Tax Exempt Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond
TFEBX Fund  USD 12.49  0.01  0.08%   
The current 90-days correlation between Tax Exempt Bond and The Hartford World is 0.33 (i.e., Weak 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

Significant diversification

The correlation between Tax Exempt Bond and DJI is 0.06 (i.e., Significant 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 bureau of labor statistics.

Moving together with Tax Mutual Fund

  0.74AMECX Income FundPairCorr
  0.82RNEBX New World FundPairCorr
  0.81AMFCX American MutualPairCorr
  0.81AMFFX American MutualPairCorr
  0.7RNCCX American Funds IncomePairCorr
  0.78AMEFX Income FundPairCorr
  0.77RNGGX New Economy FundPairCorr
  0.76RNGFX New Economy FundPairCorr
  0.76RNGHX New Economy FundPairCorr
  0.76RNGBX New Economy FundPairCorr
  0.76RNGAX New Economy FundPairCorr
  0.76RNGEX New Economy FundPairCorr
  0.76RNGCX New Economy FundPairCorr
  0.99AMHIX American High IncomePairCorr
  0.99TEBCX Tax Exempt BondPairCorr
  0.98TECCX Tax Exempt FundPairCorr
  1.0TEAFX Tax Exempt BondPairCorr
  0.66FPTPX American Funds ConsePairCorr
  0.99TECFX Tax Exempt FundPairCorr
  0.99TEFEX Tax Exempt FundPairCorr
  0.75RNNEX New Economy FundPairCorr
  0.7CDJAX American Funds CollegePairCorr
  0.76AMPCX Amcap Fund ClassPairCorr
  0.74AMPFX Amcap Fund ClassPairCorr
  0.78RNPBX New PerspectivePairCorr
  0.78RNPAX New PerspectivePairCorr
  0.77RNPHX New PerspectivePairCorr
  0.75RNPGX New PerspectivePairCorr
  0.76RNPCX New PerspectivePairCorr
  0.77RNPFX New PerspectivePairCorr
  0.77RNPEX New PerspectivePairCorr
  0.84AMRMX American MutualPairCorr
  0.81AMRFX American MutualPairCorr
  0.93AMUSX Us Government SecuritiesPairCorr
  0.83TEPCX American Funds TaxPairCorr
  0.77TEPAX American Funds TaxPairCorr
  0.76TEPFX American Funds TaxPairCorr
  0.83RNWFX New World FundPairCorr

Related Correlations Analysis

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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.

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