Ab Municipal Correlations

Mutual Funds . USA . 
Fund . Ab Municipal Bond
AUNCX Fund  USD 10.71  0.03  0.28%   
The current 90-days correlation between Ab Municipal Bond and Ab Global E is 0.23 (i.e., Modest diversification). The correlation of Ab 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.

Ab Municipal Correlation With Market

Average diversification

The correlation between Ab Municipal 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 Ab Municipal 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 Ab Municipal 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 main economic indicators.

Moving together with AUNCX Mutual Fund

  0.82GCEAX Ab Global EPairCorr
  0.82GCECX Ab Global EPairCorr
  0.82GCEYX Ab Global EPairCorr
  0.89AMNCX Ab Minnesota PortfolioPairCorr
  0.84AMNAX Ab Minnesota PortfolioPairCorr
  0.78AMTAX Ab All MarketPairCorr
  0.77AMTZX Ab All MarketPairCorr
  0.8AMTYX Ab All MarketPairCorr
  0.78AMTOX Ab All MarketPairCorr
  0.7ANAZX Ab Global BondPairCorr
  0.77ANAYX Ab Global BondPairCorr
  0.79ANAGX Ab Global BondPairCorr
  0.78ANAIX Ab Global BondPairCorr
  0.79ANACX Ab Global BondPairCorr
  0.83ANBIX Ab Bond InflationPairCorr
  0.85ANIAX New York MunicipalPairCorr
  0.86ANJAX Ab New JerseyPairCorr
  0.87ANJCX Ab New JerseyPairCorr
  0.85ANIYX New York MunicipalPairCorr
  0.87ANMCX New York MunicipalPairCorr
  0.89ANYCX Ab New YorkPairCorr
  0.64STEYX International StrategicPairCorr
  0.75STEZX International StrategicPairCorr
  0.74STESX International StrategicPairCorr
  0.82STHAX Ab Sustainable ThematicPairCorr
  0.81STHYX Ab Sustainable ThematicPairCorr
  0.88AOHAX Ab Ohio PortfolioPairCorr
  0.85APAAX Ab Pennsylvania PortfolioPairCorr
  0.8APACX Ab Pennsylvania PortfolioPairCorr
  0.73SCRSX Small Cap CorePairCorr
  0.69SCRYX Small Cap CorePairCorr
  0.69SCRZX Small Cap CorePairCorr
  0.72SUTAX Ab Sustainable ThematicPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between AUNCX Mutual Fund performing well and Ab 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 Ab 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
GCEAX  0.54 (0.10) 0.00 (0.94) 0.00 
 0.00 
 0.78 
(1.24)
 3.91 
GCECX  0.53 (0.10) 0.00 (0.89) 0.00 
 0.00 
 0.81 
(1.22)
 3.89 
GCEYX  0.54 (0.11) 0.00 (0.95) 0.00 
 0.00 
 0.77 
(1.24)
 4.40 
AMNCX  0.16 (0.04) 0.00 (0.88) 0.00 
 0.00 
 0.31 
(0.41)
 1.15 
AMNAX  0.16 (0.04) 0.00 (6.79) 0.00 
 0.00 
 0.31 
(0.42)
 1.15 
AMTAX  0.48 (0.11) 0.00 (0.73) 0.00 
 0.00 
 0.95 
(1.05)
 3.46 
AMTZX  0.48 (0.12) 0.00 (0.72) 0.00 
 0.00 
 0.97 
(1.06)
 3.42 
AMTYX  0.48 (0.12) 0.00 (0.69) 0.00 
 0.00 
 0.85 
(1.05)
 3.48 
AMTOX  0.49 (0.11) 0.00 (0.69) 0.00 
 0.00 
 0.98 
(1.08)
 3.45 
ANAZX  0.19 (0.04) 0.00 (1.68) 0.00 
 0.00 
 0.29 
(0.44)
 1.16 

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