Blackrock Muniyield Correlations

MYI Fund

USD 10.94 0.07 0.64%

The current 90-days correlation between Blackrock Muniyield and Blackrock Muniyield is 0.62 (i.e., Poor 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.

Blackrock Muniyield Correlation With Market

Very weak diversification

The correlation between Blackrock Muniyield Quality and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Muniyield Quality 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 Quality. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Blackrock Fund

0.64	GDV	Gabelli Dividend Income	Pair Corr
0.75	RNP	Cohen Steers Reit	Pair Corr
0.71	GIOIX	Guggenheim Macro Opp	Pair Corr
0.69	HTD	John Hancock Tax	Pair Corr
0.73	PGLSX	Global Multi Strategy	Pair Corr
0.67	DLDFX	Destinations Low Duration	Pair Corr
0.61	VICSX	Vanguard Intermediate-ter	Pair Corr
0.71	HWACX	Hotchkis Wiley Value	Pair Corr
0.82	TIMUX	Transamerica Intermediate	Pair Corr
0.76	DBIWX	Dws Global Macro	Pair Corr

Moving against Blackrock Fund

0.47	IIF	Morgan Stanley India	Pair Corr
0.33	IFN	India Closed	Pair Corr

Related Correlations Analysis

	MYD	MUI	MQY	MUE	MHD	MVT	MQT	MVF	KTF	NXC
MYD		-0.51	0.9	0.93	0.94	0.94	0.93	0.91	0.87	0.68	MYD
MUI	-0.51		-0.58	-0.47	-0.46	-0.45	-0.65	-0.34	-0.47	-0.56	MUI
MQY	0.9	-0.58		0.89	0.84	0.82	0.89	0.79	0.86	0.69	MQY
MUE	0.93	-0.47	0.89		0.93	0.91	0.91	0.91	0.87	0.72	MUE
MHD	0.94	-0.46	0.84	0.93		0.91	0.86	0.92	0.81	0.69	MHD
MVT	0.94	-0.45	0.82	0.91	0.91		0.91	0.95	0.85	0.71	MVT
MQT	0.93	-0.65	0.89	0.91	0.86	0.91		0.84	0.84	0.73	MQT
MVF	0.91	-0.34	0.79	0.91	0.92	0.95	0.84		0.82	0.7	MVF
KTF	0.87	-0.47	0.86	0.87	0.81	0.85	0.84	0.82		0.61	KTF
NXC	0.68	-0.56	0.69	0.72	0.69	0.71	0.73	0.7	0.61		NXC
	MYD	MUI	MQY	MUE	MHD	MVT	MQT	MVF	KTF	NXC

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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

MVF	+ 0.95	MVT
MHD	+ 0.94	MYD
MVT	+ 0.94	MYD
MUE	+ 0.93	MYD
MQT	+ 0.93	MYD
MHD	+ 0.93	MUE

High negative correlations

MQT	- 0.65	MUI
MQY	- 0.58	MUI
NXC	- 0.56	MUI
MUI	- 0.51	MYD
KTF	- 0.47	MUI
MUE	- 0.47	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	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	0.46	(0.03)	0.00	(0.41)	0.00	0.00	0.73	(1.40)	3.95
MQY	0.50	(0.04)	0.00	(0.22)	0.00	0.00	1.04	(0.95)	2.85
MUE	0.57	(0.03)	0.00	(0.14)	0.00	0.00	1.22	(1.25)	2.77
MHD	0.49	(0.02)	0.00	(0.19)	0.00	0.00	0.94	(1.02)	2.80
MVT	0.52	0.01	0.01	0.04	0.62	(0.62)	0.95	(1.15)	3.47
MQT	0.49	0.00	0.00	0.02	0.58	(0.54)	1.28	(0.92)	3.03
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
NXC	0.35	0.02	0.04	0.13	0.38	(0.40)	0.78	(0.62)	1.98

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