Hawaii Municipal Correlations

BSHIX Fund

USD 9.88 0.01 0.10%

The current 90-days correlation between Hawaii Municipal Bond and Hawaii Municipal Bond is 0.14 (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

Significant diversification

The correlation between Hawaii Municipal Bond and DJI is 0.04 (i.e., Significant 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 gross domestic product.

Moving together with Hawaii Mutual Fund

0.75	HICOX	Colorado Bondshares	Pair Corr
0.99	KYTFX	Kentucky Tax Free	Pair Corr
0.89	UVABX	Virginia Bond	Pair Corr
0.99	HULYX	Hawaiian Tax Free	Pair Corr
0.92	HULFX	Hawaiian Tax Free	Pair Corr
0.91	ORTYX	Aquila Tax Free	Pair Corr
0.96	UVAIX	Usaa Virginia Bond	Pair Corr
0.88	USVAX	Virginia Bond	Pair Corr
0.94	HULAX	Hawaiian Tax Free	Pair Corr
0.78	HD	Home Depot	Pair Corr
0.61	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.71	VZ	Verizon Communications Fiscal Year End 28th of January 2025	Pair Corr

Moving against Hawaii Mutual Fund

0.34	PYAIX	Payden Absolute Return	Pair Corr
0.33	UIPIX	Ultrashort Mid Cap	Pair Corr

Related Correlations Analysis

	BSHIX	BHIAX	VFIAX	MISXX	TUHYX	GAB	NML	SIGVX	VFINX	JHQCX
BSHIX		0.92	0.14	-0.15	0.38	0.42	0.26	0.19	0.14	0.11	BSHIX
BHIAX	0.92		0.3	0.01	0.53	0.55	0.4	0.34	0.3	0.25	BHIAX
VFIAX	0.14	0.3		0.68	0.79	0.83	0.75	0.61	1.0	0.92	VFIAX
MISXX	-0.15	0.01	0.68		0.78	0.63	0.73	0.84	0.68	0.69	MISXX
TUHYX	0.38	0.53	0.79	0.78		0.88	0.84	0.83	0.79	0.8	TUHYX
GAB	0.42	0.55	0.83	0.63	0.88		0.85	0.69	0.83	0.88	GAB
NML	0.26	0.4	0.75	0.73	0.84	0.85		0.72	0.75	0.78	NML
SIGVX	0.19	0.34	0.61	0.84	0.83	0.69	0.72		0.61	0.65	SIGVX
VFINX	0.14	0.3	1.0	0.68	0.79	0.83	0.75	0.61		0.92	VFINX
JHQCX	0.11	0.25	0.92	0.69	0.8	0.88	0.78	0.65	0.92		JHQCX
	BSHIX	BHIAX	VFIAX	MISXX	TUHYX	GAB	NML	SIGVX	VFINX	JHQCX

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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

VFINX	+ 1.0	VFIAX
BHIAX	+ 0.92	BSHIX
JHQCX	+ 0.92	VFIAX
JHQCX	+ 0.92	VFINX
GAB	+ 0.88	TUHYX
JHQCX	+ 0.88	GAB

High negative correlations

MISXX

- 0.15

BSHIX

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
BSHIX	0.12	(0.03)	0.00	(3.18)	0.00	0.00	0.20	(0.30)	1.01
BHIAX	0.12	(0.02)	0.00	(0.61)	0.00	0.00	0.20	(0.30)	1.12
VFIAX	0.55	0.02	0.02	0.39	0.78	(0.54)	1.09	(1.10)	5.48
MISXX	0.03	0.01	0.00	0.34	0.00	0.00	0.00	0.00	1.01
TUHYX	0.09	0.00	(0.09)	0.00	0.07	(0.16)	0.12	(0.24)	0.95
GAB	0.67	0.02	0.01	0.47	0.96	(0.68)	1.28	(1.47)	5.32
NML	0.91	0.14	0.10	0.30	1.12	(0.94)	2.21	(1.88)	6.14
SIGVX	0.03	(0.01)	(0.16)	(2.72)	0.02	(0.14)	0.10	(0.10)	0.51
VFINX	0.55	0.02	0.01	0.39	0.78	(0.54)	1.09	(1.10)	5.48
JHQCX	0.34	0.03	0.03	0.33	0.54	(0.34)	0.79	(0.90)	3.78

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