Baird Small/mid Correlations

Mutual Funds . USA . 
Fund . Baird Smallmid Cap
BSGIX Fund  USD 16.09  0.02  0.12%   
The current 90-days correlation between Baird Smallmid Cap and T Rowe Price is 0.76 (i.e., Poor diversification). The correlation of Baird Small/mid 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 Small/mid Correlation With Market

Very poor diversification

The correlation between Baird Smallmid Cap and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Smallmid Cap 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 Smallmid Cap. 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

  0.65BSBIX Baird Short TermPairCorr
  0.69BSBSX Baird Short TermPairCorr
  1.0BSGSX Baird Smallmid CapPairCorr
  0.83BSNSX Baird Strategic MunicipalPairCorr
  0.84BSNIX Baird Strategic MunicipalPairCorr
  0.91BSVSX Baird Smallcap ValuePairCorr
  0.91BSVIX Baird Smallcap ValuePairCorr
  0.8BTMSX Baird Short TermPairCorr
  0.82BTMIX Baird Short TermPairCorr
  0.78BUBIX Baird Ultra ShortPairCorr
  0.77BUBSX Baird Ultra ShortPairCorr
  0.82BMBSX Baird Quality IntermPairCorr
  0.83BMBIX Baird Quality IntermPairCorr
  0.98BMDSX Baird MidcapPairCorr
  0.98BMDIX Baird MidcapPairCorr
  0.83BMNSX Baird E IntermediatePairCorr
  0.83BMNIX Baird E IntermediatePairCorr
  0.78BMQSX Baird Municipal BondPairCorr
  0.79BMQIX Baird Municipal BondPairCorr
  0.95CCGIX Chautauqua Global GrowthPairCorr
  0.95CCGSX Chautauqua Global GrowthPairCorr
  0.94CCWIX Chautauqua InternationalPairCorr
  0.94CCWSX Chautauqua InternationalPairCorr
  0.96PAMCX T Rowe PricePairCorr
  0.96RRMGX T Rowe PricePairCorr
  0.95TRQZX T Rowe PricePairCorr
  0.96RPMGX T Rowe PricePairCorr
  0.94PRJIX T Rowe PricePairCorr
  0.94PRNHX T Rowe PricePairCorr
  0.94TRUZX T Rowe PricePairCorr
  0.93PCBIX Midcap Fund InstitutionalPairCorr
  0.95PEMGX Midcap Fund ClassPairCorr
  0.95PMBCX Midcap Fund ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Small/mid 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 Small/mid'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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