Northern Tax-exempt Correlations

Mutual Funds . USA . 
Fund . Northern Tax Exempt Fund
NOTEX Fund  USD 9.47  0.02  0.21%   
The current 90-days correlation between Northern Tax Exempt and Fidelity Series Government is 0.09 (i.e., Significant diversification). The correlation of Northern Tax-exempt 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 Tax-exempt Correlation With Market

Good diversification

The correlation between Northern Tax Exempt Fund and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Tax Exempt Fund 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 Tax Exempt Fund. 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 income.

Moving together with Northern Mutual Fund

  0.72NOBOX Northern Bond IndexPairCorr
  0.74NOCBX Northern E BondPairCorr
  0.92NOAZX Northern Arizona TaxPairCorr
  0.74NOFIX Northern Fixed IncomePairCorr
  0.97NOITX Northern IntermediatePairCorr
  0.69NOUGX Northern GovernmentPairCorr
  0.71BSBAX Northern Short BondPairCorr
  0.62BBALX Northern Global TacticalPairCorr
  0.65BTIAX Northern Ustreasury IndexPairCorr
  0.61NSIUX Northern Short-intermediaPairCorr
  0.85NSITX Northern Short InterPairCorr
  0.71NTAUX Northern Tax AdvantagedPairCorr
  0.63SWSFX Ultra Short FixedPairCorr
  0.99NCATX Northern California TaxPairCorr
  0.98NCITX Northern CaliforniaPairCorr
  0.66NUSFX Northern Ultra ShortPairCorr
  0.79NGREX Northern Global RealPairCorr
  0.84NHFIX Northern High YieldPairCorr
  0.72NMHYX Multi Manager HighPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Northern Mutual Fund performing well and Northern Tax-exempt 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 Tax-exempt'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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