Ishares Municipal Correlations

BIDPX Fund

USD 11.15 0.03 0.27%

The current 90-days correlation between Ishares Municipal Bond and Allianzgi Technology Fund is -0.2 (i.e., Good diversification). The correlation of Ishares 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.

Ishares Municipal Correlation With Market

Very good diversification

The correlation between Ishares Municipal Bond and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ishares 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 Ishares 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 american community survey.

Moving together with Ishares Mutual Fund

0.95	MKCMX	Blackrock California	Pair Corr
0.77	BRACX	Bats Series C	Pair Corr
0.97	MKNJX	Blackrock New Jersey	Pair Corr
0.71	BRASX	Bats Series S	Pair Corr
0.78	BRCPX	Blackrock Conservative	Pair Corr
0.92	MKPYX	Blackrock Pennsylvania	Pair Corr
0.94	MKYHX	Blackrock High Yield	Pair Corr
0.7	BAMBX	Blackrock Alternative	Pair Corr
0.88	BASIX	Blackrock Strategic Opps	Pair Corr
0.88	BSIKX	Blackrock Strategic	Pair Corr
0.89	BSIIX	Blackrock Strategic	Pair Corr
0.87	BSICX	Blackrock Strategic Opps	Pair Corr

Moving against Ishares Mutual Fund

0.42	BST	BlackRock Science Tech	Pair Corr
0.32	BSTSX	Blackrock Science	Pair Corr
0.32	BTEKX	Blackrock Technology	Pair Corr

Related Correlations Analysis

	DRGTX	GISTX	JAGTX	GITAX	TEPSX
DRGTX		0.98	0.99	0.98	0.95	DRGTX
GISTX	0.98		0.97	1.0	0.92	GISTX
JAGTX	0.99	0.97		0.97	0.98	JAGTX
GITAX	0.98	1.0	0.97		0.92	GITAX
TEPSX	0.95	0.92	0.98	0.92		TEPSX
	DRGTX	GISTX	JAGTX	GITAX	TEPSX

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Risk-Adjusted Indicators

There is a big difference between Ishares Mutual Fund performing well and Ishares 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 Ishares 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
DRGTX	0.96	0.01	0.02	0.12	1.53	(0.88)	1.80	(2.47)	6.64
GISTX	0.86	0.03	0.02	0.15	1.21	(0.88)	2.20	(2.10)	5.44
JAGTX	0.88	(0.04)	(0.03)	0.07	1.33	(0.85)	1.88	(2.58)	5.87
GITAX	0.86	0.03	0.02	0.15	1.21	(0.87)	2.19	(2.12)	5.42
TEPSX	1.47	(0.12)	(0.02)	0.05	2.21	(1.43)	2.81	(3.74)	9.85

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