Baird Municipal Correlations

BMQSX Fund

USD 9.89 0.02 0.20%

The current 90-days correlation between Baird Municipal Bond and T Rowe Price is 0.31 (i.e., Weak diversification). The correlation of Baird 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.

Baird Municipal Correlation With Market

Average diversification

The correlation between Baird Municipal Bond and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird 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 Baird 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 state.

Moving together with Baird Mutual Fund

0.85	BAGIX	Baird Aggregate Bond	Pair Corr
0.85	BAGSX	Baird Aggregate Bond	Pair Corr
0.75	BSBIX	Baird Short Term	Pair Corr
0.75	BSBSX	Baird Short Term	Pair Corr
0.98	BSNSX	Baird Strategic Municipal	Pair Corr
0.96	BSNIX	Baird Strategic Municipal	Pair Corr
0.88	BTMSX	Baird Short Term	Pair Corr
0.89	BTMIX	Baird Short Term	Pair Corr
0.65	BUBIX	Baird Ultra Short	Pair Corr
0.86	BCOSX	Baird E Plus	Pair Corr
0.86	BCOIX	Baird E Plus	Pair Corr
0.67	BUBSX	Baird Ultra Short	Pair Corr
0.81	BIMSX	Baird Intermediate Bond	Pair Corr
0.81	BIMIX	Baird Intermediate Bond	Pair Corr
0.99	BMBSX	Baird Quality Interm	Pair Corr
0.98	BMBIX	Baird Quality Interm	Pair Corr
0.99	BMNSX	Baird E Intermediate	Pair Corr
0.98	BMNIX	Baird E Intermediate	Pair Corr
1.0	BMQIX	Baird Municipal Bond	Pair Corr
0.69	CCGIX	Chautauqua Global Growth	Pair Corr
0.68	CCGSX	Chautauqua Global Growth	Pair Corr
0.8	CCWIX	Chautauqua International	Pair Corr
0.8	CCWSX	Chautauqua International	Pair Corr
0.95	VWLTX	Vanguard Long Term	Pair Corr
0.98	VWAHX	Vanguard High Yield	Pair Corr
0.98	VWALX	Vanguard High Yield	Pair Corr
0.97	FSMUX	Strategic Advisers	Pair Corr
0.96	VWLUX	Vanguard Long Term	Pair Corr
0.96	FAFTX	Franklin Federal Tax	Pair Corr
0.96	FFTQX	Franklin Federal Tax	Pair Corr
0.96	FKTIX	Franklin Federal Tax	Pair Corr
0.93	FRFTX	Franklin Federal Tax	Pair Corr
0.95	FFQAX	Franklin Federal Tax	Pair Corr

Moving against Baird Mutual Fund

0.42	BSGSX	Baird Smallmid Cap	Pair Corr
0.42	BSGIX	Baird Smallmid Cap	Pair Corr
0.41	BMDSX	Baird Midcap	Pair Corr
0.41	BMDIX	Baird Midcap	Pair Corr
0.32	BSVSX	Baird Smallcap Value	Pair Corr
0.32	BSVIX	Baird Smallcap Value	Pair Corr

Related Correlations Analysis

	TBLDX	JLAEX	JLMOX	FNOKX	BTRIX	MURFX	MRMTX
TBLDX		0.88	0.97	0.99	0.46	0.73	0.94	TBLDX
JLAEX	0.88		0.95	0.87	0.81	0.63	0.9	JLAEX
JLMOX	0.97	0.95		0.96	0.65	0.74	0.97	JLMOX
FNOKX	0.99	0.87	0.96		0.44	0.69	0.91	FNOKX
BTRIX	0.46	0.81	0.65	0.44		0.42	0.63	BTRIX
MURFX	0.73	0.63	0.74	0.69	0.42		0.86	MURFX
MRMTX	0.94	0.9	0.97	0.91	0.63	0.86		MRMTX
	TBLDX	JLAEX	JLMOX	FNOKX	BTRIX	MURFX	MRMTX

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Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird 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 Baird 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
TBLDX	0.37	0.01	0.00	(0.05)	0.00	0.00	0.70	(0.80)	2.12
JLAEX	0.24	0.02	0.17	0.00	0.30	(0.29)	0.52	(0.52)	1.32
JLMOX	0.32	0.01	0.00	(0.04)	0.00	0.00	0.64	(0.63)	1.75
FNOKX	0.53	0.02	0.00	(0.03)	0.00	0.00	1.07	(1.13)	3.14
BTRIX	0.20	0.02	0.28	0.22	0.17	(0.25)	0.44	(0.44)	1.22
MURFX	0.32	(0.04)	0.00	(0.24)	0.00	0.00	0.58	(0.57)	2.93
MRMTX	0.33	(0.01)	0.00	(0.10)	0.00	0.00	0.68	(0.68)	2.47

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