Intermediate-term Correlations

UITBX Fund

USD 9.19 0.04 0.44%

The current 90-days correlation between Intermediate Term Bond and Ftufox is 0.82 (i.e., Very poor diversification). The correlation of Intermediate-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.

Intermediate-term Correlation With Market

Average diversification

The correlation between Intermediate Term Bond Fund and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Intermediate Term Bond Fund 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 Intermediate Term 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 bureau of labor statistics.

Moving together with Intermediate-term Mutual Fund

0.99	UINCX	Income Fund Income	Pair Corr
1.0	UITCX	Usaa Intermediate Term	Pair Corr
0.81	UITIX	Usaa Tax Exempt	Pair Corr
0.96	IPFIX	Victory Incore	Pair Corr
0.94	RSDYX	Victory Incore Low	Pair Corr
0.76	RSENX	Victory Sophus Emerging	Pair Corr
0.68	RSFYX	Victory Floating Rate	Pair Corr
0.63	RSFMX	Victory Floating Rate	Pair Corr
0.67	RSFLX	Victory Floating Rate	Pair Corr
0.9	RSIGX	Victory Rs International	Pair Corr

Moving against Intermediate-term Mutual Fund

0.83	RSEGX	Victory Rs Small	Pair Corr
0.72	RSGFX	Victory Rs Select	Pair Corr
0.71	RSDGX	Victory Rs Select	Pair Corr
0.67	SSGSX	Victory Sycamore Small	Pair Corr
0.65	SRVEX	Victory Diversified Stock	Pair Corr
0.65	SSVSX	Victory Special Value	Pair Corr
0.63	MNNAX	Victory Munder Multi	Pair Corr
0.6	UINQX	Usaa Nasdaq 100	Pair Corr
0.6	MMEAX	Victory Integrity	Pair Corr
0.6	MMMMX	Victory Integrity	Pair Corr
0.59	MMMSX	Victory Integrity	Pair Corr
0.57	MMECX	Victory Integrity	Pair Corr
0.48	RSGGX	Victory Rs Global	Pair Corr
0.44	RPPRX	Victory Rs Partners	Pair Corr
0.33	SBFCX	Victory Incore Investment	Pair Corr
0.32	SBFMX	Victory Portfolios	Pair Corr
0.83	RSYEX	Victory Rs Small	Pair Corr
0.81	RSMMX	Victory Rs Small	Pair Corr
0.73	RSGRX	Victory Rs Growth	Pair Corr
0.73	VSVIX	Victory Integrity Small	Pair Corr
0.71	RSSYX	Victory Rs Select	Pair Corr
0.7	VSCVX	Victory Integrity Small	Pair Corr
0.68	RSMOX	Victory Rs Mid	Pair Corr
0.66	RSIFX	Victory Rs Science	Pair Corr
0.58	RSNRX	Victory Global Natural	Pair Corr
0.57	RSNYX	Victory Global Natural	Pair Corr
0.51	RSPFX	Victory Rs Partners	Pair Corr
0.5	RSPMX	Victory Rs Partners	Pair Corr

Related Correlations Analysis

	FTUFOX	FMUUX	OPTCX	EICVX	FMFTX	BXECX	VIPIX
FTUFOX		0.65	0.38	0.61	0.16	0.68	0.78	FTUFOX
FMUUX	0.65		0.8	0.84	-0.11	0.98	0.93	FMUUX
OPTCX	0.38	0.8		0.77	-0.28	0.79	0.77	OPTCX
EICVX	0.61	0.84	0.77		0.15	0.88	0.91	EICVX
FMFTX	0.16	-0.11	-0.28	0.15		-0.02	0.01	FMFTX
BXECX	0.68	0.98	0.79	0.88	-0.02		0.95	BXECX
VIPIX	0.78	0.93	0.77	0.91	0.01	0.95		VIPIX
	FTUFOX	FMUUX	OPTCX	EICVX	FMFTX	BXECX	VIPIX

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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

BXECX	+ 0.98	FMUUX
VIPIX	+ 0.95	BXECX
VIPIX	+ 0.93	FMUUX
VIPIX	+ 0.91	EICVX
BXECX	+ 0.88	EICVX
EICVX	+ 0.84	FMUUX

High negative correlations

FMFTX	- 0.28	OPTCX
FMFTX	- 0.11	FMUUX
BXECX	- 0.02	FMFTX

Risk-Adjusted Indicators

There is a big difference between Intermediate-term Mutual Fund performing well and Intermediate-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 Intermediate-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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FTUFOX	0.10	0.00	0.22	0.08	0.03	(0.10)	0.20	(0.19)	0.60
FMUUX	0.03	0.00	0.00	(0.05)	0.00	0.00	0.10	0.00	0.40
OPTCX	0.06	0.00	0.14	0.34	0.00	(0.18)	0.21	(0.10)	0.93
EICVX	0.55	0.14	0.22	0.21	0.50	(0.59)	1.21	(0.85)	2.93
FMFTX	0.86	(0.08)	0.00	(0.77)	0.00	0.00	1.43	(1.92)	8.22
BXECX	0.18	0.05	0.28	(0.69)	0.00	(0.32)	0.55	(0.27)	1.21
VIPIX	0.21	0.04	0.26	0.92	0.00	(0.26)	0.53	(0.42)	1.30

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