Tax Exempt Correlations

UTEIX Fund

USD 12.74 0.01 0.08%

The current 90-days correlation between Tax Exempt Intermediate and Victory Integrity Smallmid Cap is 0.04 (i.e., Significant 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

Poor diversification

The correlation between Tax Exempt Intermediate Term and DJI is 0.75 (i.e., Poor 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 gross domestic product.

Moving together with Tax Mutual Fund

0.74	UINCX	Income Fund Income	Pair Corr
0.79	UITBX	Intermediate Term Bond	Pair Corr
0.74	UITCX	Usaa Intermediate Term	Pair Corr
0.97	UITIX	Usaa Tax Exempt	Pair Corr
0.65	SBFMX	Victory Portfolios	Pair Corr
0.86	RPPRX	Victory Rs Partners	Pair Corr
0.85	MMIJX	Victory Integrity Mid	Pair Corr
0.77	MMMMX	Victory Integrity	Pair Corr
0.82	MMMSX	Victory Integrity	Pair Corr
0.95	ULTIX	Usaa Tax Exempt	Pair Corr
0.62	RSGFX	Victory Rs Select	Pair Corr
0.85	RSPMX	Victory Rs Partners	Pair Corr
0.9	UNYIX	New York Bond	Pair Corr
0.79	UPMMX	Precious Metals And	Pair Corr
0.84	MAICX	Victory Trivalent	Pair Corr
0.79	URITX	International Fund	Pair Corr
0.79	URSIX	Target Retirement 2060	Pair Corr
0.89	USBAX	Usaa Ultra Short	Pair Corr
0.9	UASBX	Short Term Bond	Pair Corr
0.85	MCISX	Victory Trivalent	Pair Corr
0.61	VFFCX	Victory Incore	Pair Corr
0.75	VFFMX	Victory Incore	Pair Corr
0.97	USTIX	Usaa Tax Exempt	Pair Corr
0.7	USWGX	World Growth	Pair Corr
0.95	UTELX	Tax Exempt Long	Pair Corr
0.96	UTESX	Tax Exempt Short	Pair Corr
0.78	RHYCX	Victory High Yield	Pair Corr
0.96	UVAIX	Usaa Virginia Bond	Pair Corr
0.96	UVABX	Virginia Bond	Pair Corr
0.78	RIVCX	Victory Rs Investors	Pair Corr
0.91	UXABX	California Bond	Pair Corr
0.87	RLDCX	Victory Incore Low	Pair Corr

Related Correlations Analysis

	UINCX	UINQX	UITBX	UITCX	UITIX	SBFMX	RPPRX	MMIJX	MMMMX	MMMSX
UINCX		0.1	0.95	0.96	0.8	0.68	0.75	0.75	0.67	0.72	UINCX
UINQX	0.1		0.07	0.04	-0.03	0.4	0.14	0.19	0.2	0.24	UINQX
UITBX	0.95	0.07		0.98	0.84	0.69	0.75	0.74	0.66	0.72	UITBX
UITCX	0.96	0.04	0.98		0.8	0.66	0.72	0.7	0.62	0.68	UITCX
UITIX	0.8	-0.03	0.84	0.8		0.66	0.88	0.88	0.8	0.84	UITIX
SBFMX	0.68	0.4	0.69	0.66	0.66		0.84	0.84	0.86	0.88	SBFMX
RPPRX	0.75	0.14	0.75	0.72	0.88	0.84		0.98	0.98	0.99	RPPRX
MMIJX	0.75	0.19	0.74	0.7	0.88	0.84	0.98		0.97	0.98	MMIJX
MMMMX	0.67	0.2	0.66	0.62	0.8	0.86	0.98	0.97		0.99	MMMMX
MMMSX	0.72	0.24	0.72	0.68	0.84	0.88	0.99	0.98	0.99		MMMSX
	UINCX	UINQX	UITBX	UITCX	UITIX	SBFMX	RPPRX	MMIJX	MMMMX	MMMSX

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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

MMMSX	+ 0.99	RPPRX
MMMSX	+ 0.99	MMMMX
UITCX	+ 0.98	UITBX
MMIJX	+ 0.98	RPPRX
MMMMX	+ 0.98	RPPRX
MMMSX	+ 0.98	MMIJX

High negative correlations

UITIX

- 0.03

UINQX

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
UINCX	0.14	0.00	(0.14)	0.09	0.10	(0.19)	0.34	(0.34)	0.85
UINQX	0.79	(0.07)	0.00	(0.05)	0.00	0.00	1.35	(2.03)	4.74
UITBX	0.14	0.01	(0.12)	0.18	0.03	(0.19)	0.22	(0.22)	0.65
UITCX	0.15	0.01	(0.13)	0.12	0.08	(0.18)	0.32	(0.22)	0.65
UITIX	0.06	0.02	(0.18)	8.21	0.00	(0.13)	0.24	(0.08)	0.56
SBFMX	0.30	0.01	(0.05)	0.06	0.29	(0.35)	0.54	(0.63)	1.61
RPPRX	0.78	0.25	0.34	0.32	0.25	(0.93)	2.18	(1.21)	5.37
MMIJX	0.70	0.21	0.24	3.85	0.42	(0.86)	1.98	(1.24)	3.95
MMMMX	1.06	0.37	0.36	0.39	0.46	(1.31)	2.81	(1.78)	12.84
MMMSX	0.75	0.19	0.25	0.23	0.51	(0.95)	2.21	(1.14)	4.55

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