Tax Exempt Correlations

TEBCX Fund

USD 12.36 0.02 0.16%

The current 90-days correlation between Tax Exempt Bond and Western Asset Diversified is 0.13 (i.e., Average diversification). The correlation of Tax Exempt 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 Correlation With Market

Average diversification

The correlation between Tax Exempt Bond and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Bond 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 Tax Exempt Bond. 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 main economic indicators.

Moving together with Tax Mutual Fund

0.7	AMECX	Income Fund	Pair Corr
0.7	RNCCX	American Funds Income	Pair Corr
0.65	FPPPX	American Funds Prese	Pair Corr
0.68	AMEFX	Income Fund	Pair Corr
0.96	AMHIX	American High Income	Pair Corr
0.99	TECCX	Tax Exempt Fund	Pair Corr
0.99	TEAFX	Tax Exempt Bond	Pair Corr
0.7	FPTPX	American Funds Conse	Pair Corr
0.99	TECFX	Tax Exempt Fund	Pair Corr
0.99	TEFEX	Tax Exempt Fund	Pair Corr
0.72	RNRPX	American Funds Retirement	Pair Corr
0.7	AMUSX	Us Government Securities	Pair Corr
0.88	TEPCX	American Funds Tax	Pair Corr
0.85	TEPAX	American Funds Tax	Pair Corr
0.85	TEPFX	American Funds Tax	Pair Corr

Related Correlations Analysis

	XWDIX	JDJRX	PGDIX	CDEYX	FZABX	ACDOX	DIFIX
XWDIX		0.18	0.64	0.24	0.43	0.65	0.61	XWDIX
JDJRX	0.18		0.42	0.78	0.53	0.25	0.46	JDJRX
PGDIX	0.64	0.42		0.36	0.87	0.96	0.95	PGDIX
CDEYX	0.24	0.78	0.36		0.45	0.15	0.39	CDEYX
FZABX	0.43	0.53	0.87	0.45		0.8	0.9	FZABX
ACDOX	0.65	0.25	0.96	0.15	0.8		0.91	ACDOX
DIFIX	0.61	0.46	0.95	0.39	0.9	0.91		DIFIX
	XWDIX	JDJRX	PGDIX	CDEYX	FZABX	ACDOX	DIFIX

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Risk-Adjusted Indicators

There is a big difference between Tax Mutual Fund performing well and Tax Exempt 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'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
XWDIX	0.20	(0.03)	0.00	0.67	0.00	0.00	0.33	(0.46)	1.59
JDJRX	0.33	0.00	0.15	0.04	0.39	(0.40)	0.66	(0.75)	2.62
PGDIX	0.14	0.01	0.36	(0.23)	0.11	(0.16)	0.34	(0.34)	0.94
CDEYX	0.64	(0.04)	0.00	0.27	0.00	0.00	1.27	(1.31)	3.51
FZABX	0.74	0.11	0.12	0.10	1.01	(0.73)	1.45	(1.37)	6.16
ACDOX	0.25	0.01	0.25	(0.17)	0.23	(0.30)	0.55	(0.44)	1.46
DIFIX	0.28	0.02	0.16	0.01	0.35	(0.33)	0.58	(0.57)	1.51

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Tax Exempt Correlations

Tax Exempt Correlation With Market

Average diversification

Moving together with Tax Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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