Near-term Tax Correlations

NEARX Fund

USD 2.10 0.00 0.00%

The current 90-days correlation between Near Term Tax and Calamos Dynamic Convertible is 0.07 (i.e., Significant diversification). The correlation of Near-term Tax 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.

Near-term Tax Correlation With Market

Significant diversification

The correlation between Near Term Tax Free and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Near Term Tax Free 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 Near Term Tax Free. 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 metropolitan statistical area.

Moving together with Near-term Mutual Fund

0.7	UNWPX	World Precious Minerals	Pair Corr
0.74	USERX	Gold And Precious	Pair Corr
0.84	VMLTX	Vanguard Limited Term	Pair Corr
0.84	VMLUX	Vanguard Limited Term	Pair Corr
0.82	VWSTX	Vanguard Short Term	Pair Corr
0.82	VWSUX	Vanguard Short Term	Pair Corr
0.78	GDUSX	Goldman Sachs Short	Pair Corr
0.87	GANPX	Goldman Sachs Short	Pair Corr
0.86	SNDPX	Diversified Municipal	Pair Corr
0.79	AIDYX	Diversified Municipal	Pair Corr
0.86	AIDZX	Diversified Municipal	Pair Corr
0.84	BXECX	Barings Emerging Markets	Pair Corr
0.83	BXEIX	Barings Emerging Markets	Pair Corr
0.83	BXEAX	Barings Emerging Markets	Pair Corr
0.81	HLDIX	Hartford Emerging	Pair Corr
0.81	HLDRX	Hartford Emerging	Pair Corr
0.8	HLDAX	Hartford Emerging	Pair Corr
0.79	HLDCX	Hartford Emerging	Pair Corr
0.81	HLDTX	Hartford Emerging	Pair Corr
0.81	VICSX	Vanguard Intermediate-ter	Pair Corr
0.75	USGDX	Morgan Stanley Government	Pair Corr
0.74	TIMUX	Transamerica Intermediate	Pair Corr
0.73	RMDUX	American Funds Multi	Pair Corr
0.74	UTF	Cohen And Steers	Pair Corr
0.85	EMBAX	Unconstrained Emerging	Pair Corr
0.82	ABNOX	Ab Bond Inflation	Pair Corr
0.83	GIOIX	Guggenheim Macro Opp	Pair Corr
0.71	SAEMX	Sa Emerging Markets	Pair Corr
0.77	PSDNX	Putnam Ultra Short	Pair Corr
0.78	RXRPX	American Funds Retirement	Pair Corr
0.85	HTD	John Hancock Tax	Pair Corr
0.73	SGDLX	Sprott Gold Equity	Pair Corr
0.85	DBIWX	Dws Global Macro	Pair Corr

Related Correlations Analysis

	CCD	FSAWX	PCNTX	GCV	NCIDX
CCD		-0.75	0.89	0.24	0.83	CCD
FSAWX	-0.75		-0.66	0.2	-0.54	FSAWX
PCNTX	0.89	-0.66		0.42	0.98	PCNTX
GCV	0.24	0.2	0.42		0.53	GCV
NCIDX	0.83	-0.54	0.98	0.53		NCIDX
	CCD	FSAWX	PCNTX	GCV	NCIDX

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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

NCIDX	+ 0.98	PCNTX
PCNTX	+ 0.89	CCD
NCIDX	+ 0.83	CCD
NCIDX	+ 0.53	GCV
GCV	+ 0.42	PCNTX
GCV	+ 0.24	CCD

High negative correlations

FSAWX	- 0.75	CCD
PCNTX	- 0.66	FSAWX
NCIDX	- 0.54	FSAWX

Risk-Adjusted Indicators

There is a big difference between Near-term Mutual Fund performing well and Near-term Tax 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 Near-term Tax'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CCD	0.77	(0.08)	0.00	(0.26)	0.00	1.41	(1.67)	7.13
FSAWX	0.08	0.04	1.09	(1.82)	(0.14)	0.19	(0.10)	0.38
PCNTX	0.64	(0.06)	0.00	(0.16)	0.00	1.07	(1.68)	3.46
GCV	0.92	0.01	0.00	(0.05)	0.00	2.17	(2.14)	6.16
NCIDX	0.59	(0.04)	0.00	(0.14)	0.00	1.03	(1.38)	3.23

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