Baird Midcap Correlations

BMDIX Fund

USD 21.62 0.02 0.09%

The current 90-days correlation between Baird Midcap and Baird Intermediate Bond is 0.07 (i.e., Significant diversification). The correlation of Baird Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Baird Midcap Fund and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Midcap Fund 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 Midcap Fund. 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

0.98	BSGSX	Baird Smallmid Cap	Pair Corr
0.98	BSGIX	Baird Smallmid Cap	Pair Corr
0.96	BSVSX	Baird Smallcap Value	Pair Corr
0.96	BSVIX	Baird Smallcap Value	Pair Corr
1.0	BMDSX	Baird Midcap	Pair Corr
0.97	PAMCX	T Rowe Price	Pair Corr
0.98	RRMGX	T Rowe Price	Pair Corr
0.97	TRQZX	T Rowe Price	Pair Corr
0.97	RPMGX	T Rowe Price	Pair Corr
0.97	PRJIX	T Rowe Price	Pair Corr
0.97	PRNHX	T Rowe Price	Pair Corr
0.97	TRUZX	T Rowe Price	Pair Corr
0.72	PCBIX	Midcap Fund Institutional	Pair Corr
0.72	PEMGX	Midcap Fund Class	Pair Corr
0.74	PMBCX	Midcap Fund Class	Pair Corr

Moving against Baird Mutual Fund

0.79	BSBSX	Baird Short Term	Pair Corr
0.79	BUBIX	Baird Ultra Short	Pair Corr
0.79	BUBSX	Baird Ultra Short	Pair Corr
0.77	BSBIX	Baird Short Term	Pair Corr
0.77	BIMSX	Baird Intermediate Bond	Pair Corr
0.77	BIMIX	Baird Intermediate Bond	Pair Corr
0.72	BAGIX	Baird Aggregate Bond	Pair Corr
0.72	BAGSX	Baird Aggregate Bond	Pair Corr
0.71	BCOSX	Baird E Plus	Pair Corr
0.71	BCOIX	Baird E Plus	Pair Corr
0.67	BTMSX	Baird Short Term	Pair Corr
0.65	BTMIX	Baird Short Term	Pair Corr
0.54	BSNIX	Baird Strategic Municipal	Pair Corr
0.52	BSNSX	Baird Strategic Municipal	Pair Corr
0.51	BMBIX	Baird Quality Interm	Pair Corr
0.5	BMBSX	Baird Quality Interm	Pair Corr
0.51	BMNIX	Baird E Intermediate	Pair Corr
0.49	BMNSX	Baird E Intermediate	Pair Corr
0.43	BMQSX	Baird Municipal Bond	Pair Corr
0.41	BMQIX	Baird Municipal Bond	Pair Corr
0.39	CCWIX	Chautauqua International	Pair Corr
0.39	CCWSX	Chautauqua International	Pair Corr

Related Correlations Analysis

	BIMIX	PRUFX	BAGIX	BGCIX	IARYX
BIMIX		-0.69	0.99	0.87	0.66	BIMIX
PRUFX	-0.69		-0.63	-0.44	-0.05	PRUFX
BAGIX	0.99	-0.63		0.84	0.72	BAGIX
BGCIX	0.87	-0.44	0.84		0.66	BGCIX
IARYX	0.66	-0.05	0.72	0.66		IARYX
	BIMIX	PRUFX	BAGIX	BGCIX	IARYX

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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

BAGIX	+ 0.99	BIMIX
BGCIX	+ 0.87	BIMIX
BGCIX	+ 0.84	BAGIX
IARYX	+ 0.72	BAGIX
IARYX	+ 0.66	BIMIX
IARYX	+ 0.66	BGCIX

High negative correlations

PRUFX	- 0.69	BIMIX
BAGIX	- 0.63	PRUFX
BGCIX	- 0.44	PRUFX
IARYX	- 0.05	PRUFX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Midcap 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 Midcap'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
BIMIX	0.14	0.02	0.39	1.40	0.00	(0.19)	0.29	(0.20)	0.88
PRUFX	1.06	(0.08)	0.00	(0.15)	0.00	0.00	1.78	(2.46)	6.44
BAGIX	0.25	0.02	0.28	0.63	0.20	(0.30)	0.52	(0.41)	1.36
BGCIX	0.08	0.01	0.44	0.72	0.00	(0.12)	0.11	(0.11)	0.33
IARYX	0.90	(0.01)	0.00	(0.08)	0.00	0.00	1.58	(1.78)	4.61

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