Morningstar Municipal Correlations

MSTPX Fund

USD 9.91 0.02 0.20%

The current 90-days correlation between Morningstar Municipal and Adams Natural Resources is -0.24 (i.e., Very good diversification). The correlation of Morningstar 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.

Morningstar Municipal Correlation With Market

Good diversification

The correlation between Morningstar Municipal Bond and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morningstar Municipal 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 Morningstar Municipal 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 american community survey.

Moving together with Morningstar Mutual Fund

0.7	MSTBX	Morningstar Defensive	Pair Corr
0.67	MSTFX	Morningstar International	Pair Corr
0.76	MSTGX	Morningstar Global Income	Pair Corr
0.76	MSTMX	Morningstar Multisector	Pair Corr
0.7	MSTRX	Morningstar Total Return	Pair Corr
0.77	MSTVX	Morningstar Alternatives	Pair Corr
0.92	VWITX	Vanguard Intermediate-ter	Pair Corr
0.92	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.91	AFTEX	Tax Exempt Bond	Pair Corr
0.91	AFTFX	Tax Exempt Bond	Pair Corr
0.89	TEBCX	Tax Exempt Bond	Pair Corr
0.91	TEAFX	Tax Exempt Bond	Pair Corr
0.91	TFEBX	Tax Exempt Bond	Pair Corr
0.97	FLTMX	Fidelity Intermediate	Pair Corr
0.88	MDNLX	Blackrock National	Pair Corr
0.84	MFNLX	Blackrock Natl Muni	Pair Corr
0.69	PDI	Pimco Dynamic Income	Pair Corr
0.67	FTCAX	Templeton Strained Bond	Pair Corr
0.86	NEA	Nuveen Amt Free	Pair Corr
0.62	MYN	Blackrock Muniyield New	Pair Corr
0.67	RYAEX	Europe 125x Strategy	Pair Corr
0.68	FRSAX	Federated Floating Rate	Pair Corr
0.72	RNHIX	Rivernorthoaktree High	Pair Corr
0.68	NRIQX	Neuberger Berman Int	Pair Corr

Moving against Morningstar Mutual Fund

0.74	TCTGX	Transamerica Cleartrack	Pair Corr
0.75	TCSUX	Cleartrack 2020 Class	Pair Corr
0.74	TCTJX	Transamerica Cleartrack	Pair Corr
0.73	TDKTX	Cleartrack 2015 Class	Pair Corr

Related Correlations Analysis

	PEO	ALEFX	INRSX	FIKAX	VENAX	FRNRX	XGNTX	BACCX
PEO		0.84	0.76	0.89	0.96	0.91	0.69	0.95	PEO
ALEFX	0.84		0.74	0.82	0.85	0.93	0.67	0.84	ALEFX
INRSX	0.76	0.74		0.94	0.83	0.82	0.33	0.75	INRSX
FIKAX	0.89	0.82	0.94		0.96	0.89	0.42	0.91	FIKAX
VENAX	0.96	0.85	0.83	0.96		0.91	0.56	0.97	VENAX
FRNRX	0.91	0.93	0.82	0.89	0.91		0.67	0.88	FRNRX
XGNTX	0.69	0.67	0.33	0.42	0.56	0.67		0.63	XGNTX
BACCX	0.95	0.84	0.75	0.91	0.97	0.88	0.63		BACCX
	PEO	ALEFX	INRSX	FIKAX	VENAX	FRNRX	XGNTX	BACCX

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Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PEO	0.85	0.15	0.11	0.30	0.99	(0.77)	1.79	(1.87)	5.71
ALEFX	0.99	0.13	0.09	(0.72)	1.29	(1.04)	1.96	(2.27)	6.21
INRSX	0.91	0.07	0.06	0.10	1.12	(0.99)	1.70	(1.98)	5.43
FIKAX	0.95	0.14	0.09	0.21	1.43	(0.94)	1.80	(2.54)	6.59
VENAX	0.94	0.15	0.10	0.25	1.33	(0.91)	2.08	(2.19)	6.05
FRNRX	0.85	0.10	0.08	(2.08)	1.14	(0.90)	1.72	(1.97)	4.96
XGNTX	0.53	0.11	0.13	(2.34)	0.69	(0.60)	1.26	(1.00)	3.07
BACCX	0.78	0.17	0.13	0.31	1.05	(0.80)	1.49	(1.90)	5.48

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