Tax-exempt Bond Correlations

RBCUX Fund

USD 21.80 0.02 0.09%

The current 90-days correlation between Tax Exempt Bond and Diversified Bond Fund is 0.53 (i.e., Very weak diversification). The correlation of Tax-exempt 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.

Tax-exempt Bond Correlation With Market

Modest diversification

The correlation between Tax Exempt Bond Fund and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt 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 Tax Exempt 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 employment.

Moving together with Tax-exempt Mutual Fund

0.79	RNTTX	International Developed	Pair Corr
0.83	RREAX	Global Real Estate	Pair Corr
0.84	RREYX	Global Real Estate	Pair Corr
0.84	RRESX	Global Real Estate	Pair Corr
0.75	RRSCX	Global Real Estate	Pair Corr
0.75	RRSRX	Global Real Estate	Pair Corr
0.83	RSBRX	Strategic Bond	Pair Corr
0.73	RSBTX	Short Duration Bond	Pair Corr
0.74	RSBYX	Short Duration Bond	Pair Corr
0.73	RSBCX	Short Duration Bond	Pair Corr
0.74	RSDTX	Short Duration Bond	Pair Corr
0.71	RAZAX	Multi Asset Growth	Pair Corr
0.7	RAZCX	Multi Asset Growth	Pair Corr
0.79	RSYTX	Strategic Bond	Pair Corr
0.93	RTEAX	Tax Exempt Bond	Pair Corr
0.97	RTHAX	Tax Exempt High	Pair Corr
0.88	RTHCX	Tax Exempt High	Pair Corr
0.98	RTHSX	Tax Exempt High	Pair Corr
0.77	RTISX	Select International	Pair Corr

Moving against Tax-exempt Mutual Fund

0.43

RSCRX

Us Small Cap

Pair Corr

Related Correlations Analysis

	CDBCX	HIIDX	MDBLX	PHTTX	LIGFX	XWDIX
CDBCX		0.86	0.99	0.48	0.5	0.76	CDBCX
HIIDX	0.86		0.89	0.63	0.66	0.63	HIIDX
MDBLX	0.99	0.89		0.47	0.5	0.75	MDBLX
PHTTX	0.48	0.63	0.47		0.98	0.56	PHTTX
LIGFX	0.5	0.66	0.5	0.98		0.53	LIGFX
XWDIX	0.76	0.63	0.75	0.56	0.53		XWDIX
	CDBCX	HIIDX	MDBLX	PHTTX	LIGFX	XWDIX

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Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CDBCX	0.24	0.00	0.12	0.16	0.24	(0.30)	0.56	(0.44)	1.34
HIIDX	0.62	0.08	0.10	0.10	0.82	(0.64)	1.27	(0.97)	5.23
MDBLX	0.23	0.02	0.18	0.28	0.18	(0.30)	0.50	(0.38)	1.38
PHTTX	0.35	0.00	0.00	(0.05)	0.00	0.00	0.67	(0.67)	1.95
LIGFX	0.32	0.00	0.06	(0.03)	0.43	(0.34)	0.55	(0.67)	1.75
XWDIX	0.16	0.01	0.14	0.06	0.21	(0.17)	0.27	(0.39)	1.59

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