Blackrock Muniyield Correlations

MYN Fund

USD 10.02 0.05 0.50%

The current 90-days correlation between Blackrock Muniyield New and Eaton Vance National is 0.62 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Blackrock Muniyield moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Blackrock Muniyield New moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Blackrock Muniyield Correlation With Market

Weak diversification

The correlation between Blackrock Muniyield New and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Muniyield 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 Muniyield 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 manufacturing.

Moving together with Blackrock Fund

0.74	NEA	Nuveen Amt Free	Pair Corr
0.74	NVG	Nuveen Amt Free	Pair Corr
0.76	NAD	Nuveen Dividend Advantage	Pair Corr
0.78	NZF	Nuveen Municipal Credit	Pair Corr
0.64	NAC	Nuveen California	Pair Corr
0.71	TIMUX	Transamerica Intermediate	Pair Corr
0.63	PGLSX	Global Multi Strategy	Pair Corr

Related Correlations Analysis

	CXH	CBH	IHTA	EOT	FMN	MHN	MUI	NMCO	NAN	KTF
CXH		0.0	0.0	0.84	0.81	0.71	-0.54	0.9	0.92	0.84	CXH
CBH	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CBH
IHTA	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	IHTA
EOT	0.84	0.0	0.0		0.89	0.76	-0.49	0.77	0.86	0.88	EOT
FMN	0.81	0.0	0.0	0.89		0.83	-0.57	0.76	0.82	0.91	FMN
MHN	0.71	0.0	0.0	0.76	0.83		-0.33	0.63	0.71	0.84	MHN
MUI	-0.54	0.0	0.0	-0.49	-0.57	-0.33		-0.65	-0.57	-0.5	MUI
NMCO	0.9	0.0	0.0	0.77	0.76	0.63	-0.65		0.94	0.73	NMCO
NAN	0.92	0.0	0.0	0.86	0.82	0.71	-0.57	0.94		0.82	NAN
KTF	0.84	0.0	0.0	0.88	0.91	0.84	-0.5	0.73	0.82		KTF
	CXH	CBH	IHTA	EOT	FMN	MHN	MUI	NMCO	NAN	KTF

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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

NAN	+ 0.94	NMCO
NAN	+ 0.92	CXH
KTF	+ 0.91	FMN
NMCO	+ 0.9	CXH
FMN	+ 0.89	EOT
KTF	+ 0.88	EOT

High negative correlations

NMCO	- 0.65	MUI
NAN	- 0.57	MUI
MUI	- 0.57	FMN
MUI	- 0.54	CXH
KTF	- 0.5	MUI
MUI	- 0.49	EOT

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
CXH	0.38	(0.01)	0.04	(0.10)	0.56	(0.37)	0.76	(1.00)	2.37
CBH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IHTA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EOT	0.48	(0.02)	0.00	(0.13)	0.00	0.00	1.01	(1.28)	2.87
FMN	0.45	(0.03)	0.00	0.37	0.00	0.00	0.81	(0.99)	3.01
MHN	0.47	0.00	0.00	0.00	0.00	0.00	0.87	(1.06)	2.81
MUI	0.46	(0.04)	0.00	0.46	0.00	0.00	0.73	(1.40)	3.95
NMCO	0.45	0.04	0.11	0.22	0.53	(0.48)	0.92	(0.95)	2.69
NAN	0.39	0.03	0.12	0.44	0.40	(0.51)	1.15	(0.61)	2.72
KTF	0.36	(0.03)	0.00	(0.37)	0.00	0.00	0.75	(0.95)	2.76

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