX	UIISX	UIITX

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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

UIITX	+ 1.0	UIGSX
UIINX	+ 0.99	UIGSX
UIITX	+ 0.99	UIINX
UIGRX	+ 0.97	UIGIX
UIISX	+ 0.97	UIGIX
UIISX	+ 0.89	UIGRX

High negative correlations

UIITX	- 0.77	UIGRX
UIGRX	- 0.77	UIGSX
UIITX	- 0.74	UIGIX
UIGSX	- 0.73	UIGIX
UIINX	- 0.72	UIGRX
UIITX	- 0.68	UIISX

Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra Short-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 Ultra Short-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
UICGX	0.57	(0.05)	(0.11)	0.05	0.67	(0.66)	1.32	(1.03)	3.82
UIEMX	0.73	(0.10)	0.00	(0.09)	0.00	0.00	1.31	(1.82)	4.60
UIHIX	0.10	0.01	(0.42)	0.35	0.00	(0.18)	0.29	(0.14)	1.02
UIIFX	0.66	(0.12)	0.00	(0.11)	0.00	0.00	1.17	(1.65)	4.39
UIGIX	0.53	(0.01)	(0.04)	0.11	0.53	(0.61)	1.23	(1.12)	3.66
UIGSX	0.17	(0.02)	0.00	0.49	0.00	0.00	0.34	(0.45)	1.12
UIGRX	0.73	0.03	0.01	0.15	0.99	(0.71)	1.72	(2.02)	5.06
UIINX	0.19	(0.02)	0.00	0.58	0.00	0.00	0.43	(0.52)	1.13
UIISX	0.55	(0.01)	(0.06)	0.10	0.45	(0.70)	1.11	(0.97)	3.63
UIITX	0.19	(0.02)	0.00	0.44	0.00	0.00	0.43	(0.43)	1.20

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