Hawaii Municipal Correlations

BHIAX Fund

USD 9.85 0.01 0.10%

The current 90-days correlation between Hawaii Municipal Bond and First Eagle Gold is 0.12 (i.e., Average diversification). The correlation of Hawaii 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.

Hawaii Municipal Correlation With Market

Average diversification

The correlation between Hawaii Municipal Bond and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hawaii 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 Hawaii 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 nation.

Moving together with Hawaii Mutual Fund

0.94	BSHIX	Hawaii Municipal Bond	Pair Corr
0.89	HICOX	Colorado Bondshares	Pair Corr
0.96	KYTFX	Kentucky Tax Free	Pair Corr
0.81	UVABX	Virginia Bond	Pair Corr
0.89	HULYX	Hawaiian Tax Free	Pair Corr
0.87	HULFX	Hawaiian Tax Free	Pair Corr
0.99	ORTYX	Aquila Tax Free	Pair Corr
0.89	UVAIX	Usaa Virginia Bond	Pair Corr
0.83	USVAX	Virginia Bond	Pair Corr
0.89	HULAX	Hawaiian Tax Free	Pair Corr
0.68	UGPIX	Ultrachina Profund	Pair Corr
0.68	UGPSX	Ultrachina Profund	Pair Corr
0.8	BPGIX	Boston Partners Global	Pair Corr
0.67	BIIPX	Blackrock Short Term	Pair Corr
0.86	NPSCX	Nuveen Preferred Sec	Pair Corr
0.8	CBOCX	Intermediate Bond	Pair Corr
0.65	TRLDX	T Rowe Price	Pair Corr
0.63	NMI	Nuveen Municipalome	Pair Corr
0.85	FFIFX	American Funds	Pair Corr
0.67	HILRX	Hartford Interna	Pair Corr
0.72	FPPRX	Mfs Prudent Investor	Pair Corr
0.8	FTUIX	Telecommunications	Pair Corr
0.66	WFEHX	Wells Fargo International	Pair Corr
0.67	HILCX	Hartford Interna	Pair Corr
0.73	TEQAX	Touchstone Sustainability	Pair Corr
0.65	FSTZX	Fidelity Series 0	Pair Corr
0.62	UIPMX	Precious Metals And Steady Growth	Pair Corr
0.73	CDHRX	Calvert International	Pair Corr
0.82	JIBEX	Johnson Institutional	Pair Corr
0.77	TIKPX	Tiaa-cref Inflation-linked	Pair Corr
0.76	PAELX	T Rowe Price	Pair Corr

Related Correlations Analysis

	FEGOX	XGGNX	AGGWX	GLDAX	SGDLX	UNWPX	FRGOX	GCEBX
FEGOX		0.89	0.99	0.99	0.96	0.95	0.97	0.02	FEGOX
XGGNX	0.89		0.91	0.93	0.94	0.87	0.86	0.06	XGGNX
AGGWX	0.99	0.91		1.0	0.98	0.94	0.97	-0.02	AGGWX
GLDAX	0.99	0.93	1.0		0.98	0.94	0.97	0.01	GLDAX
SGDLX	0.96	0.94	0.98	0.98		0.92	0.95	-0.02	SGDLX
UNWPX	0.95	0.87	0.94	0.94	0.92		0.93	-0.1	UNWPX
FRGOX	0.97	0.86	0.97	0.97	0.95	0.93		-0.01	FRGOX
GCEBX	0.02	0.06	-0.02	0.01	-0.02	-0.1	-0.01		GCEBX
	FEGOX	XGGNX	AGGWX	GLDAX	SGDLX	UNWPX	FRGOX	GCEBX

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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

GLDAX	+ 1.0	AGGWX
AGGWX	+ 0.99	FEGOX
GLDAX	+ 0.99	FEGOX
SGDLX	+ 0.98	AGGWX
SGDLX	+ 0.98	GLDAX
FRGOX	+ 0.97	FEGOX

High negative correlations

GCEBX	- 0.1	UNWPX
GCEBX	- 0.02	SGDLX
GCEBX	- 0.02	AGGWX
GCEBX	- 0.01	FRGOX

Risk-Adjusted Indicators

There is a big difference between Hawaii Mutual Fund performing well and Hawaii 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 Hawaii 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
FEGOX	1.23	0.22	0.20	(4.69)	1.38	(1.30)	2.83	(2.65)	6.86
XGGNX	0.68	0.02	0.12	0.32	0.88	(0.75)	1.27	(1.41)	3.99
AGGWX	1.37	0.23	0.19	(17.44)	1.57	(1.48)	2.88	(3.33)	7.23
GLDAX	1.20	0.19	0.18	(8.03)	1.40	(1.22)	2.83	(2.52)	7.13
SGDLX	1.32	0.14	0.13	5.92	1.65	(1.34)	3.01	(3.01)	7.21
UNWPX	1.33	0.22	0.18	7.71	1.46	(1.65)	3.11	(2.53)	8.41
FRGOX	1.29	0.39	0.26	0.58	1.32	(1.44)	3.14	(2.63)	6.89
GCEBX	0.76	(0.01)	0.00	(0.14)	0.00	0.00	1.48	(2.40)	4.21

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