Fixed Income Correlations

Mutual Funds . USA . 
Fund . Fixed Income Shares
FXIMX Fund  USD 8.79  0.02  0.23%   
The current 90-days correlation between Fixed Income Shares and Touchstone Small Cap is 0.33 (i.e., Weak diversification). The correlation of Fixed Income 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.

Fixed Income Correlation With Market

Average diversification

The correlation between Fixed Income Shares and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fixed Income Shares 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 Fixed Income Shares. 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 population.

Moving together with Fixed Mutual Fund

  0.97PWLEX Pimco Rae WorldwidePairCorr
  0.96PWLBX Pimco Rae WorldwidePairCorr
  0.96PWLMX Pimco Rae WorldwidePairCorr
  0.96PWLIX Pimco Rae WorldwidePairCorr
  0.73PFCJX Pimco Preferred AndPairCorr
  0.86PFATX Pimco FundamentalPairCorr
  0.74PFANX Pimco Capital SecPairCorr
  0.97PFGAX Long Term GovernmentPairCorr
  0.97PFGCX Long Term GovernmentPairCorr
  0.95PFIAX Pimco Floating IncomePairCorr
  0.95PFIIX Pimco Floating IncomePairCorr
  0.97PFIUX Pimco Unconstrained BondPairCorr
  0.74PFINX Pimco Capital SecPairCorr
  0.85PFMIX Municipal BondPairCorr
  0.95PFNCX Pimco Floating IncomePairCorr
  0.74PFNNX Pimco Preferred AndPairCorr
  0.95PFNIX Pimco Low DurationPairCorr
  0.97PFNUX Pimco Dynamic BondPairCorr
  0.92PFRCX Foreign BondPairCorr
  0.91PFRMX Pimco Inflation ResponsePairCorr
  0.74PFPNX Pimco Capital SecPairCorr
  0.84PFTCX Short Term FundPairCorr
  0.95PFTPX Pimco Floating IncomePairCorr
  0.96PFSIX Pimco Emerging MarketsPairCorr
  0.93PFUUX Pimco Foreign BondPairCorr
  0.93PFUAX Foreign BondPairCorr
  0.94PFUIX Foreign BondPairCorr
  0.93PFUNX Pimco International BondPairCorr
  0.93PFUPX Pimco Foreign BondPairCorr
  0.63PGAPX Pimco Global MultiPairCorr
  0.97PGBIX Global Bond FundPairCorr

Related Correlations Analysis

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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   
LMBMX
+ 0.96
TVOYX
QLMSTX
+ 0.96
TVOYX
QSERX
+ 0.94
LMBMX
QSERX
+ 0.94
CIPNX
CIPNX
+ 0.92
LMBMX
QLMSTX
+ 0.92
LMBMX
  
High negative correlations   
DFUKX
- 0.09
LMBMX
QLMSTX
- 0.04
DFUKX
DFUKX
- 0.03
TVOYX

Risk-Adjusted Indicators

There is a big difference between Fixed Mutual Fund performing well and Fixed Income 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 Fixed Income'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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