Maryland Tax-free Correlations

Mutual Funds . USA . 
Fund . Maryland Tax Free Bond
MDXBX Fund  USD 9.97  0.03  0.30%   
The current 90-days correlation between Maryland Tax Free and Maryland Short Term Tax Free is 0.1 (i.e., Average diversification). The correlation of Maryland 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.

Maryland Tax-free Correlation With Market

Average diversification

The correlation between Maryland Tax Free Bond and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Maryland Tax Free Bond 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 Maryland Tax Free Bond. 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 bureau of labor statistics.

Moving together with Maryland Mutual Fund

  0.67TECIX T Rowe PricePairCorr
  0.61PFFRX T Rowe PricePairCorr
  0.99TFBIX Maryland Tax FreePairCorr
  0.99TFBVX Virginia Tax FreePairCorr
  0.86TFHAX T Rowe PricePairCorr
  0.99TFILX T Rowe PricePairCorr
  0.7PGMSX T Rowe PricePairCorr
  0.73RPIHX T Rowe PricePairCorr
  0.79RPLCX T Rowe PricePairCorr
  0.73RPOIX T Rowe PricePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Maryland Mutual Fund performing well and Maryland 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 Maryland 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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