California Intermediate Correlations

BCIYX Fund

USD 11.05 0.03 0.27%

The current 90-days correlation between California Intermediate and Absolute Convertible Arbitrage is 0.22 (i.e., Modest diversification). The correlation of California Intermediate 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.

California Intermediate Correlation With Market

Average diversification

The correlation between California Intermediate Term T and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Intermediate Term T 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 California Intermediate Term Tax Free. 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 California Mutual Fund

0.61	CDBCX	Diversified Bond	Pair Corr
0.98	TWTCX	Intermediate Term Tax	Pair Corr
0.97	TWTIX	Intermediate Term Tax	Pair Corr
0.98	TWWOX	Intermediate Term Tax	Pair Corr
0.69	NPHIX	High Income Fund	Pair Corr

Related Correlations Analysis

	ARBOX	CCD	LCFYX	FSAWX	NCIDX
ARBOX		-0.74	-0.2	0.98	-0.42	ARBOX
CCD	-0.74		0.75	-0.82	0.84	CCD
LCFYX	-0.2	0.75		-0.34	0.95	LCFYX
FSAWX	0.98	-0.82	-0.34		-0.56	FSAWX
NCIDX	-0.42	0.84	0.95	-0.56		NCIDX
	ARBOX	CCD	LCFYX	FSAWX	NCIDX

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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

FSAWX	+ 0.98	ARBOX
NCIDX	+ 0.95	LCFYX
NCIDX	+ 0.84	CCD
LCFYX	+ 0.75	CCD

High negative correlations

FSAWX	- 0.82	CCD
CCD	- 0.74	ARBOX
NCIDX	- 0.56	FSAWX
NCIDX	- 0.42	ARBOX
FSAWX	- 0.34	LCFYX
LCFYX	- 0.2	ARBOX

Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Intermediate 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 California Intermediate'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ARBOX	0.05	0.02	0.00	0.83	0.00	0.09	0.00	0.27
CCD	0.79	(0.15)	0.00	(0.37)	0.00	1.25	(1.67)	7.13
LCFYX	0.65	(0.02)	0.00	(0.09)	0.00	1.12	(1.34)	3.20
FSAWX	0.08	0.04	0.96	(1.14)	(0.14)	0.19	(0.10)	0.38
NCIDX	0.58	(0.01)	0.00	(0.08)	0.00	1.30	(1.19)	3.25

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