High-yield Municipal Correlations

ABHYX Fund

USD 8.78 0.02 0.23%

The current 90-days correlation between High Yield Municipal and High Yield Fund Investor is 0.1 (i.e., Average 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

Good diversification

The correlation between High Yield Municipal Fund and DJI is -0.14 (i.e., Good 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

0.81	CDBCX	Diversified Bond	Pair Corr
0.67	TWACX	Short Term Government	Pair Corr
0.68	TWAVX	Short Term Government	Pair Corr
0.69	TWEAX	Equity Income	Pair Corr
0.61	TWEIX	Equity Income	Pair Corr
0.62	TWGAX	International Growth	Pair Corr
0.99	TWTIX	Intermediate Term Tax	Pair Corr
0.66	TWUSX	Short Term Government	Pair Corr
0.68	TWUOX	Short Term Government	Pair Corr

Moving against High-yield Mutual Fund

0.36	TWCCX	Ultra Fund C	Pair Corr
0.35	TWCUX	Ultra Fund Investor	Pair Corr
0.32	TWCIX	Select Fund Investor	Pair Corr
0.31	TWCAX	Select Fund A	Pair Corr
0.36	TWUAX	Ultra Fund A	Pair Corr
0.35	TWUIX	Ultra Fund I	Pair Corr
0.32	TWRCX	Growth Fund C	Pair Corr

Related Correlations Analysis

	ABHIX	TWTIX	BCHYX	PRFHX	BCITX
ABHIX		0.82	0.6	0.83	0.81	ABHIX
TWTIX	0.82		0.89	0.99	0.94	TWTIX
BCHYX	0.6	0.89		0.88	0.84	BCHYX
PRFHX	0.83	0.99	0.88		0.94	PRFHX
BCITX	0.81	0.94	0.84	0.94		BCITX
	ABHIX	TWTIX	BCHYX	PRFHX	BCITX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ABHIX	0.15	0.01	0.06	0.12	0.03	(0.26)	0.39	(0.20)	0.99
TWTIX	0.14	0.00	0.00	0.05	0.15	(0.18)	0.37	(0.37)	0.94
BCHYX	0.20	(0.03)	0.00	0.92	0.00	0.00	0.31	(0.41)	1.23
PRFHX	0.17	0.01	0.02	(0.30)	0.21	(0.21)	0.37	(0.45)	1.27
BCITX	0.13	(0.01)	0.00	(0.76)	0.00	0.00	0.27	(0.36)	0.81

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC