Blackrock Muniholdings Correlations

MUJ Fund

USD 11.31 0.02 0.18%

The current 90-days correlation between Blackrock Muniholdings and Blackrock Muniyield is 0.65 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Blackrock Muniholdings moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Blackrock Muniholdings New moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Blackrock Muniholdings Correlation With Market

Modest diversification

The correlation between Blackrock Muniholdings New and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Muniholdings New 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 Muniholdings New. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Blackrock Fund

0.65	ERH	Allspring Utilities And	Pair Corr
0.78	CSJZX	Cohen Steers Realty	Pair Corr
0.78	CSRSX	Cohen Steers Realty	Pair Corr
0.83	VMNVX	Vanguard Global Minimum	Pair Corr
0.78	WRAIX	Wilmington Global Alpha	Pair Corr
0.7	TDMTX	Templeton Developing	Pair Corr
0.68	DGQUX	Americafirst Defensive	Pair Corr
0.75	VZICX	Vanguard International	Pair Corr
0.74	SRBFX	Columbia Total Return	Pair Corr
0.78	IOSAX	Voya Global Bond	Pair Corr
0.77	SGQCX	Deutsche Global Growth	Pair Corr
0.77	FAUDX	Strategic Advisers Short	Pair Corr
0.71	WABMEX	Wabmex	Pair Corr
0.8	CMDAX	Columbia Conservative	Pair Corr
0.83	TSSIX	Thornburg Strategic	Pair Corr
0.8	TGROX	Tiaa Cref Green	Pair Corr
0.61	TIISX	Tiaa Cref Intl	Pair Corr
0.75	WISEX	Azzad Wise Capital	Pair Corr
0.9	CMBFX	Columbia Amt Free	Pair Corr
0.71	RBOHX	Intermediate Bond	Pair Corr
0.81	SGSLX	Western Asset Mortgage	Pair Corr
0.88	MCNAX	Madison Conservative	Pair Corr
0.84	PEGBX	Pimco Esg Income	Pair Corr
0.9	WFITX	Intermediate Tax/amt-free	Pair Corr
0.78	TSOHX	Tiaa Cref Social	Pair Corr
0.9	RCLSX	Conservative Strategy	Pair Corr
0.64	TLDIX	Thornburg Low Duration	Pair Corr
0.77	SCIEX	Hartford Schroders	Pair Corr
0.66	DFISX	International Small Pany	Pair Corr
0.78	SEWIX	Guggenheim World Equity	Pair Corr

Related Correlations Analysis

	MYD	MUI	MQY	MYI	MUE	MVF	KTF	MHD	NXC	NMCO
MYD		0.02	0.9	0.89	0.93	0.91	0.87	0.94	0.68	0.91	MYD
MUI	0.02		0.02	0.14	0.13	0.16	0.11	0.08	0.05	-0.17	MUI
MQY	0.9	0.02		0.8	0.89	0.79	0.86	0.84	0.69	0.76	MQY
MYI	0.89	0.14	0.8		0.91	0.91	0.85	0.88	0.78	0.83	MYI
MUE	0.93	0.13	0.89	0.91		0.91	0.87	0.93	0.72	0.81	MUE
MVF	0.91	0.16	0.79	0.91	0.91		0.82	0.92	0.7	0.85	MVF
KTF	0.87	0.11	0.86	0.85	0.87	0.82		0.81	0.61	0.75	KTF
MHD	0.94	0.08	0.84	0.88	0.93	0.92	0.81		0.69	0.84	MHD
NXC	0.68	0.05	0.69	0.78	0.72	0.7	0.61	0.69		0.67	NXC
NMCO	0.91	-0.17	0.76	0.83	0.81	0.85	0.75	0.84	0.67		NMCO
	MYD	MUI	MQY	MYI	MUE	MVF	KTF	MHD	NXC	NMCO

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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

MHD	+ 0.94	MYD
MUE	+ 0.93	MYD
MHD	+ 0.93	MUE
MHD	+ 0.92	MVF
MVF	+ 0.91	MYD
NMCO	+ 0.91	MYD

High negative correlations

NMCO

- 0.17

MUI

Risk-Adjusted Indicators

There is a big difference between Blackrock Fund performing well and Blackrock Muniholdings 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 Muniholdings' 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
MYD	0.45	(0.02)	0.00	(0.16)	0.00	0.00	0.97	(0.93)	2.63
MUI	0.39	(0.01)	(0.01)	(0.02)	0.56	(0.48)	0.67	(1.40)	3.07
MQY	0.50	(0.04)	0.00	(0.22)	0.00	0.00	1.04	(0.95)	2.85
MYI	0.51	0.00	0.00	0.00	0.59	(0.61)	1.09	(1.09)	3.13
MUE	0.57	(0.03)	0.00	(0.14)	0.00	0.00	1.22	(1.25)	2.77
MVF	0.51	0.01	0.01	0.08	0.63	(0.56)	1.12	(0.99)	3.98
KTF	0.35	(0.03)	0.00	(0.37)	0.00	0.00	0.75	(0.95)	2.76
MHD	0.49	(0.02)	0.00	(0.19)	0.00	0.00	0.94	(1.02)	2.80
NXC	0.35	0.02	0.04	0.13	0.38	(0.40)	0.78	(0.62)	1.98
NMCO	0.44	0.04	0.06	0.30	0.52	(0.48)	0.92	(0.95)	2.69

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