Baron Durable Correlations

BDAIX Fund

USD 28.89 0.17 0.59%

The current 90-days correlation between Baron Durable Advantage and California High Yield Municipal is -0.22 (i.e., Very good diversification). The correlation of Baron Durable 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.

Baron Durable Correlation With Market

Significant diversification

The correlation between Baron Durable Advantage and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baron Durable Advantage 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 Baron Durable Advantage. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Baron Mutual Fund

0.97	FAFGX	American Funds	Pair Corr
0.97	FFAFX	American Funds	Pair Corr
0.97	GFACX	Growth Fund	Pair Corr
0.97	GFAFX	Growth Fund	Pair Corr
0.97	AGTHX	Growth Fund	Pair Corr
0.97	CGFFX	Growth Fund	Pair Corr
0.97	CGFCX	Growth Fund	Pair Corr
0.97	CGFAX	Growth Fund	Pair Corr
0.97	CGFEX	Growth Fund	Pair Corr
0.97	RGAEX	Growth Fund	Pair Corr
0.83	FTCAX	Templeton Strained Bond	Pair Corr
0.82	PYAIX	Payden Absolute Return	Pair Corr
0.82	PYARX	Payden Absolute Return	Pair Corr
0.86	BCAAX	Brandywineglobal C	Pair Corr
0.8	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.66	HPQ	HP Inc	Pair Corr
0.63	WMT	Walmart Aggressive Push	Pair Corr
0.63	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.73	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.72	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.61	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.66	BAC	Bank of America Aggressive Push	Pair Corr

Moving against Baron Mutual Fund

0.98	USPSX	Profunds Ultrashort	Pair Corr
0.98	USPIX	Profunds Ultrashort	Pair Corr
0.91	UIPIX	Ultrashort Mid Cap	Pair Corr
0.66	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.62	KO	Coca Cola Aggressive Push	Pair Corr
0.47	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.34	PG	Procter Gamble Sell-off Trend	Pair Corr

Related Correlations Analysis

	BCHIX	FYMNX	PRINX	PRFHX	ABIMX	BIDKX	GABTX
BCHIX		0.95	0.99	0.98	0.99	0.99	-0.14	BCHIX
FYMNX	0.95		0.97	0.93	0.95	0.96	0.01	FYMNX
PRINX	0.99	0.97		0.98	0.98	0.99	-0.08	PRINX
PRFHX	0.98	0.93	0.98		0.95	0.96	-0.06	PRFHX
ABIMX	0.99	0.95	0.98	0.95		0.99	-0.22	ABIMX
BIDKX	0.99	0.96	0.99	0.96	0.99		-0.16	BIDKX
GABTX	-0.14	0.01	-0.08	-0.06	-0.22	-0.16		GABTX
	BCHIX	FYMNX	PRINX	PRFHX	ABIMX	BIDKX	GABTX

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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

PRINX	+ 0.99	BCHIX
ABIMX	+ 0.99	BCHIX
BIDKX	+ 0.99	BCHIX
BIDKX	+ 0.99	PRINX
BIDKX	+ 0.99	ABIMX
PRFHX	+ 0.98	BCHIX

High negative correlations

GABTX	- 0.22	ABIMX
GABTX	- 0.16	BIDKX
GABTX	- 0.14	BCHIX
GABTX	- 0.08	PRINX
GABTX	- 0.06	PRFHX

Risk-Adjusted Indicators

There is a big difference between Baron Mutual Fund performing well and Baron Durable 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 Baron Durable'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
BCHIX	0.16	0.01	(0.27)	0.99	0.23	(0.22)	0.40	(0.40)	1.53
FYMNX	0.14	0.01	(0.32)	0.44	0.16	(0.21)	0.37	(0.28)	1.40
PRINX	0.16	0.01	(0.28)	0.37	0.22	(0.23)	0.44	(0.44)	1.59
PRFHX	0.15	0.01	(0.26)	0.34	0.22	(0.22)	0.44	(0.44)	1.61
ABIMX	0.19	0.01	(0.24)	0.34	0.27	(0.24)	0.40	(0.50)	1.73
BIDKX	0.15	0.01	(0.31)	0.43	0.21	(0.19)	0.27	(0.45)	1.36
GABTX	0.50	0.10	(0.02)	0.91	0.44	(0.57)	1.09	(1.00)	3.00

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