Maryland Short-term Correlations

Mutual Funds . USA . 
Fund . Maryland Short Term Tax Free
PRMDX Fund  USD 5.11  0.01  0.20%   
The current 90-days correlation between Maryland Short Term and Maryland Tax Free Bond is 0.3 (i.e., Weak diversification). The correlation of Maryland Short-term 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.

Maryland Short-term Correlation With Market

Modest diversification

The correlation between Maryland Short Term Tax Free and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Maryland Short Term Tax Free 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 Maryland Short 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 unemployment.

Moving together with Maryland Mutual Fund

  0.68TECIX T Rowe PricePairCorr
  0.67TEIMX T Rowe PricePairCorr
  0.62PFFRX T Rowe PricePairCorr
  0.67TEUIX T Rowe PricePairCorr
  0.67TFAIX T Rowe PricePairCorr
  0.73TFBIX Maryland Tax FreePairCorr
  0.75TFBVX Virginia Tax FreePairCorr
  0.95TFHAX T Rowe PricePairCorr
  0.75TFILX T Rowe PricePairCorr
  0.71PGMSX T Rowe PricePairCorr
  0.65RPELX T Rowe PricePairCorr
  0.65RPIDX T Rowe PricePairCorr
  0.7RPIFX T Rowe PricePairCorr
  0.76RPIHX T Rowe PricePairCorr
  0.62RPISX T Rowe PricePairCorr
  0.79RPLCX T Rowe PricePairCorr
  0.77RPOIX T Rowe PricePairCorr

Moving against Maryland Mutual Fund

  0.5RPMGX T Rowe PricePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Maryland Mutual Fund performing well and Maryland Short-term 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 Maryland Short-term'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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