Tax Exempt Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond
AFTEX Fund  USD 12.36  0.02  0.16%   
The current 90-days correlation between Tax Exempt Bond and Barings Active Short is 0.3 (i.e., Weak 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

Average diversification

The correlation between Tax Exempt Bond and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Bond 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 Tax Exempt Bond. 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 income.

Moving together with Tax Mutual Fund

  0.73AMECX Income FundPairCorr
  0.67AMFFX American MutualPairCorr
  0.73RNCCX American Funds IncomePairCorr
  0.68FPPPX American Funds PresePairCorr
  0.72AMEFX Income FundPairCorr
  0.98AMHIX American High IncomePairCorr
  0.91TEBCX Tax Exempt BondPairCorr
  0.98TECCX Tax Exempt FundPairCorr
  1.0TEAFX Tax Exempt BondPairCorr
  0.73FPTPX American Funds ConsePairCorr
  0.99TECFX Tax Exempt FundPairCorr
  0.99TEFEX Tax Exempt FundPairCorr
  0.61AMRMX American MutualPairCorr
  0.61AMRFX American MutualPairCorr
  0.73RNRPX American Funds RetirementPairCorr
  0.76AMUSX Us Government SecuritiesPairCorr
  0.87TEPCX American Funds TaxPairCorr
  0.88TEPAX American Funds TaxPairCorr
  0.89TEPFX American Funds TaxPairCorr

Related Correlations Analysis

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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   
PIEQX
+ 0.9
BXDCX
GQESX
+ 0.79
ARTQX
PIEQX
+ 0.77
OPTCX
OPTCX
+ 0.75
BXDCX
SGLIX
+ 0.35
GQESX
SGLIX
+ 0.34
ARTQX
  
High negative correlations   
ARTQX
- 0.22
BXDCX
SGLIX
- 0.14
BXDCX

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.

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