California Limited-term Correlations

Mutual Funds . USA . 
Fund . California Limited Term Tax Free
SFCIX Fund  USD 10.19  0.01  0.1%   
The current 90-days correlation between California Limited Term and Wells Fargo Advantage is 0.18 (i.e., Average diversification). The correlation of California Limited-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.

California Limited-term Correlation With Market

Significant diversification

The correlation between California Limited Term Tax Fr and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Limited Term Tax Fr and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in California Limited 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 gross domestic product.

Moving together with California Mutual Fund

  0.85DHICX Wells Fargo AdvantagePairCorr
  0.84VMPYX Wells Fargo AdvantagePairCorr
  0.85VMPAX Wells Fargo AdvantagePairCorr
  0.72EMGYX Wells Fargo EmergingPairCorr
  0.72EMGNX Wells Fargo EmergingPairCorr
  0.72EMGCX Wells Fargo EmergingPairCorr
  0.72EMGAX Wells Fargo EmergingPairCorr
  0.76WABIX Wells Fargo AdvantagePairCorr
  0.75WSBIX Short Term MunicipalPairCorr
  0.79WARAX Wells Fargo AdvantagePairCorr
  0.79WARDX Wells Fargo AdvantagePairCorr
  0.77WARCX Wells Fargo AdvantagePairCorr
  0.69WSIAX Wells Fargo StrategicPairCorr
  0.66WSIDX Wells Fargo StrategicPairCorr
  0.71WSICX Wells Fargo StrategicPairCorr
  0.66WSINX Wells Fargo StrategicPairCorr
  0.74WSMAX Short Term MunicipalPairCorr
  0.77WSSCX Short Term MunicipalPairCorr
  0.75WSTMX Short Term MunicipalPairCorr
  0.85STRIX Wells Fargo AdvantagePairCorr
  0.74STYAX Wells Fargo IncomePairCorr
  0.63STYIX Wells Fargo ShortPairCorr
  0.8SCTAX California Tax FreePairCorr
  0.83SCTCX California Tax FreePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Limited-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 California Limited-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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DHICX  0.10 (0.01) 0.06 (0.30) 0.14 
(0.14)
 0.23 
(0.23)
 0.68 
VMPYX  0.10 (0.01) 0.07 (0.20) 0.12 
(0.15)
 0.23 
(0.23)
 0.57 
VMPAX  0.10 (0.01) 0.06 (0.29) 0.14 
(0.15)
 0.23 
(0.23)
 0.68 
SADAX  0.05  0.01  0.24  1.08  0.00 
(0.17)
 0.11 
(0.11)
 0.57 
SADIX  0.04  0.01  0.00  2.07  0.00 
 0.00 
 0.11 
(0.11)
 0.57 
EMGYX  0.68  0.00  0.02 (0.02) 1.00 
(0.66)
 1.43 
(1.78)
 3.90 
EMGNX  0.68  0.00  0.02 (0.01) 1.01 
(0.64)
 1.43 
(1.78)
 3.86 
EMGCX  0.68  0.00  0.01 (0.02) 0.98 
(0.67)
 1.40 
(1.79)
 3.81 
EMGAX  0.69  0.00  0.01 (0.02) 1.02 
(0.64)
 1.40 
(1.80)
 3.90 
SSHIX  0.07  0.01  0.17  0.18  0.00 
(0.13)
 0.12 
(0.12)
 0.59 

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