Kentucky Tax-free Correlations

Mutual Funds . USA . 
Fund . Kentucky Tax Free Short To Medium
KYSMX Fund  USD 5.13  0.01  0.19%   
The current 90-days correlation between Kentucky Tax Free and Pace International Equity is -0.11 (i.e., Good diversification). The correlation of Kentucky Tax-free 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.

Kentucky Tax-free Correlation With Market

Good diversification

The correlation between Kentucky Tax Free Short To Med and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kentucky Tax Free Short To Med and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kentucky Tax Free Short To Medium. 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 Kentucky Mutual Fund

  0.61NTFIX North Carolina TaxPairCorr
  0.97NTSMX North Carolina TaxPairCorr
  0.73KYTFX Kentucky Tax FreePairCorr
  0.89DPIGX Intermediate GovernmentPairCorr
  0.63DUMSX Mississippi Tax FreePairCorr
  0.92DUTMX Taxable Municipal BondPairCorr
  0.97TTSMX Tennessee Tax FreePairCorr
  0.82ANIYX New York MunicipalPairCorr
  0.79SNNYX New York MunicipalPairCorr
  0.85LTBYX Opnhmr RchstrPairCorr
  0.9IORMX Aim Taxexempt FundsPairCorr
  0.82LTNYX Opnhmr RchstrPairCorr
  0.71ANMCX New York MunicipalPairCorr
  0.78ANIAX New York MunicipalPairCorr
  0.82SNCAX California MunicipalPairCorr
  0.86AICYX California MunicipalPairCorr
  0.74SGDLX Sprott Gold Equity Steady GrowthPairCorr
  0.9VSGDX Vanguard Short TermPairCorr
  0.86ARBOX Absolute ConvertiblePairCorr
  0.87BISMX Brandes InternationalPairCorr
  0.92PSDNX Putnam Ultra ShortPairCorr
  0.95EMBAX Unconstrained EmergingPairCorr
  0.69SAEMX Sa Emerging MarketsPairCorr
  0.92DLDFX Destinations Low DurationPairCorr
  0.88DBIWX Dws Global MacroPairCorr

Moving against Kentucky Mutual Fund

  0.77SMPIX Semiconductor UltrasectorPairCorr
  0.77SMPSX Semiconductor UltrasectorPairCorr
  0.65RGNCX Victory Global NaturalPairCorr
  0.63RSNYX Victory Global NaturalPairCorr
  0.63RSNRX Victory Global NaturalPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Kentucky Mutual Fund performing well and Kentucky Tax-free 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 Kentucky Tax-free'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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