Hartford Municipal Correlations

HMKIX Fund  USD 9.98  0.01  0.10%   
The current 90-days correlation between Hartford Municipal Income and The Hartford Growth is -0.06 (i.e., Good 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

Significant diversification

The correlation between Hartford Municipal Income and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Municipal Income 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 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 gross domestic product.

Moving together with Hartford Mutual Fund

  0.68HGXAX Hartford Global ImpactPairCorr
  0.68HGXCX Hartford Global ImpactPairCorr
  0.67HGXFX Hartford Global ImpactPairCorr
  0.67HGXIX Hartford Global ImpactPairCorr
  0.68HGXRX Hartford Global ImpactPairCorr
  0.7HGXSX Hartford Global ImpactPairCorr
  0.67HGXTX Hartford Global ImpactPairCorr
  0.67HGXVX Hartford Global ImpactPairCorr
  0.67HGXYX Hartford Global ImpactPairCorr
  0.99HHMAX The Hartford MunicipalPairCorr
  0.99HHMCX The Hartford MunicipalPairCorr
  0.92HHMFX The Hartford MunicipalPairCorr
  0.92HHMIX The Hartford MunicipalPairCorr
  0.99HHMYX The Hartford MunicipalPairCorr
  0.78HIABX Hartford Total ReturnPairCorr
  0.65HIAOX Hartford InternationalPairCorr

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   
HGOIXHGOFX
HGOSXHGOFX
HGOTXHGOFX
HGOVXHGOFX
HGOCXHGOFX
HGOSXHGOIX
  
High negative correlations   
HGXAXHGOAX
HGXAXHGOYX
HGXAXHGORX
HGXAXHGOVX
HGXAXHGOTX
HGXAXHGOSX

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
HGOFX  0.82  0.18  0.12  0.90  1.12 
 1.70 
 5.92 
HGOIX  0.82  0.18  0.12  0.89  1.12 
 1.71 
 5.92 
HGORX  0.83  0.14  0.09  1.96  1.18 
 1.72 
 5.92 
HGOSX  0.82  0.18  0.12  0.88  1.12 
 1.73 
 5.90 
HGOTX  0.82  0.18  0.12  0.89  1.12 
 1.71 
 5.92 
HGOVX  0.82  0.18  0.12  0.90  1.12 
 1.72 
 5.92 
HGOYX  0.83  0.14  0.09  1.93  1.18 
 1.72 
 5.91 
HGOAX  0.83  0.14  0.09  1.90  1.18 
 1.72 
 5.91 
HGOCX  0.82  0.18  0.12  0.87  1.13 
 1.71 
 5.93 
HGXAX  0.56 (0.06) 0.00 (0.26) 0.00 
 0.90 
 4.02