Federated Municipal Correlations

FMUUX Fund

USD 9.99 0.01 0.10%

The current 90-days correlation between Federated Municipal and Neuberger Berman Income is 0.29 (i.e., Modest diversification). The correlation of Federated Municipal 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.

Federated Municipal Correlation With Market

Weak diversification

The correlation between Federated Municipal Ultrashort and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Federated Municipal Ultrashort 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 Federated Municipal Ultrashort. 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 employment.

Moving together with Federated Mutual Fund

0.82	VWSTX	Vanguard Short Term	Pair Corr
0.82	VWSUX	Vanguard Short Term	Pair Corr
0.72	PFTPX	Pimco Floating Income	Pair Corr
0.78	WACIX	Western Asset E	Pair Corr
0.88	MGOIX	Mainstay Government	Pair Corr
0.79	RILGX	American Funds Inflation	Pair Corr
0.98	FMUSX	Federated Municipal	Pair Corr
0.76	PEGIX	Pimco Esg Income	Pair Corr
0.72	PWLMX	Pimco Rae Worldwide	Pair Corr

Moving against Federated Mutual Fund

0.51	VSTSX	Vanguard Total Stock	Pair Corr
0.51	VSMPX	Vanguard Total Stock	Pair Corr
0.51	VITSX	Vanguard Total Stock	Pair Corr
0.51	VFFSX	Vanguard 500 Index	Pair Corr
0.51	VFIAX	Vanguard 500 Index	Pair Corr
0.51	VINIX	Vanguard Institutional	Pair Corr
0.51	VTSAX	Vanguard Total Stock	Pair Corr

Related Correlations Analysis

	NHIEX	PAXHX	IPIMX	PBHAX	TIHHX	GSHSX
NHIEX		0.99	0.99	0.96	0.96	0.97	NHIEX
PAXHX	0.99		0.99	0.96	0.94	0.96	PAXHX
IPIMX	0.99	0.99		0.96	0.96	0.97	IPIMX
PBHAX	0.96	0.96	0.96		0.96	0.99	PBHAX
TIHHX	0.96	0.94	0.96	0.96		0.99	TIHHX
GSHSX	0.97	0.96	0.97	0.99	0.99		GSHSX
	NHIEX	PAXHX	IPIMX	PBHAX	TIHHX	GSHSX

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Risk-Adjusted Indicators

There is a big difference between Federated Mutual Fund performing well and Federated Municipal 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 Federated Municipal'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
NHIEX	0.22	0.01	0.24	(0.02)	0.34	(0.23)	0.53	(0.40)	1.87
PAXHX	0.20	0.00	0.24	(0.18)	0.30	(0.24)	0.50	(0.50)	1.50
IPIMX	0.21	0.00	0.26	(0.15)	0.32	(0.23)	0.46	(0.35)	1.62
PBHAX	0.21	(0.01)	0.00	(0.22)	0.00	0.00	0.42	(0.43)	1.69
TIHHX	0.24	(0.01)	0.00	(0.36)	0.00	0.00	0.46	(0.47)	1.73
GSHSX	0.24	(0.01)	0.00	(0.33)	0.00	0.00	0.56	(0.54)	1.82

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