Baird Midcap Correlations

Mutual Funds . USA . 
Fund . Baird Midcap Fund
BMDSX Fund  USD 18.97  0.04  0.21%   
The current 90-days correlation between Baird Midcap and Baron Health Care is 0.54 (i.e., Very weak diversification). The correlation of Baird Midcap 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.

Baird Midcap Correlation With Market

Poor diversification

The correlation between Baird Midcap Fund and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Midcap Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Baird Midcap Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Baird Mutual Fund

  0.77PAMCX T Rowe PricePairCorr
  0.78RRMGX T Rowe PricePairCorr
  0.73TRQZX T Rowe PricePairCorr
  0.77RPMGX T Rowe PricePairCorr
  0.93PCBIX Midcap Fund InstitutionalPairCorr
  0.93PEMGX Midcap Fund ClassPairCorr
  0.93PMBCX Midcap Fund ClassPairCorr
  0.82BA BoeingPairCorr
  0.7PG Procter GamblePairCorr
  0.75DIS Walt DisneyPairCorr
  0.81HD Home DepotPairCorr
  0.65T ATT IncPairCorr

Moving against Baird Mutual Fund

  0.47VFIAX Vanguard 500 IndexPairCorr
  0.46VFINX Vanguard 500 IndexPairCorr
  0.44VFFSX Vanguard 500 IndexPairCorr
  0.44VGTSX Vanguard Total InterPairCorr
  0.44VTIAX Vanguard Total InterPairCorr
  0.39VTSMX Vanguard Total StockPairCorr
  0.39VITSX Vanguard Total StockPairCorr
  0.37VTSAX Vanguard Total StockPairCorr
  0.37VSMPX Vanguard Total StockPairCorr
  0.37VSTSX Vanguard Total StockPairCorr
  0.74GPICX Guidepath ConservativePairCorr
  0.73CSCO Cisco SystemsPairCorr
  0.72JNJ Johnson JohnsonPairCorr
  0.66MRK Merck Company Aggressive PushPairCorr
  0.62KO Coca Cola Aggressive PushPairCorr
  0.59IBM International BusinessPairCorr
  0.59XOM Exxon Mobil CorpPairCorr
  0.57AXP American ExpressPairCorr
  0.52MMM 3M CompanyPairCorr
  0.5INTC Intel Aggressive PushPairCorr
  0.47TRV The Travelers CompaniesPairCorr
  0.34BAC Bank of AmericaPairCorr
  0.31PFE Pfizer IncPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Midcap 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 Baird Midcap'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.

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