Ab Municipal Correlations

AUNTX Fund

USD 10.74 0.01 0.09%

The current 90-days correlation between Ab Municipal Bond and Ab Global E is 0.09 (i.e., Significant 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

Modest diversification

The correlation between Ab Municipal Bond and DJI is 0.27 (i.e., Modest 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 estimate.

Moving together with AUNTX Mutual Fund

0.72	GCEYX	Ab Global E	Pair Corr
0.79	AMTAX	Ab All Market	Pair Corr
0.77	AMTOX	Ab All Market	Pair Corr
0.65	APGZX	Ab Large Cap	Pair Corr
0.65	APGYX	Ab Large Cap	Pair Corr
0.65	APGAX	Ab Large Cap	Pair Corr
0.65	APGCX	Ab Large Cap	Pair Corr
0.61	SUTCX	Ab Sustainable Thematic	Pair Corr
0.69	CHCYX	Ab Discovery Growth	Pair Corr
0.69	ASCLX	Ab Select Longshort	Pair Corr
0.69	ASLAX	Ab Select Longshort	Pair Corr
0.71	ABIEX	Ab Emerging Markets	Pair Corr
0.65	ABPRX	Ab Large Cap	Pair Corr
0.62	ABVCX	Ab Value Fund	Pair Corr
0.62	ABWYX	Ab All Market	Pair Corr

Moving against AUNTX Mutual Fund

0.34	IDPYX	Alliancebernstein	Pair Corr
0.33	SIIDX	Bernstein Sanford	Pair Corr
0.32	ABQUX	Ab Intermediate Bond	Pair Corr
0.31	ABQZX	Ab Intermediate Bond	Pair Corr

Related Correlations Analysis

	GCECX	GCEYX	AMNCX	AMNAX	AMTAX	AMTZX	AMTOX	ANAZX	ANAYX	ANAGX
GCECX		1.0	0.08	0.12	0.86	0.86	0.92	-0.02	-0.02	-0.04	GCECX
GCEYX	1.0		0.04	0.09	0.87	0.87	0.92	-0.06	-0.06	-0.07	GCEYX
AMNCX	0.08	0.04		1.0	0.04	0.03	0.12	0.92	0.92	0.92	AMNCX
AMNAX	0.12	0.09	1.0		0.1	0.09	0.18	0.9	0.9	0.9	AMNAX
AMTAX	0.86	0.87	0.04	0.1		1.0	0.92	-0.11	-0.1	-0.12	AMTAX
AMTZX	0.86	0.87	0.03	0.09	1.0		0.92	-0.12	-0.11	-0.13	AMTZX
AMTOX	0.92	0.92	0.12	0.18	0.92	0.92		-0.03	-0.03	-0.05	AMTOX
ANAZX	-0.02	-0.06	0.92	0.9	-0.11	-0.12	-0.03		1.0	1.0	ANAZX
ANAYX	-0.02	-0.06	0.92	0.9	-0.1	-0.11	-0.03	1.0		1.0	ANAYX
ANAGX	-0.04	-0.07	0.92	0.9	-0.12	-0.13	-0.05	1.0	1.0		ANAGX
	GCECX	GCEYX	AMNCX	AMNAX	AMTAX	AMTZX	AMTOX	ANAZX	ANAYX	ANAGX

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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

GCEYX	+ 1.0	GCECX
AMNAX	+ 1.0	AMNCX
AMTZX	+ 1.0	AMTAX
ANAYX	+ 1.0	ANAZX
ANAGX	+ 1.0	ANAZX
ANAGX	+ 1.0	ANAYX

High negative correlations

ANAGX	- 0.13	AMTZX
ANAZX	- 0.12	AMTZX
ANAGX	- 0.12	AMTAX
ANAYX	- 0.11	AMTZX
ANAZX	- 0.11	AMTAX
ANAYX	- 0.1	AMTAX

Risk-Adjusted Indicators

There is a big difference between AUNTX 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GCECX	0.56	(0.08)	(0.16)	0.00	0.71	(0.58)	0.95	(1.22)	3.44
GCEYX	0.56	(0.08)	(0.15)	0.00	0.71	(0.57)	0.98	(1.24)	3.44
AMNCX	0.13	0.01	(0.40)	0.05	0.18	(0.17)	0.31	(0.31)	1.15
AMNAX	0.13	0.01	(0.39)	0.00	0.17	(0.18)	0.31	(0.31)	1.15
AMTAX	0.46	0.01	(0.16)	0.69	0.56	(0.52)	0.98	(1.05)	2.33
AMTZX	0.46	0.02	(0.15)	0.86	0.59	(0.49)	0.99	(1.06)	2.26
AMTOX	0.46	(0.02)	(0.14)	0.05	0.57	(0.54)	1.00	(1.08)	2.38
ANAZX	0.18	(0.01)	(0.46)	1.22	0.22	(0.23)	0.29	(0.29)	1.01
ANAYX	0.18	(0.01)	(0.44)	0.36	0.21	(0.26)	0.43	(0.29)	1.01
ANAGX	0.16	(0.01)	(0.50)	0.41	0.20	(0.21)	0.29	(0.29)	1.01

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