California Tax-free Correlations

Mutual Funds USA . 
Fund . California Tax Free Income
CFNTX Fund  USD 10.75  0.02  0.19%   
The current 90-days correlation between California Tax Free and Hood River New is -0.17 (i.e., Good diversification). The correlation of California Tax-free 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.

California Tax-free Correlation With Market

Very good diversification

The correlation between California Tax Free Income and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Tax Free Income 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 California Tax Free Income. 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 estimate.

Moving together with California Mutual Fund

  0.86DEBTX Shelton Tactical CreditPairCorr
  0.87DEBIX Shelton Tactical CreditPairCorr
  0.76CAUKX Us Government SecuritiesPairCorr
  0.77CAUSX Us Government SecuritiesPairCorr
  0.97VCAIX Vanguard CaliforniaPairCorr
  0.96VCADX Vanguard CaliforniaPairCorr
  0.91MKCMX Blackrock CaliforniaPairCorr
  0.9MACMX Brf Clf MplPairCorr
  0.91MDCMX Brf Clf MplopPairCorr
  0.92MECMX Brf Clf MplPairCorr
  0.93MFCMX Brf Clf MplPairCorr
  0.97BCIAX California Intermediate-terPairCorr
  0.98BCIYX California Intermediate-terPairCorr
  0.97BCITX California Intermediate-terPairCorr
  0.72GABFX Gmo Asset Allocation Steady GrowthPairCorr

Moving against California Mutual Fund

  0.44NQQQX Shelton FundsPairCorr
  0.44NASDX Nasdaq 100 IndexPairCorr
  0.44NDXKX Nasdaq 100 IndexPairCorr
  0.4SPFIX Sp 500 IndexPairCorr
  0.4SPXKX Sp 500 IndexPairCorr
  0.35EQTKX Shelton E ValuePairCorr
  0.35EQTIX Shelton E ValuePairCorr
  0.33SPMIX Sp Midcap IndexPairCorr
  0.33MIDKX Sp Midcap IndexPairCorr
  0.42FRBCX Regional BankPairCorr
  0.38GMCQX Gmo Equity AllocationPairCorr
  0.36FZROX Fidelity Zero TotalPairCorr
  0.31MGRPX Growth Portfolio ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Tax-free 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 California Tax-free'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.

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