Hartford Municipal Correlations

HMJFX Fund

USD 9.87 0.01 0.10%

The current 90-days correlation between Hartford Municipal Short and Ab Bond Inflation is 0.21 (i.e., Modest diversification). The correlation of Hartford 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.

Hartford Municipal Correlation With Market

Good diversification

The correlation between Hartford Municipal Short and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Municipal Short and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hartford Municipal Short. 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 Hartford Mutual Fund

0.87	VMLTX	Vanguard Limited Term	Pair Corr
0.87	VMLUX	Vanguard Limited Term	Pair Corr
0.72	VWSTX	Vanguard Short Term	Pair Corr
0.72	VWSUX	Vanguard Short Term	Pair Corr
0.92	GDUSX	Goldman Sachs Short	Pair Corr
0.94	GANPX	Goldman Sachs Short	Pair Corr
0.79	SNDPX	Diversified Municipal	Pair Corr
0.81	AIDYX	Diversified Municipal	Pair Corr
0.82	AIDZX	Diversified Municipal	Pair Corr
0.77	PFJAX	Putnam High Yield	Pair Corr
0.75	SHYIX	Guggenheim High Yield	Pair Corr
0.7	SRYRX	Simt Real Return	Pair Corr
0.71	LSYFX	Lord Abbett Short	Pair Corr
0.74	MHHIX	Mainstay High Yield	Pair Corr
0.66	ASCGX	Lebenthal Lisanti Small	Pair Corr

Related Correlations Analysis

	ABNTX	EVOIX	ABNOX	QCILIX	QMHIX	LIFAX	GPMFX
ABNTX		-0.27	0.99	0.99	-0.37	0.38	-0.15	ABNTX
EVOIX	-0.27		-0.32	-0.25	0.77	0.16	0.67	EVOIX
ABNOX	0.99	-0.32		0.98	-0.39	0.37	-0.15	ABNOX
QCILIX	0.99	-0.25	0.98		-0.32	0.41	-0.13	QCILIX
QMHIX	-0.37	0.77	-0.39	-0.32		0.52	0.84	QMHIX
LIFAX	0.38	0.16	0.37	0.41	0.52		0.57	LIFAX
GPMFX	-0.15	0.67	-0.15	-0.13	0.84	0.57		GPMFX
	ABNTX	EVOIX	ABNOX	QCILIX	QMHIX	LIFAX	GPMFX

Click cells to compare fundamentals

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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

ABNOX	+ 0.99	ABNTX
QCILIX	+ 0.99	ABNTX
QCILIX	+ 0.98	ABNOX
GPMFX	+ 0.84	QMHIX
QMHIX	+ 0.77	EVOIX
GPMFX	+ 0.67	EVOIX

High negative correlations

QMHIX	- 0.39	ABNOX
QMHIX	- 0.37	ABNTX
QMHIX	- 0.32	QCILIX
ABNOX	- 0.32	EVOIX
EVOIX	- 0.27	ABNTX
QCILIX	- 0.25	EVOIX

Risk-Adjusted Indicators

There is a big difference between Hartford Mutual Fund performing well and Hartford 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 Hartford 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
ABNTX	0.14	(0.02)	0.00	(0.53)	0.00	0.00	0.20	(0.30)	0.79
EVOIX	0.35	0.02	(0.01)	(0.27)	0.37	(0.41)	0.76	(0.61)	1.98
ABNOX	0.15	(0.02)	0.00	(0.46)	0.00	0.00	0.20	(0.30)	0.89
QCILIX	0.14	(0.02)	0.00	(0.50)	0.00	0.00	0.28	(0.32)	0.91
QMHIX	0.59	0.11	0.09	(2.93)	0.76	(0.62)	1.30	(1.05)	3.92
LIFAX	0.12	0.00	(0.13)	(0.10)	0.09	(0.15)	0.26	(0.26)	0.78
GPMFX	0.44	0.02	0.00	(1.88)	0.52	(0.47)	0.76	(0.88)	2.31

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