The Short-term Correlations

HCSBX Fund

USD 9.65 0.01 0.10%

The current 90-days correlation between The Short-term and Voya Government Money is 0.09 (i.e., Significant diversification). The correlation of The Short-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.

The Short-term Correlation With Market

Good diversification

The correlation between The Short Term Municipal and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Short Term Municipal and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in The Short Term Municipal. 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 The Mutual Fund

0.94	VTSAX	Vanguard Total Stock	Pair Corr
0.86	VFIAX	Vanguard 500 Index	Pair Corr
0.94	VTSMX	Vanguard Total Stock	Pair Corr
0.86	VITSX	Vanguard Total Stock	Pair Corr
0.94	VSTSX	Vanguard Total Stock	Pair Corr
0.94	VSMPX	Vanguard Total Stock	Pair Corr
0.86	VFINX	Vanguard 500 Index	Pair Corr
0.94	VFFSX	Vanguard 500 Index	Pair Corr
0.95	VGTSX	Vanguard Total Inter	Pair Corr
0.83	VTIAX	Vanguard Total Inter	Pair Corr
0.9	AISTX	Limited Duration	Pair Corr
0.81	RRSVX	Rbc Small Cap	Pair Corr
0.84	HERSX	Hartford Emerging Markets	Pair Corr
0.78	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.67	DD	Dupont De Nemours	Pair Corr
0.65	CSCO	Cisco Systems	Pair Corr
0.61	CAT	Caterpillar	Pair Corr
0.72	CVX	Chevron Corp Sell-off Trend	Pair Corr

Moving against The Mutual Fund

0.38	PG	Procter Gamble	Pair Corr
0.73	MCD	McDonalds	Pair Corr
0.35	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	IVMXX	MXDQX	SSAGX	PBMXX	SWGXX	FICMX	ELMXX	RFBAX
IVMXX		0.2	0.7	0.78	0.25	0.28	0.67	0.7	IVMXX
MXDQX	0.2		0.63	0.04	0.16	0.98	0.19	0.78	MXDQX
SSAGX	0.7	0.63		0.35	0.12	0.66	0.32	0.9	SSAGX
PBMXX	0.78	0.04	0.35		0.34	0.1	0.82	0.46	PBMXX
SWGXX	0.25	0.16	0.12	0.34		0.15	0.42	0.21	SWGXX
FICMX	0.28	0.98	0.66	0.1	0.15		0.23	0.82	FICMX
ELMXX	0.67	0.19	0.32	0.82	0.42	0.23		0.48	ELMXX
RFBAX	0.7	0.78	0.9	0.46	0.21	0.82	0.48		RFBAX
	IVMXX	MXDQX	SSAGX	PBMXX	SWGXX	FICMX	ELMXX	RFBAX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between The Mutual Fund performing well and The Short-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 The Short-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
IVMXX	0.03	0.01	0.00	(0.39)	0.00	0.00	0.00	0.00	1.01
MXDQX	0.26	0.01	(0.37)	4.16	0.24	(0.30)	0.49	(0.49)	1.23
SSAGX	0.07	0.01	(1.23)	4.16	0.00	(0.18)	0.10	(0.10)	0.61
PBMXX	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.01
SWGXX	0.03	0.01	0.00	(1.49)	0.00	0.00	0.00	0.00	1.01
FICMX	0.32	0.02	(0.26)	2.63	0.33	(0.36)	0.68	(0.68)	1.60
ELMXX	0.03	0.01	0.00	(0.16)	0.00	0.00	0.00	0.00	1.01
RFBAX	0.08	0.00	(0.67)	(1.19)	0.00	(0.23)	0.20	(0.19)	0.59

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