High-yield Municipal Correlations

Mutual Funds . USA . 
Fund . High Yield Municipal Fund
ABHYX Fund  USD 8.92  0.03  0.34%   
The current 90-days correlation between High Yield Municipal and High Yield Fund Investor is 0.71 (i.e., Poor diversification). The correlation of High-yield 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.

High-yield Municipal Correlation With Market

Average diversification

The correlation between High Yield Municipal Fund and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Municipal Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in High Yield Municipal Fund. 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 manufacturing.

Moving together with High-yield Mutual Fund

  0.73AMDVX Mid Cap ValuePairCorr
  0.69AMGIX Income GrowthPairCorr
  0.95CDBCX Diversified BondPairCorr
  0.73TWADX Value Fund APairCorr
  0.66TWCCX Ultra Fund CPairCorr
  0.66TWCAX Select Fund APairCorr
  0.65TWCIX Select Fund InvestorPairCorr
  0.68TWCGX Growth Fund InvestorPairCorr
  0.73AMVYX Mid Cap ValuePairCorr
  0.73AMVRX Mid Cap ValuePairCorr
  0.71TWBIX Balanced Fund InvestorPairCorr
  0.76AMVGX Mid Cap ValuePairCorr
  0.74TWEAX Equity IncomePairCorr
  0.74TWEIX Equity IncomePairCorr
  0.67TWGIX Growth Fund IPairCorr
  0.77TWGGX Global GrowthPairCorr
  0.75TWHIX Heritage Fund InvestorPairCorr
  0.69TWRCX Growth Fund CPairCorr
  1.0TWTCX Intermediate Term TaxPairCorr
  0.97TWTIX Intermediate Term TaxPairCorr
  0.79TWSCX Strategic AllocationPairCorr
  0.79TWSAX Strategic AllocationPairCorr
  0.83TWSMX Strategic AllocationPairCorr
  0.64TWSIX Select Fund IPairCorr
  0.73TWVLX Value Fund InvestorPairCorr
  0.62TWUAX Ultra Fund APairCorr
  0.98TWWOX Intermediate Term TaxPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between High-yield Mutual Fund performing well and High-yield 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 High-yield 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.

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