Tax Exempt Correlations

USATX Fund

USD 12.64 0.03 0.24%

The current 90-days correlation between Tax Exempt Intermediate and Victory Diversified Stock is -0.18 (i.e., Good diversification). The correlation of Tax Exempt 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 Correlation With Market

Very good diversification

The correlation between Tax Exempt Intermediate Term and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Intermediate Term 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 Tax Exempt Intermediate Term. 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 estimate.

Moving together with Tax Mutual Fund

0.62	UINCX	Income Fund Income	Pair Corr
0.63	UITBX	Intermediate Term Bond	Pair Corr
1.0	UITIX	Usaa Tax Exempt	Pair Corr
0.96	GUTEX	Victory Tax Exempt	Pair Corr
0.99	ULTIX	Usaa Tax Exempt	Pair Corr
0.67	IPFIX	Victory Incore	Pair Corr
0.67	RSDYX	Victory Incore Low	Pair Corr

Related Correlations Analysis

	VDSCX	REMGX	URFFX	UINCX	UINQX	URITX	SRVEX	URINX	UITBX
VDSCX		0.18	0.9	-0.72	0.99	-0.31	1.0	0.39	-0.75	VDSCX
REMGX	0.18		0.53	0.2	0.2	0.78	0.18	0.72	0.18	REMGX
URFFX	0.9	0.53		-0.42	0.89	0.11	0.9	0.73	-0.45	URFFX
UINCX	-0.72	0.2	-0.42		-0.7	0.66	-0.72	0.32	0.99	UINCX
UINQX	0.99	0.2	0.89	-0.7		-0.31	0.99	0.39	-0.73	UINQX
URITX	-0.31	0.78	0.11	0.66	-0.31		-0.32	0.61	0.65	URITX
SRVEX	1.0	0.18	0.9	-0.72	0.99	-0.32		0.38	-0.75	SRVEX
URINX	0.39	0.72	0.73	0.32	0.39	0.61	0.38		0.28	URINX
UITBX	-0.75	0.18	-0.45	0.99	-0.73	0.65	-0.75	0.28		UITBX
	VDSCX	REMGX	URFFX	UINCX	UINQX	URITX	SRVEX	URINX	UITBX

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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

SRVEX	+ 1.0	VDSCX
UINQX	+ 0.99	VDSCX
UITBX	+ 0.99	UINCX
SRVEX	+ 0.99	UINQX
URFFX	+ 0.9	VDSCX
SRVEX	+ 0.9	URFFX

High negative correlations

UITBX	- 0.75	SRVEX
UITBX	- 0.75	VDSCX
UITBX	- 0.73	UINQX
SRVEX	- 0.72	UINCX
UINCX	- 0.72	VDSCX
UINQX	- 0.7	UINCX

Risk-Adjusted Indicators

There is a big difference between Tax Mutual Fund performing well and Tax Exempt 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'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
VDSCX	0.65	(0.02)	(0.02)	0.10	0.92	(0.68)	1.55	(1.97)	5.08
REMGX	0.74	(0.10)	0.00	(0.09)	0.00	0.00	1.59	(1.83)	4.90
URFFX	0.50	(0.03)	(0.11)	0.07	0.57	(0.58)	1.12	(0.90)	3.11
UINCX	0.19	(0.02)	0.00	0.78	0.00	0.00	0.43	(0.51)	1.22
UINQX	0.74	(0.01)	(0.02)	0.10	0.97	(0.74)	1.57	(1.90)	5.14
URITX	0.66	(0.12)	0.00	(0.11)	0.00	0.00	1.15	(1.65)	4.39
SRVEX	0.65	(0.02)	(0.01)	0.10	0.93	(0.68)	1.54	(1.96)	5.12
URINX	0.22	(0.02)	(0.39)	0.03	0.21	(0.26)	0.46	(0.46)	1.28
UITBX	0.20	(0.02)	0.00	0.39	0.00	0.00	0.43	(0.55)	1.21

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