Baird Municipal Correlations

Mutual Funds . USA . 
Fund . Baird Municipal Bond
BMQIX Fund  USD 9.71  0.03  0.31%   
The current 90-days correlation between Baird Municipal Bond and Baird Aggregate Bond is 0.58 (i.e., Very weak diversification). The correlation of Baird 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.

Baird Municipal Correlation With Market

Good diversification

The correlation between Baird Municipal Bond and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Municipal Bond 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 Municipal Bond. 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 gross domestic product.

Moving together with Baird Mutual Fund

  0.75BAGIX Baird Aggregate BondPairCorr
  0.76BAGSX Baird Aggregate BondPairCorr
  0.79BSBSX Baird Short TermPairCorr
  0.78BSGSX Baird Smallmid CapPairCorr
  0.78BSGIX Baird Smallmid CapPairCorr
  0.93BSNSX Baird Strategic MunicipalPairCorr
  0.93BSNIX Baird Strategic MunicipalPairCorr
  0.79BSVSX Baird Smallcap ValuePairCorr
  0.79BSVIX Baird Smallcap ValuePairCorr
  0.81BTMSX Baird Short TermPairCorr
  0.82BTMIX Baird Short TermPairCorr
  0.77BUBIX Baird Ultra ShortPairCorr
  0.75BCOIX Baird E PlusPairCorr
  0.75BIMSX Baird Intermediate BondPairCorr
  0.92BMBSX Baird Quality IntermPairCorr
  0.93BMBIX Baird Quality IntermPairCorr
  0.83BMDSX Baird MidcapPairCorr
  0.83BMDIX Baird MidcapPairCorr
  0.92BMNSX Baird E IntermediatePairCorr
  0.91BMNIX Baird E IntermediatePairCorr
  1.0BMQSX Baird Municipal BondPairCorr
  0.78CCGIX Chautauqua Global GrowthPairCorr
  0.78CCGSX Chautauqua Global GrowthPairCorr
  0.75CCWIX Chautauqua InternationalPairCorr
  0.74CCWSX Chautauqua InternationalPairCorr
  0.88VWLTX Vanguard Long TermPairCorr
  0.86VWAHX Vanguard High YieldPairCorr
  0.83VWALX Vanguard High YieldPairCorr
  0.89FSMUX Strategic AdvisersPairCorr
  0.87VWLUX Vanguard Long TermPairCorr
  0.83FFTQX Franklin Federal TaxPairCorr
  0.81FKTIX Franklin Federal TaxPairCorr
  0.79FRFTX Franklin Federal TaxPairCorr
  0.81FFQAX Franklin Federal TaxPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird 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 Baird 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
BAGIX  0.25  0.02 (0.48) 7.43  0.19 
(0.31)
 0.52 
(0.41)
 1.24 
BAGSX  0.25  0.02 (0.44)(0.91) 0.23 
(0.28)
 0.50 
(0.49)
 1.10 
BSBIX  0.07  0.00 (1.08) 0.00  0.00 
(0.12)
 0.11 
(0.11)
 0.42 
BSBSX  0.09  0.01 (1.15)(1.78) 0.00 
(0.13)
 0.21 
(0.11)
 0.42 
BSGSX  0.68  0.15 (0.06)(0.53) 0.77 
(0.81)
 1.81 
(1.50)
 5.91 
BSGIX  0.68  0.15 (0.05)(0.52) 0.79 
(0.77)
 1.78 
(1.49)
 5.92 
BSNSX  0.10  0.02 (0.94)(0.67) 0.00 
(0.13)
 0.20 
(0.20)
 0.60 
BSNIX  0.09  0.02 (0.99)(0.97) 0.00 
(0.13)
 0.20 
(0.10)
 0.59 
BSVSX  0.97  0.25  0.10  1.45  0.89 
(1.10)
 2.16 
(1.77)
 6.99 
BSVIX  0.97  0.25  0.10  1.45  0.89 
(1.10)
 2.20 
(1.75)
 7.06 

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