Johnson Municipal Correlations

Mutual Funds . USA . 
Fund . Johnson Municipal Income
JMUNX Fund  USD 16.12  0.03  0.19%   
The current 90-days correlation between Johnson Municipal Income and Eagle Mlp Strategy is -0.05 (i.e., Good diversification). The correlation of Johnson 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.

Johnson Municipal Correlation With Market

Significant diversification

The correlation between Johnson Municipal Income and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Johnson 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 Johnson 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 board of governors.

Moving together with JOHNSON Mutual Fund

  0.8JCPLX Johnson Core PlusPairCorr
  0.71JIBSX Johnson Mutual FundsPairCorr
  0.78JIBFX Johnson InstitutionalPairCorr
  0.71JIMFX Johnson InstitutionalPairCorr
  0.71JINTX Johnson InternationalPairCorr
  0.97FKTOX Franklin Ohio TaxPairCorr
  0.9FROZX Franklin Ohio TaxPairCorr
  0.93VOHIX Vanguard Ohio LongPairCorr
  0.92FOHQX Franklin Ohio TaxPairCorr
  0.91FTOIX Franklin Ohio TaxPairCorr
  0.91FOITX Franklin Ohio TaxPairCorr
  0.91FAFMX Nuveen Ohio MunicipalPairCorr
  0.9FOHTX Nuveen Ohio MunicipalPairCorr
  0.91NXOHX Nuveen Ohio MunicipalPairCorr
  0.92FOHFX Fidelity Ohio MunicipalPairCorr
  0.83GABFX Gmo Asset AllocationPairCorr
  0.72REIZX Third Avenue InternaPairCorr

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   
REMVX
+ 0.98
MPEMX
DODEX
+ 0.94
ZEMIX
MPEMX
+ 0.94
DODEX
REMVX
+ 0.92
DODEX
MPEMX
+ 0.88
ZEMIX
DODEX
+ 0.85
ANBIX
  
High negative correlations   
REMVX
- 0.03
EGLNX

Risk-Adjusted Indicators

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

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