Alliancebernstein Correlations

AFB Fund

USD 10.82 0.04 0.37%

The current 90-days correlation between Alliancebernstein and Eaton Vance Short is 0.19 (i.e., Average diversification). The correlation of Alliancebernstein 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.

Alliancebernstein Correlation With Market

Average diversification

The correlation between Alliancebernstein National Mun and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alliancebernstein National Mun 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 Alliancebernstein National Municipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Alliancebernstein Fund

0.89	NEA	Nuveen Amt Free	Pair Corr
0.91	NVG	Nuveen Amt Free	Pair Corr
0.86	NAD	Nuveen Dividend Advantage	Pair Corr
0.86	PTY	Pimco Corporate Income	Pair Corr
0.79	RMDUX	American Funds Multi	Pair Corr
0.83	TIMUX	Transamerica Intermediate	Pair Corr
0.72	HWACX	Hotchkis Wiley Value	Pair Corr
0.73	GIOIX	Guggenheim Macro Opp	Pair Corr
0.79	DBIWX	Dws Global Macro	Pair Corr
0.83	RXRPX	American Funds Retirement	Pair Corr
0.64	EMBAX	Unconstrained Emerging	Pair Corr
0.77	DLDFX	Destinations Low Duration	Pair Corr
0.64	VICSX	Vanguard Intermediate-ter	Pair Corr
0.66	HTD	John Hancock Tax	Pair Corr
0.73	PGLSX	Global Multi Strategy	Pair Corr
0.82	RNCIX	Rivernorth E Opportunity	Pair Corr
0.63	HRBDX	Harbor Bond Fund	Pair Corr

Related Correlations Analysis

	EVG	ACV	ARDC	KTF	BBUC	ASXSF	MVT	MFV	AWP	AOD
EVG		0.1	0.1	0.78	0.61	0.48	0.82	0.0	0.79	0.87	EVG
ACV	0.1		0.93	0.15	-0.52	-0.36	0.14	0.0	0.44	0.08	ACV
ARDC	0.1	0.93		0.18	-0.5	-0.3	0.14	0.0	0.34	0.01	ARDC
KTF	0.78	0.15	0.18		0.58	0.31	0.89	0.0	0.7	0.69	KTF
BBUC	0.61	-0.52	-0.5	0.58		0.76	0.53	0.0	0.3	0.64	BBUC
ASXSF	0.48	-0.36	-0.3	0.31	0.76		0.28	0.0	0.3	0.51	ASXSF
MVT	0.82	0.14	0.14	0.89	0.53	0.28		0.0	0.75	0.8	MVT
MFV	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MFV
AWP	0.79	0.44	0.34	0.7	0.3	0.3	0.75	0.0		0.81	AWP
AOD	0.87	0.08	0.01	0.69	0.64	0.51	0.8	0.0	0.81		AOD
	EVG	ACV	ARDC	KTF	BBUC	ASXSF	MVT	MFV	AWP	AOD

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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

ARDC	+ 0.93	ACV
MVT	+ 0.89	KTF
AOD	+ 0.87	EVG
MVT	+ 0.82	EVG
AOD	+ 0.81	AWP
AOD	+ 0.8	MVT

High negative correlations

BBUC	- 0.52	ACV
BBUC	- 0.5	ARDC
ASXSF	- 0.36	ACV
ASXSF	- 0.3	ARDC
AOD	- 0.0	MFV
AWP	- 0.0	MFV

Risk-Adjusted Indicators

There is a big difference between Alliancebernstein Fund performing well and Alliancebernstein 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 Alliancebernstein'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
EVG	0.46	0.03	0.10	0.14	0.63	(0.49)	1.04	(1.02)	3.01
ACV	0.75	(0.08)	0.00	(0.17)	0.00	0.00	1.21	(1.42)	5.25
ARDC	0.53	(0.04)	0.00	(0.20)	0.00	0.00	0.80	(1.25)	4.18
KTF	0.32	0.01	0.09	0.02	0.51	(0.34)	0.75	(0.74)	2.76
BBUC	1.60	0.27	0.13	0.16	1.77	(1.71)	3.05	(3.02)	9.22
ASXSF	2.10	0.32	0.04	0.36	2.93	(8.01)	9.52	(4.76)	28.04
MVT	0.51	0.04	0.13	0.16	0.59	(0.62)	0.95	(1.13)	3.47
MFV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AWP	0.80	0.05	0.06	0.03	1.02	(0.88)	1.65	(1.51)	5.81
AOD	0.69	0.09	0.11	0.06	0.78	(0.77)	1.42	(1.30)	4.24

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