Municipal Bond Correlations

PMLAX Fund

USD 9.39 0.01 0.11%

The current 90-days correlation between Municipal Bond and Pimco Rae Worldwide is 0.17 (i.e., Average diversification). The correlation of Municipal 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.

Municipal Bond Correlation With Market

Significant diversification

The correlation between Municipal Bond Fund and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Municipal Bond Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Municipal 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 nation.

Moving together with MUNICIPAL Mutual Fund

0.92	PFRMX	Pimco Inflation Response	Pair Corr
0.88	PXTNX	Pimco Rae Plus	Pair Corr
1.0	PYMAX	Pimco High Yield	Pair Corr
1.0	PYMCX	Pimco High Yield	Pair Corr
0.93	PHYRX	High Yield Fund	Pair Corr
0.74	PRRSX	Realestaterealreturn	Pair Corr
0.77	PCRPX	Pimco Modityrealreturn	Pair Corr
0.92	PDICX	Diversified Income	Pair Corr
1.0	VWLTX	Vanguard Long Term	Pair Corr
1.0	VWAHX	Vanguard High Yield	Pair Corr
1.0	VWALX	Vanguard High Yield	Pair Corr
1.0	FSMUX	Strategic Advisers	Pair Corr
1.0	VWLUX	Vanguard Long Term	Pair Corr
1.0	FAFTX	Franklin Federal Tax	Pair Corr
1.0	FFTQX	Franklin Federal Tax	Pair Corr
1.0	FKTIX	Franklin Federal Tax	Pair Corr
1.0	FRFTX	Franklin Federal Tax	Pair Corr
1.0	FFQAX	Franklin Federal Tax	Pair Corr
0.89	PDI	Pimco Dynamic Income	Pair Corr
0.81	FTCAX	Templeton Strained Bond	Pair Corr
0.73	BMCIX	Blackrock High Equity	Pair Corr
0.89	LPCNX	Blackrock Lifepath	Pair Corr
0.97	AUNCX	Ab Municipal Bond	Pair Corr
0.92	RRPPX	American Funds Retirement	Pair Corr
0.87	VFIAX	Vanguard 500 Index	Pair Corr
0.73	ABNAX	Ab Bond Inflation	Pair Corr
0.89	FDKVX	Fidelity Freedom 2060	Pair Corr
0.91	QGRYX	Oppenheimer Gbl Alloc	Pair Corr
0.72	SRIGX	Gabelli Esg Fund	Pair Corr
0.92	VWTGX	Tomorrows Scholar College	Pair Corr
0.83	TWQZX	Transamerica Large Cap	Pair Corr

Moving against MUNICIPAL Mutual Fund

0.65	TCTGX	Transamerica Cleartrack	Pair Corr
0.85	USPSX	Profunds Ultrashort	Pair Corr
0.85	USPIX	Profunds Ultrashort	Pair Corr
0.71	UIPIX	Ultrashort Mid Cap	Pair Corr
0.66	TCSUX	Cleartrack 2020 Class	Pair Corr
0.64	TDKTX	Cleartrack 2015 Class	Pair Corr
0.64	TCTJX	Transamerica Cleartrack	Pair Corr

Related Correlations Analysis

	PWLEX	PWLBX	PWLMX	PWLIX	PFBPX	PFCJX	PFATX	PFANX	PFGAX	PFGCX
PWLEX		0.96	1.0	1.0	0.42	0.31	0.36	0.31	0.3	0.3	PWLEX
PWLBX	0.96		0.96	0.96	0.41	0.34	0.4	0.34	0.3	0.3	PWLBX
PWLMX	1.0	0.96		1.0	0.45	0.35	0.37	0.35	0.33	0.33	PWLMX
PWLIX	1.0	0.96	1.0		0.45	0.35	0.37	0.35	0.33	0.33	PWLIX
PFBPX	0.42	0.41	0.45	0.45		0.89	0.47	0.89	0.93	0.93	PFBPX
PFCJX	0.31	0.34	0.35	0.35	0.89		0.54	1.0	0.9	0.9	PFCJX
PFATX	0.36	0.4	0.37	0.37	0.47	0.54		0.54	0.49	0.49	PFATX
PFANX	0.31	0.34	0.35	0.35	0.89	1.0	0.54		0.91	0.9	PFANX
PFGAX	0.3	0.3	0.33	0.33	0.93	0.9	0.49	0.91		1.0	PFGAX
PFGCX	0.3	0.3	0.33	0.33	0.93	0.9	0.49	0.9	1.0		PFGCX
	PWLEX	PWLBX	PWLMX	PWLIX	PFBPX	PFCJX	PFATX	PFANX	PFGAX	PFGCX

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Risk-Adjusted Indicators

There is a big difference between MUNICIPAL Mutual Fund performing well and Municipal 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 Municipal 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
PWLEX	0.33	(0.03)	0.00	(0.07)	0.00	0.00	0.81	(0.68)	2.28
PWLBX	0.34	(0.02)	0.00	(0.73)	0.00	0.00	0.94	(0.69)	2.07
PWLMX	0.34	(0.03)	0.00	(0.05)	0.00	0.00	0.94	(0.68)	2.02
PWLIX	0.34	(0.03)	0.00	(0.05)	0.00	0.00	0.94	(0.68)	2.02
PFBPX	0.13	0.00	(0.35)	0.12	0.01	(0.17)	0.30	(0.20)	0.81
PFCJX	0.09	0.03	(0.23)	1.46	0.00	(0.14)	0.22	(0.11)	0.54
PFATX	0.41	(0.02)	(0.13)	(0.03)	0.46	(0.55)	1.02	(0.89)	2.47
PFANX	0.09	0.04	(0.19)	2.51	0.00	(0.14)	0.21	(0.11)	0.54
PFGAX	0.49	0.03	(0.05)	0.35	0.45	(0.59)	1.06	(0.74)	2.53
PFGCX	0.49	0.03	(0.06)	0.33	0.46	(0.59)	1.06	(0.74)	2.53

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