North Carolina Correlations

Mutual Funds . USA . 
Fund . North Carolina Tax Free
NTSMX Fund  USD 10.43  0.01  0.1%   
The current 90-days correlation between North Carolina Tax and Siit Emerging Markets is 0.41 (i.e., Very weak diversification). The correlation of North Carolina 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.

North Carolina Correlation With Market

Significant diversification

The correlation between North Carolina Tax Free and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding North Carolina 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 North Carolina 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 population.

Moving together with North Mutual Fund

  0.61NTFIX North Carolina TaxPairCorr
  0.97KYSMX Kentucky Tax FreePairCorr
  0.66KYTFX Kentucky Tax FreePairCorr
  0.81DPIGX Intermediate GovernmentPairCorr
  0.65DUMSX Mississippi Tax FreePairCorr
  0.99TTSMX Tennessee Tax FreePairCorr
  0.77ANIYX New York MunicipalPairCorr
  0.74SNNYX New York MunicipalPairCorr
  0.83LTBYX Opnhmr RchstrPairCorr
  0.82IORMX Aim Taxexempt FundsPairCorr
  0.66LTNCX Oppenheimer RochesterPairCorr
  0.77LTNYX Opnhmr RchstrPairCorr
  0.64ANMCX New York MunicipalPairCorr
  0.73ANIAX New York MunicipalPairCorr
  0.67SNCAX California MunicipalPairCorr
  0.72AICYX California MunicipalPairCorr
  0.74FTYPX Fidelity Freedom IndexPairCorr
  0.62FFBTX Fidelity Freedom BlendPairCorr
  0.92GHVIX Gmo High YieldPairCorr
  0.84RSDIX Rbc Short DurationPairCorr
  0.86VWILX Vanguard InternationalPairCorr
  0.97GCMDX Goldman Sachs LocalPairCorr
  0.8LGI Lazard Global TotalPairCorr
  0.77HERAX Hartford Emerging MarketsPairCorr
  0.94TEDTX Tiaa Cref EmergingPairCorr
  0.94PYCIX Payden Emerging MarketsPairCorr
  0.86DLSNX Doubleline Low DurationPairCorr
  0.81PSHCX Pioneer Short TermPairCorr
  0.82SNGYX Sit Government SecuritiesPairCorr
  0.68SIFZX Sextant InternationalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between North Mutual Fund performing well and North Carolina 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 North Carolina'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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