Blackrock Muniyield Correlations

MIY Fund

USD 11.35 0.01 0.09%

The current 90-days correlation between Blackrock Muniyield and John Hancock Income is 0.46 (i.e., Very weak diversification). The correlation of Blackrock Muniyield 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.

Blackrock Muniyield Correlation With Market

Average diversification

The correlation between Blackrock Muniyield Mi and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Muniyield Mi 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 Blackrock Muniyield Mi. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Blackrock Fund

0.74	DNP	Dnp Select Income	Pair Corr
0.68	GAB	Gabelli Equity Trust	Pair Corr
0.79	RIV	Rivernorth Opportunities	Pair Corr
0.85	VMSIX	Vanguard Multi Sector	Pair Corr
0.76	HFHCX	Hartford Floating	Pair Corr
0.71	HIMZX	Virtus Low Duration	Pair Corr
0.67	ASBFX	Short Term Bond	Pair Corr
0.66	TEDMX	Templeton Developing	Pair Corr
0.8	NSITX	Northern Short-intermedia	Pair Corr
0.84	RBBCX	Columbia Income Builder	Pair Corr
0.77	NECRX	Loomis Sayles E	Pair Corr
0.71	GQJPX	Gqg Partners Interna	Pair Corr
0.77	WATCX	Western Asset Interm	Pair Corr
0.81	AFTEX	Tax Exempt Bond	Pair Corr
0.83	THYAX	High Yield Fund	Pair Corr
0.78	VWIAX	Vanguard Wellesley Income	Pair Corr
0.84	MNCRX	Pro-blend(r) Conservative	Pair Corr
0.77	OSIIX	Oppenheimer Global Strtgc	Pair Corr
0.8	BACPX	Blackrock Conservative	Pair Corr
0.69	JULMX	Multimanager Lifestyle	Pair Corr
0.84	MNCIX	Pro-blend(r) Conservative	Pair Corr
0.73	VTMGX	Vanguard Developed	Pair Corr
0.77	NWJJX	Nationwide Highmark Bond	Pair Corr
0.75	PCCFX	Prudential Income Builder	Pair Corr
0.84	VMSAX	Vanguard Multi Sector	Pair Corr
0.68	PUGCX	Putnam Global Equity	Pair Corr
0.75	DURIX	Deutsche European Equity	Pair Corr
0.79	FHYIX	Franklin High Yield	Pair Corr

Moving against Blackrock Fund

0.38	ETJ	Eaton Vance Risk	Pair Corr
0.35	ABQYX	Ab Intermediate Bond	Pair Corr

Related Correlations Analysis

	JHS	CXE	CXH	CBH	MHD	MUI	NDMO	MQY	KTF	MYI
JHS		0.58	0.62	0.0	0.38	-0.3	0.28	0.66	0.63	0.43	JHS
CXE	0.58		0.83	0.0	0.82	-0.67	0.82	0.76	0.89	0.88	CXE
CXH	0.62	0.83		0.0	0.8	-0.63	0.76	0.83	0.86	0.79	CXH
CBH	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	CBH
MHD	0.38	0.82	0.8	0.0		-0.63	0.83	0.85	0.85	0.9	MHD
MUI	-0.3	-0.67	-0.63	0.0	-0.63		-0.83	-0.54	-0.5	-0.6	MUI
NDMO	0.28	0.82	0.76	0.0	0.83	-0.83		0.61	0.7	0.79	NDMO
MQY	0.66	0.76	0.83	0.0	0.85	-0.54	0.61		0.85	0.77	MQY
KTF	0.63	0.89	0.86	0.0	0.85	-0.5	0.7	0.85		0.88	KTF
MYI	0.43	0.88	0.79	0.0	0.9	-0.6	0.79	0.77	0.88		MYI
	JHS	CXE	CXH	CBH	MHD	MUI	NDMO	MQY	KTF	MYI

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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

MYI	+ 0.9	MHD
KTF	+ 0.89	CXE
MYI	+ 0.88	CXE
MYI	+ 0.88	KTF
KTF	+ 0.86	CXH
MQY	+ 0.85	MHD

High negative correlations

NDMO	- 0.83	MUI
MUI	- 0.67	CXE
MUI	- 0.63	MHD
MUI	- 0.63	CXH
MYI	- 0.6	MUI
MQY	- 0.54	MUI

Risk-Adjusted Indicators

There is a big difference between Blackrock Fund performing well and Blackrock Muniyield 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 Blackrock Muniyield'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
JHS	0.38	(0.01)	(0.13)	0.64	(0.91)	2.23
CXE	0.62	(0.07)	(1.02)	0.82	(1.33)	4.08
CXH	0.42	(0.05)	0.84	0.76	(1.01)	2.56
CBH	0.00	0.00	0.00	0.00	0.00	0.00
MHD	0.51	(0.09)	(0.70)	0.94	(1.05)	2.80
MUI	0.46	(0.05)	0.15	0.73	(1.40)	3.95
NDMO	0.40	(0.03)	(0.26)	0.79	(0.87)	1.77
MQY	0.51	(0.11)	(0.49)	0.96	(1.18)	2.85
KTF	0.38	(0.07)	(0.83)	0.75	(1.13)	2.74
MYI	0.50	(0.05)	(0.24)	0.83	(1.09)	3.13

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