Short Duration Correlations

Mutual Funds . USA . 
Fund . Short Duration Municipal
PSDAX Fund  USD 8.29  0.01  0.12%   
The current 90-days correlation between Short Duration Municipal and Vanguard Limited Term Tax Exempt is 0.91 (i.e., Almost no diversification). The correlation of Short Duration 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.

Short Duration Correlation With Market

Average diversification

The correlation between Short Duration Municipal and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Short Duration Municipal 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 Short Duration Municipal. 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 nation.

Moving together with Short Mutual Fund

  0.8PFBPX Pimco Foreign BondPairCorr
  0.7PFANX Pimco Capital SecPairCorr
  0.79PFIAX Pimco Floating IncomePairCorr
  0.78PFIIX Pimco Floating IncomePairCorr
  0.75PFIUX Pimco Unconstrained BondPairCorr
  0.72PFINX Pimco Capital SecPairCorr
  0.85PFMIX Municipal BondPairCorr
  0.8PFNCX Pimco Floating IncomePairCorr
  0.8PFONX Pimco International BondPairCorr
  0.79PFORX Pimco Foreign BondPairCorr
  0.7PFNNX Pimco Preferred AndPairCorr
  0.78PFNIX Pimco Low DurationPairCorr
  0.76PFNUX Pimco Dynamic BondPairCorr
  0.81PFOAX Pimco Foreign BondPairCorr
  0.81PFOCX Pimco Foreign BondPairCorr
  0.82PFRAX Pimco Foreign BondPairCorr
  0.72PFPNX Pimco Capital SecPairCorr
  0.78PFTPX Pimco Floating IncomePairCorr
  0.8PFRRX Pimco Foreign BondPairCorr
  0.74PGAPX Pimco Global MultiPairCorr
  0.78PGBIX Global Bond FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Short Mutual Fund performing well and Short Duration 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 Short Duration'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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