Northern Intermediate Correlations

Mutual Funds . USA . 
Fund . Northern Intermediate Tax Exempt
NOITX Fund  USD 9.68  0.02  0.21%   
The current 90-days correlation between Northern Intermediate and Northern Tax Exempt Fund is 0.35 (i.e., Weak diversification). The correlation of Northern Intermediate 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.

Northern Intermediate Correlation With Market

Modest diversification

The correlation between Northern Intermediate Tax Exem and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Intermediate Tax Exem 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 Northern Intermediate Tax Exempt. 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 estimate.

Moving together with Northern Mutual Fund

  0.76NOCBX Northern E BondPairCorr
  0.76NOFIX Northern Fixed IncomePairCorr
  0.61NOIGX Northern InternationalPairCorr
  0.64NOINX Northern InternationalPairCorr
  0.64BBALX Northern Global TacticalPairCorr
  0.62NSIUX Northern Short-intermediaPairCorr
  0.7SWSFX Ultra Short FixedPairCorr
  0.82NGREX Northern Global RealPairCorr
  0.88NHFIX Northern High YieldPairCorr
  0.83NMHYX Multi Manager HighPairCorr
  0.98VWITX Vanguard Intermediate-terPairCorr
  0.92VWIUX Vanguard Intermediate-terPairCorr
  0.98AFTEX Tax Exempt BondPairCorr
  0.98AFTFX Tax Exempt BondPairCorr
  0.96TEBCX Tax Exempt BondPairCorr
  0.98TEAFX Tax Exempt BondPairCorr
  0.97TFEBX Tax Exempt BondPairCorr
  0.93FLTMX Fidelity IntermediatePairCorr
  0.93MDNLX Blackrock NationalPairCorr
  0.9MFNLX Blackrock Natl MuniPairCorr
  0.65PFN Pimco Income StrategyPairCorr
  0.77NXJ Nuveen New JerseyPairCorr

Related Correlations Analysis

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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   
NHYMX
+ 0.91
NOMIX
NHFIX
+ 0.8
NOTEX
NOINX
+ 0.76
NHFIX
NOINX
+ 0.47
NOTEX
  
High negative correlations   
NHYMX
- 0.62
NOINX
NOMIX
- 0.55
NOINX
NOMIX
- 0.19
NHFIX
NOMIX
- 0.19
NOTEX
NHYMX
- 0.17
NHFIX
NHYMX
- 0.14
NOTEX

Risk-Adjusted Indicators

There is a big difference between Northern Mutual Fund performing well and Northern Intermediate 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 Northern Intermediate'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.

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