Kentucky Tax-free Correlations

KYTFX Fund

USD 7.28 0.00 0.00%

The current 90-days correlation between Kentucky Tax Free and Real Estate Ultrasector is 0.09 (i.e., Significant 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

Very good diversification

The correlation between Kentucky Tax Free Income and DJI is -0.26 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kentucky Tax Free Income 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 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 census.

Moving together with Kentucky Mutual Fund

0.89	NTFIX	North Carolina Tax	Pair Corr
0.9	KYSMX	Kentucky Tax Free	Pair Corr
0.88	DUALX	Alabama Tax Free	Pair Corr
0.85	UVABX	Virginia Bond	Pair Corr
0.95	HULYX	Hawaiian Tax Free	Pair Corr
0.79	ORTYX	Aquila Tax Free	Pair Corr
0.84	UVAIX	Usaa Virginia Bond	Pair Corr
0.87	USVAX	Virginia Bond	Pair Corr
0.8	HULAX	Hawaiian Tax Free	Pair Corr
0.88	FOFRX	Franklin Oregon Tax	Pair Corr
0.81	FOFQX	Franklin Oregon Tax	Pair Corr

Moving against Kentucky Mutual Fund

0.38

QAISX

Q3 All Weather

Pair Corr

Related Correlations Analysis

	REPIX	SEIRX	VGSIX	PHRAX	SAREX	RRRZX	FORFX
REPIX		0.56	0.81	0.6	0.99	0.96	-0.26	REPIX
SEIRX	0.56		0.85	0.99	0.58	0.7	0.45	SEIRX
VGSIX	0.81	0.85		0.87	0.82	0.81	-0.05	VGSIX
PHRAX	0.6	0.99	0.87		0.61	0.73	0.41	PHRAX
SAREX	0.99	0.58	0.82	0.61		0.96	-0.24	SAREX
RRRZX	0.96	0.7	0.81	0.73	0.96		0.0	RRRZX
FORFX	-0.26	0.45	-0.05	0.41	-0.24	0.0		FORFX
	REPIX	SEIRX	VGSIX	PHRAX	SAREX	RRRZX	FORFX

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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

SAREX	+ 0.99	REPIX
PHRAX	+ 0.99	SEIRX
RRRZX	+ 0.96	REPIX
RRRZX	+ 0.96	SAREX
PHRAX	+ 0.87	VGSIX
VGSIX	+ 0.85	SEIRX

High negative correlations

FORFX	- 0.26	REPIX
FORFX	- 0.24	SAREX
FORFX	- 0.05	VGSIX
FORFX	- 0.0	RRRZX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
REPIX	1.07	0.06	(0.02)	0.38	1.41	(1.08)	1.87	(1.93)	6.71
SEIRX	0.70	0.05	(0.05)	0.30	0.78	(0.78)	1.27	(1.35)	3.65
VGSIX	0.70	0.03	(0.07)	0.34	0.85	(0.68)	1.34	(1.36)	3.60
PHRAX	0.69	0.05	(0.05)	0.41	0.81	(0.77)	1.23	(1.70)	3.61
SAREX	0.69	0.03	(0.08)	0.31	0.82	(0.72)	1.21	(1.30)	3.56
RRRZX	0.71	0.04	(0.06)	0.40	0.82	(0.72)	1.35	(1.37)	3.82
FORFX	0.06	0.00	0.00	0.00	0.00	0.00	0.11	0.00	0.93

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