California Bond Correlations

USCBX Fund

USD 10.23 0.02 0.20%

The current 90-days correlation between California Bond and Morningstar Defensive Bond is 0.35 (i.e., Weak diversification). The correlation of California Bond 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 Bond Correlation With Market

Average diversification

The correlation between California Bond Fund and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California 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 California 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 California Mutual Fund

0.82	UITIX	Usaa Tax Exempt	Pair Corr
0.95	GUTEX	Victory Tax Exempt	Pair Corr
0.98	ULTIX	Usaa Tax Exempt	Pair Corr

Moving against California Mutual Fund

0.44	RSNRX	Victory Global Natural	Pair Corr
0.44	RSNYX	Victory Global Natural	Pair Corr

Related Correlations Analysis

	MSTBX	UIITX	FLQTVX	FZNQEX	MBSAX	ANBIX	FHYIX	USCBX	WACIX
MSTBX		0.97	0.94	0.86	0.96	0.98	0.76	0.36	0.96	MSTBX
UIITX	0.97		0.98	0.93	0.98	0.97	0.86	0.54	0.99	UIITX
FLQTVX	0.94	0.98		0.97	0.97	0.94	0.84	0.56	0.98	FLQTVX
FZNQEX	0.86	0.93	0.97		0.91	0.85	0.82	0.63	0.92	FZNQEX
MBSAX	0.96	0.98	0.97	0.91		0.97	0.86	0.55	0.98	MBSAX
ANBIX	0.98	0.97	0.94	0.85	0.97		0.8	0.43	0.98	ANBIX
FHYIX	0.76	0.86	0.84	0.82	0.86	0.8		0.86	0.87	FHYIX
USCBX	0.36	0.54	0.56	0.63	0.55	0.43	0.86		0.56	USCBX
WACIX	0.96	0.99	0.98	0.92	0.98	0.98	0.87	0.56		WACIX
	MSTBX	UIITX	FLQTVX	FZNQEX	MBSAX	ANBIX	FHYIX	USCBX	WACIX

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Risk-Adjusted Indicators

There is a big difference between California Mutual Fund performing well and California Bond 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 Bond'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
MSTBX	0.11	0.02	0.51	3.47	0.00	(0.15)	0.21	(0.21)	0.62
UIITX	0.23	0.02	0.29	0.56	0.18	(0.28)	0.55	(0.43)	1.45
FLQTVX	0.12	0.00	0.44	0.05	0.11	(0.12)	0.24	(0.23)	0.77
FZNQEX	0.08	(0.01)	0.54	(2.16)	0.09	(0.08)	0.16	(0.16)	0.48
MBSAX	0.18	0.02	0.29	0.16	0.19	(0.21)	0.36	(0.30)	1.34
ANBIX	0.16	0.03	0.41	1.08	0.00	(0.21)	0.38	(0.38)	0.98
FHYIX	0.19	(0.01)	0.00	(0.36)	0.00	0.00	0.43	(0.55)	1.21
USCBX	0.20	(0.02)	0.00	(0.41)	0.00	0.00	0.39	(0.68)	1.56
WACIX	0.25	0.02	0.28	0.29	0.21	(0.30)	0.55	(0.44)	1.56

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