Baird Quality Correlations

BMBIX Fund

USD 10.96 0.03 0.27%

The current 90-days correlation between Baird Quality Interm and Rationalpier 88 Convertible is 0.15 (i.e., Average diversification). The correlation of Baird Quality 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.

Baird Quality Correlation With Market

Average diversification

The correlation between Baird Quality Intermediate 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 Baird Quality Intermediate 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 Baird Quality Intermediate. 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 gross domestic product.

Moving together with Baird Mutual Fund

0.86	BAGIX	Baird Aggregate Bond	Pair Corr
0.86	BAGSX	Baird Aggregate Bond	Pair Corr
0.8	BSBIX	Baird Short Term	Pair Corr
0.79	BSBSX	Baird Short Term	Pair Corr
1.0	BSNIX	Baird Strategic Municipal	Pair Corr
0.93	BTMSX	Baird Short Term	Pair Corr
0.73	BUBIX	Baird Ultra Short	Pair Corr
0.88	BCOSX	Baird E Plus	Pair Corr
0.87	BCOIX	Baird E Plus	Pair Corr
0.73	BUBSX	Baird Ultra Short	Pair Corr
0.83	BIMIX	Baird Intermediate Bond	Pair Corr
0.97	BMBSX	Baird Quality Interm	Pair Corr
0.99	BMNSX	Baird E Intermediate	Pair Corr
1.0	BMNIX	Baird E Intermediate	Pair Corr
0.92	BMQIX	Baird Municipal Bond	Pair Corr
0.67	CCGIX	Chautauqua Global Growth	Pair Corr
0.67	CCGSX	Chautauqua Global Growth	Pair Corr
0.86	CCWIX	Chautauqua International	Pair Corr
0.86	CCWSX	Chautauqua International	Pair Corr
0.97	VWITX	Vanguard Intermediate-ter	Pair Corr
0.97	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.94	AFTEX	Tax Exempt Bond	Pair Corr
0.94	AFTFX	Tax Exempt Bond	Pair Corr
0.91	TEBCX	Tax Exempt Bond	Pair Corr
0.94	TEAFX	Tax Exempt Bond	Pair Corr
0.94	TFEBX	Tax Exempt Bond	Pair Corr
0.95	FLTMX	Fidelity Intermediate	Pair Corr
0.86	MDNLX	Blackrock National	Pair Corr
0.81	MFNLX	Blackrock Natl Muni	Pair Corr
0.84	NHS	Neuberger Berman High	Pair Corr
0.86	EMBAX	Unconstrained Emerging	Pair Corr
0.71	ARBOX	Absolute Convertible	Pair Corr
0.81	MEERX	Massmutual Premier	Pair Corr

Moving against Baird Mutual Fund

0.56	BSGSX	Baird Smallmid Cap	Pair Corr
0.5	BSGIX	Baird Smallmid Cap	Pair Corr
0.47	BSVIX	Baird Smallcap Value	Pair Corr
0.41	BSVSX	Baird Smallcap Value	Pair Corr
0.5	BMDSX	Baird Midcap	Pair Corr
0.5	BMDIX	Baird Midcap	Pair Corr

Related Correlations Analysis

	PBXIX	LCFYX	PCNTX	VAADX	NCIDX	FSAWX
PBXIX		0.85	0.93	0.92	0.92	-0.42	PBXIX
LCFYX	0.85		0.84	0.84	0.88	-0.27	LCFYX
PCNTX	0.93	0.84		0.99	0.97	-0.65	PCNTX
VAADX	0.92	0.84	0.99		0.98	-0.64	VAADX
NCIDX	0.92	0.88	0.97	0.98		-0.51	NCIDX
FSAWX	-0.42	-0.27	-0.65	-0.64	-0.51		FSAWX
	PBXIX	LCFYX	PCNTX	VAADX	NCIDX	FSAWX

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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

VAADX	+ 0.99	PCNTX
NCIDX	+ 0.98	VAADX
NCIDX	+ 0.97	PCNTX
PCNTX	+ 0.93	PBXIX
VAADX	+ 0.92	PBXIX
NCIDX	+ 0.92	PBXIX

High negative correlations

FSAWX	- 0.65	PCNTX
FSAWX	- 0.64	VAADX
FSAWX	- 0.51	NCIDX
FSAWX	- 0.42	PBXIX
FSAWX	- 0.27	LCFYX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Quality 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 Baird Quality'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
PBXIX	0.44	(0.05)	0.00	0.66	0.00	0.82	(0.90)	2.66
LCFYX	0.63	(0.01)	0.00	(0.02)	0.00	1.12	(1.34)	3.20
PCNTX	0.65	(0.07)	0.00	1.54	0.00	1.26	(1.68)	3.46
VAADX	0.66	(0.07)	0.00	2.67	0.00	1.16	(1.67)	3.26
NCIDX	0.59	(0.04)	0.00	1.15	0.00	1.30	(1.38)	3.25
FSAWX	0.08	0.04	0.44	2.15	(0.14)	0.19	(0.10)	0.38

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