Delaware Tax-free Correlations

DMTFX Fund

USD 10.59 0.04 0.38%

The current 90-days correlation between Delaware Tax Free and Arrow Managed Futures is -0.23 (i.e., Very good diversification). The correlation of Delaware 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.

Delaware Tax-free Correlation With Market

Average diversification

The correlation between Delaware Tax Free Usa and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delaware Tax Free Usa and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delaware Tax Free Usa. 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 census.

Moving together with Delaware Mutual Fund

0.86	IMAAX	Ivy Apollo Multi	Pair Corr
0.84	OCFIX	Optimum Fixed Income	Pair Corr
0.86	WASAX	Ivy Asset Strategy	Pair Corr
0.75	OCLVX	Optimum Large Cap	Pair Corr
0.8	OCLGX	Optimum Large Cap	Pair Corr
0.92	CXHYX	Delaware National High	Pair Corr
0.98	FTOTX	First Investors Tax	Pair Corr
0.97	DMHIX	Delaware Minnesota High	Pair Corr
0.97	DMUSX	Delaware Tax Free	Pair Corr
0.96	VAZIX	Delaware Tax Free	Pair Corr
0.85	IRSAX	Ivy Advantus Real	Pair Corr
0.94	VCTFX	Delaware Tax Free	Pair Corr
0.84	DPDFX	Delaware Diversified	Pair Corr
0.83	DPFFX	Delaware Diversified	Pair Corr
0.78	OISVX	Optimum Small Mid	Pair Corr
0.83	FGINX	First Investors Growth	Pair Corr
0.87	WHIAX	Ivy High Income	Pair Corr
0.79	DPRSX	Delaware Reit	Pair Corr
0.85	DPRFX	Delaware Diversified	Pair Corr
0.82	DPZRX	Delaware Diversified	Pair Corr
0.79	IEYAX	Ivy Energy Fund	Pair Corr
0.98	DTPIX	Delaware Tax Free	Pair Corr
0.73	DCCAX	Delaware Small Cap	Pair Corr
0.93	DCOIX	Delaware Tax Free	Pair Corr
0.72	DCZRX	Delaware Small Cap	Pair Corr
0.73	WMGAX	Ivy Mid Cap	Pair Corr
0.84	VIDAX	Delaware Tax Free	Pair Corr
0.88	DUSIX	Delaware Tax Free	Pair Corr
0.95	DUSCX	Delaware Tax Free	Pair Corr

Moving against Delaware Mutual Fund

0.44	DDFLX	Delaware Floating Rate	Pair Corr
0.41	DULTX	Delaware Investments	Pair Corr
0.39	DDFFX	Delaware Floating Rate	Pair Corr
0.34	DDFCX	Delaware Floating Rate	Pair Corr

Related Correlations Analysis

	MFTFX	FFCDAX	WABMSX	HDCAX	FWNHTX	FURYAX	FBANJX	FXYBJX
MFTFX		-0.19	0.22	0.62	-0.2	0.33	0.11	0.17	MFTFX
FFCDAX	-0.19		0.48	0.25	0.63	0.34	0.67	0.57	FFCDAX
WABMSX	0.22	0.48		0.7	0.49	0.85	0.83	0.83	WABMSX
HDCAX	0.62	0.25	0.7		0.16	0.81	0.63	0.77	HDCAX
FWNHTX	-0.2	0.63	0.49	0.16		0.39	0.42	0.45	FWNHTX
FURYAX	0.33	0.34	0.85	0.81	0.39		0.76	0.82	FURYAX
FBANJX	0.11	0.67	0.83	0.63	0.42	0.76		0.83	FBANJX
FXYBJX	0.17	0.57	0.83	0.77	0.45	0.82	0.83		FXYBJX
	MFTFX	FFCDAX	WABMSX	HDCAX	FWNHTX	FURYAX	FBANJX	FXYBJX

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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

FURYAX	+ 0.85	WABMSX
FBANJX	+ 0.83	WABMSX
FXYBJX	+ 0.83	WABMSX
FXYBJX	+ 0.83	FBANJX
FXYBJX	+ 0.82	FURYAX
FURYAX	+ 0.81	HDCAX

High negative correlations

FWNHTX	- 0.2	MFTFX
FFCDAX	- 0.19	MFTFX

Risk-Adjusted Indicators

There is a big difference between Delaware Mutual Fund performing well and Delaware 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 Delaware 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MFTFX	1.21	0.04	0.02	1.83	1.60	(1.23)	2.48	(2.63)	6.97
FFCDAX	0.14	0.00	(0.02)	0.07	0.21	(0.16)	0.21	(0.41)	1.03
WABMSX	0.50	0.07	0.10	0.19	0.49	(0.55)	1.13	(1.21)	2.69
HDCAX	0.49	0.03	0.04	0.06	0.54	(0.57)	0.95	(0.90)	2.68
FWNHTX	0.02	(0.01)	(0.40)	(2.37)	0.00	(0.02)	0.05	(0.04)	0.16
FURYAX	0.55	0.05	0.06	0.17	0.66	(0.61)	1.18	(1.31)	2.96
FBANJX	0.48	0.01	0.00	0.12	0.67	(0.52)	1.04	(1.22)	2.83
FXYBJX	0.33	0.01	0.01	0.06	0.45	(0.41)	0.67	(0.66)	1.82

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