Municipal Bond Correlations

Mutual Funds . USA . 
Fund . Municipal Bond Fund
PFMIX Fund  USD 9.38  0.02  0.21%   
The current 90-days correlation between Municipal Bond and Transam Short Term Bond is 0.54 (i.e., Very weak diversification). The correlation of Municipal Bond 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.

Municipal Bond Correlation With Market

Average diversification

The correlation between Municipal Bond Fund and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Municipal Bond Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Municipal Bond 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 gross domestic product.

Moving together with Municipal Mutual Fund

  0.78PWLEX Pimco Rae WorldwidePairCorr
  0.81PWLBX Pimco Rae WorldwidePairCorr
  0.8PWLMX Pimco Rae WorldwidePairCorr
  0.81PWLIX Pimco Rae WorldwidePairCorr
  0.71PFBPX Pimco Foreign BondPairCorr
  0.9PFCJX Pimco Preferred AndPairCorr
  0.68PFATX Pimco FundamentalPairCorr
  0.9PFANX Pimco Capital SecPairCorr
  0.86PFGAX Long Term GovernmentPairCorr
  0.85PFGCX Long Term GovernmentPairCorr
  0.8PFIAX Pimco Floating IncomePairCorr
  0.79PFIIX Pimco Floating IncomePairCorr
  0.82PFIUX Pimco Unconstrained BondPairCorr
  0.9PFINX Pimco Capital SecPairCorr
  0.8PFNCX Pimco Floating IncomePairCorr
  0.71PFONX Pimco International BondPairCorr
  0.71PFORX Pimco Foreign BondPairCorr
  0.91PFNNX Pimco Preferred AndPairCorr
  0.79PFNIX Pimco Low DurationPairCorr
  0.82PFNUX Pimco Dynamic BondPairCorr
  0.67PFOAX Pimco Foreign BondPairCorr
  0.74PFRCX Foreign BondPairCorr
  0.67PFRAX Pimco Foreign BondPairCorr
  0.79PFRMX Pimco Inflation ResponsePairCorr
  0.9PFPNX Pimco Capital SecPairCorr
  0.7PFTCX Short Term FundPairCorr
  0.79PFTPX Pimco Floating IncomePairCorr
  0.66PFRRX Pimco Foreign BondPairCorr
  0.81PFSIX Pimco Emerging MarketsPairCorr
  0.76PFUUX Pimco Foreign BondPairCorr
  0.76PFUAX Foreign BondPairCorr
  0.76PFUIX Foreign BondPairCorr
  0.76PFUNX Pimco International BondPairCorr
  0.76PFUPX Pimco Foreign BondPairCorr
  0.75PGAPX Pimco Global MultiPairCorr
  0.84PGBIX Global Bond FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Municipal Mutual Fund performing well and Municipal Bond 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 Municipal Bond'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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