DTF Tax Correlations

DTF Stock

USD 11.27 0.01 0.09%

The current 90-days correlation between DTF Tax Free and Parker Hannifin is -0.29 (i.e., Very good diversification). The correlation of DTF Tax 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.

DTF Tax Correlation With Market

Good diversification

The correlation between DTF Tax Free and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DTF Tax Free and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in DTF Tax Free. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with DTF Stock

0.63

Visa Class A

Pair Corr

Moving against DTF Stock

0.36	PT	Pintec Technology	Pair Corr
0.36	HG	Hamilton Insurance Group, Normal Trading	Pair Corr

Related Correlations Analysis

	PH	MTX	ZEUS	DDI	IPGP	CC	WTI	BYD
PH		0.86	0.24	0.73	0.77	0.55	0.01	0.89	PH
MTX	0.86		0.43	0.79	0.73	0.61	0.11	0.74	MTX
ZEUS	0.24	0.43		0.32	0.06	0.47	0.32	-0.02	ZEUS
DDI	0.73	0.79	0.32		0.52	0.53	0.18	0.62	DDI
IPGP	0.77	0.73	0.06	0.52		0.52	0.16	0.84	IPGP
CC	0.55	0.61	0.47	0.53	0.52		0.4	0.36	CC
WTI	0.01	0.11	0.32	0.18	0.16	0.4		-0.09	WTI
BYD	0.89	0.74	-0.02	0.62	0.84	0.36	-0.09		BYD
	PH	MTX	ZEUS	DDI	IPGP	CC	WTI	BYD

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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

BYD	+ 0.89	PH
MTX	+ 0.86	PH
BYD	+ 0.84	IPGP
DDI	+ 0.79	MTX
IPGP	+ 0.77	PH
BYD	+ 0.74	MTX

High negative correlations

BYD	- 0.09	WTI
BYD	- 0.02	ZEUS

Risk-Adjusted Indicators

There is a big difference between DTF Stock performing well and DTF Tax Company 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 DTF Tax'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
PH	0.91	0.12	0.15	0.18	0.86	(1.09)	2.18	(1.26)	11.35
MTX	1.27	(0.05)	0.03	0.07	1.31	(1.41)	2.46	(2.51)	11.90
ZEUS	2.02	(0.22)	(0.04)	0.00	2.56	(2.10)	4.03	(4.04)	14.90
DDI	2.58	0.24	0.09	0.26	2.94	(2.79)	6.38	(4.51)	22.06
IPGP	1.70	(0.03)	0.02	0.08	1.95	(1.79)	4.46	(3.32)	11.69
CC	2.19	(0.07)	(0.01)	0.05	2.22	(2.76)	4.67	(3.97)	18.86
WTI	2.87	(0.20)	0.00	(0.15)	0.00	0.00	5.15	(6.57)	26.16
BYD	1.18	0.26	0.23	0.36	0.79	(1.48)	3.30	(1.73)	9.58

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