Hartford Municipal Correlations

HMOP Etf

USD 38.38 0.13 0.34%

The current 90-days correlation between Hartford Municipal and iShares National Muni is 0.25 (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

Significant diversification

The correlation between Hartford Municipal Opportuniti and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Municipal Opportuniti 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 Opportunities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Hartford Etf

0.91	MUB	iShares National Muni	Pair Corr
0.93	VTEB	Vanguard Tax Exempt	Pair Corr
0.97	FMB	First Trust Managed	Pair Corr
0.92	ITM	VanEck Intermediate Muni	Pair Corr
0.92	MMIT	IQ MacKay Municipal	Pair Corr
0.86	TAXF	American Century Div	Pair Corr
0.98	JMUB	JPMorgan Municipal	Pair Corr
0.9	MUST	Columbia Multi Sector	Pair Corr
0.94	MINO	PIMCO ETF Trust	Pair Corr
0.68	FXY	Invesco CurrencyShares	Pair Corr
0.67	PMBS	PIMCO Mortgage Backed	Pair Corr
0.69	JNJ	Johnson Johnson	Pair Corr
0.61	GE	GE Aerospace	Pair Corr
0.79	CSCO	Cisco Systems	Pair Corr
0.74	PG	Procter Gamble Sell-off Trend	Pair Corr
0.65	T	ATT Inc Sell-off Trend	Pair Corr

Moving against Hartford Etf

0.37	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.51	MRK	Merck Company	Pair Corr
0.48	AA	Alcoa Corp	Pair Corr
0.36	CAT	Caterpillar	Pair Corr

Related Correlations Analysis

	MUB	VTEB	FMB	ITM	MMIT	HMOP	TAXF	JMUB	MUST	MINO
MUB		0.92	0.93	0.93	0.88	0.91	0.97	0.89	0.89	0.96	MUB
VTEB	0.92		0.97	0.97	0.78	0.93	0.88	0.92	0.93	0.87	VTEB
FMB	0.93	0.97		0.95	0.89	0.97	0.88	0.97	0.91	0.93	FMB
ITM	0.93	0.97	0.95		0.8	0.92	0.9	0.9	0.92	0.88	ITM
MMIT	0.88	0.78	0.89	0.8		0.92	0.82	0.94	0.8	0.95	MMIT
HMOP	0.91	0.93	0.97	0.92	0.92		0.86	0.98	0.9	0.94	HMOP
TAXF	0.97	0.88	0.88	0.9	0.82	0.86		0.83	0.85	0.92	TAXF
JMUB	0.89	0.92	0.97	0.9	0.94	0.98	0.83		0.88	0.93	JMUB
MUST	0.89	0.93	0.91	0.92	0.8	0.9	0.85	0.88		0.86	MUST
MINO	0.96	0.87	0.93	0.88	0.95	0.94	0.92	0.93	0.86		MINO
	MUB	VTEB	FMB	ITM	MMIT	HMOP	TAXF	JMUB	MUST	MINO

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Hartford Municipal Constituents Risk-Adjusted Indicators

There is a big difference between Hartford Etf performing well and Hartford Municipal ETF 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
MUB	0.19	0.00	0.00	0.00	0.00	0.00	0.40	(0.42)	1.03
VTEB	0.19	(0.01)	0.00	(0.28)	0.00	0.00	0.42	(0.36)	0.95
FMB	0.17	(0.01)	0.21	(0.23)	0.21	(0.19)	0.35	(0.35)	0.95
ITM	0.20	(0.02)	0.00	(1.56)	0.00	0.00	0.40	(0.37)	1.03
MMIT	0.16	(0.01)	0.21	0.65	0.20	(0.16)	0.33	(0.33)	0.75
HMOP	0.17	(0.01)	0.21	(0.36)	0.21	(0.17)	0.31	(0.34)	0.94
TAXF	0.20	(0.02)	0.00	(0.87)	0.00	0.00	0.46	(0.38)	0.92
JMUB	0.14	0.00	0.25	(0.14)	0.17	(0.15)	0.30	(0.30)	0.82
MUST	0.26	(0.02)	0.00	(0.33)	0.00	0.00	0.54	(0.55)	1.54
MINO	0.23	(0.01)	0.00	2.32	0.00	0.00	0.49	(0.47)	1.21

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