Ultra Short Correlations

SMAVX Fund

USD 9.66 0.01 0.10%

The current 90-days correlation between Ultra Short Term and Wells Fargo Advantage is 0.62 (i.e., Poor diversification). The correlation of Ultra Short 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.

Ultra Short Correlation With Market

Significant diversification

The correlation between Ultra Short Term Municipal and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Short Term Municipal 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 Ultra Short Term 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 real.

Moving together with Ultra Mutual Fund

0.64	VMPAX	Wells Fargo Advantage	Pair Corr
0.89	SSTHX	Wells Fargo Short	Pair Corr
0.7	WSCOX	Wells Fargo Advantage	Pair Corr
0.72	WSBIX	Short Term Municipal	Pair Corr
0.69	WSMAX	Short Term Municipal	Pair Corr
0.8	STOFX	Wells Fargo Large	Pair Corr
0.71	STSAX	Wells Fargo Mon	Pair Corr
0.91	STYIX	Wells Fargo Short	Pair Corr
0.71	SCVIX	Small Pany Value	Pair Corr
0.72	SCVFX	Small Pany Value	Pair Corr
0.71	SCVNX	Small Pany Value	Pair Corr
0.87	WUSNX	Allspring Ultra Short	Pair Corr
0.7	IPBAX	Inflation Protected	Pair Corr
0.81	SENAX	Wells Fargo Enterprise	Pair Corr
0.78	WEAFX	Wealthbuilder Equity	Pair Corr
0.78	WFDAX	Wells Fargo Discovery	Pair Corr
0.73	EAAIX	Wells Fargo Advantage	Pair Corr
0.72	EAAFX	Wells Fargo Advantage	Pair Corr
0.7	EACFX	Wells Fargo Advantage	Pair Corr
0.79	WFINX	Index Fund Class	Pair Corr
0.82	WFLLX	Wells Fargo Large	Pair Corr
0.72	EAIFX	Wells Fargo Advantage	Pair Corr
0.79	WFSTX	Specialized Technology	Pair Corr
0.78	SGRAX	Wells Fargo Growth	Pair Corr

Moving against Ultra Mutual Fund

0.4	STYAX	Wells Fargo Income	Pair Corr
0.56	WFEFX	Wells Fargo International	Pair Corr
0.42	WGSCX	Wells Fargo Government	Pair Corr
0.41	WGSDX	Wells Fargo Government	Pair Corr
0.39	MBFCX	Total Return Bond	Pair Corr
0.37	MBFIX	Total Return Bond	Pair Corr
0.35	MBFAX	Total Return Bond	Pair Corr

Related Correlations Analysis

	DHICX	VMPYX	VMPAX	SADAX	SADIX	EMGYX	EMGNX	EMGCX	EMGAX	SSHIX
DHICX		0.97	0.95	0.05	0.12	0.21	0.22	0.16	0.21	0.61	DHICX
VMPYX	0.97		0.97	0.18	0.26	0.16	0.16	0.11	0.16	0.6	VMPYX
VMPAX	0.95	0.97		0.26	0.37	0.08	0.08	0.03	0.08	0.59	VMPAX
SADAX	0.05	0.18	0.26		0.95	-0.17	-0.16	-0.13	-0.17	-0.13	SADAX
SADIX	0.12	0.26	0.37	0.95		-0.24	-0.23	-0.22	-0.24	-0.08	SADIX
EMGYX	0.21	0.16	0.08	-0.17	-0.24		1.0	0.95	1.0	0.19	EMGYX
EMGNX	0.22	0.16	0.08	-0.16	-0.23	1.0		0.95	1.0	0.19	EMGNX
EMGCX	0.16	0.11	0.03	-0.13	-0.22	0.95	0.95		0.95	0.11	EMGCX
EMGAX	0.21	0.16	0.08	-0.17	-0.24	1.0	1.0	0.95		0.2	EMGAX
SSHIX	0.61	0.6	0.59	-0.13	-0.08	0.19	0.19	0.11	0.2		SSHIX
	DHICX	VMPYX	VMPAX	SADAX	SADIX	EMGYX	EMGNX	EMGCX	EMGAX	SSHIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EMGNX	+ 1.0	EMGYX
EMGAX	+ 1.0	EMGYX
EMGAX	+ 1.0	EMGNX
VMPYX	+ 0.97	DHICX
VMPAX	+ 0.97	VMPYX
VMPAX	+ 0.95	DHICX

High negative correlations

EMGAX	- 0.24	SADIX
EMGYX	- 0.24	SADIX
EMGNX	- 0.23	SADIX
EMGCX	- 0.22	SADIX
EMGAX	- 0.17	SADAX
EMGYX	- 0.17	SADAX

Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra Short 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 Ultra Short'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
DHICX	0.09	(0.01)	(0.48)	(0.11)	0.10	(0.15)	0.23	(0.22)	0.79
VMPYX	0.09	(0.01)	(0.47)	(0.03)	0.09	(0.16)	0.23	(0.22)	0.79
VMPAX	0.10	0.00	(0.44)	0.08	0.07	(0.16)	0.23	(0.23)	0.79
SADAX	0.05	0.00	(0.91)	2.02	0.00	(0.15)	0.11	(0.11)	0.46
SADIX	0.06	0.01	(0.83)	1.97	0.00	(0.21)	0.12	(0.11)	0.57
EMGYX	0.61	0.04	(0.06)	0.32	0.82	(0.63)	1.28	(1.24)	5.15
EMGNX	0.61	0.04	(0.06)	0.34	0.82	(0.61)	1.23	(1.22)	5.20
EMGCX	0.61	0.05	(0.07)	2.37	0.78	(0.64)	1.27	(1.18)	5.16
EMGAX	0.61	0.04	(0.06)	0.32	0.83	(0.63)	1.28	(1.20)	5.16
SSHIX	0.07	(0.01)	(0.82)	(0.35)	0.05	(0.13)	0.12	(0.12)	0.47

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