Baird Strategic Correlations

Mutual Funds . USA . 
Fund . Baird Strategic Municipal
BSNIX Fund  USD 10.18  0.01  0.1%   
The current 90-days correlation between Baird Strategic Municipal and Baird Short Term Municipal is 0.39 (i.e., Weak diversification). The correlation of Baird Strategic 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 Strategic Correlation With Market

Modest diversification

The correlation between Baird Strategic Municipal and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Strategic Municipal 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 Strategic 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 gross domestic product.

Moving together with Baird Mutual Fund

  0.91BSBIX Baird Short TermPairCorr
  0.63BSBSX Baird Short TermPairCorr
  0.64BSGSX Baird Smallmid CapPairCorr
  0.64BSGIX Baird Smallmid CapPairCorr
  1.0BSNSX Baird Strategic MunicipalPairCorr
  0.93BSVSX Baird Smallcap ValuePairCorr
  0.93BSVIX Baird Smallcap ValuePairCorr
  0.96BTMSX Baird Short TermPairCorr
  0.7BTMIX Baird Short TermPairCorr
  0.65BUBIX Baird Ultra ShortPairCorr
  0.83BCOSX Baird E PlusPairCorr
  0.82BCOIX Baird E PlusPairCorr
  0.93BUBSX Baird Ultra ShortPairCorr
  0.85BIMSX Baird Intermediate BondPairCorr
  0.86BIMIX Baird Intermediate BondPairCorr
  0.8BMBSX Baird Quality IntermPairCorr
  0.79BMBIX Baird Quality IntermPairCorr
  0.9BMDSX Baird MidcapPairCorr
  0.68BMDIX Baird MidcapPairCorr
  0.99BMNSX Baird E IntermediatePairCorr
  0.99BMNIX Baird E IntermediatePairCorr
  0.83BMQSX Baird Municipal BondPairCorr
  0.94BMQIX Baird Municipal BondPairCorr
  0.89CCGIX Chautauqua Global GrowthPairCorr
  0.66CCGSX Chautauqua Global GrowthPairCorr
  0.85CCWIX Chautauqua InternationalPairCorr
  0.85CCWSX Chautauqua InternationalPairCorr
  0.97VWITX Vanguard Intermediate-terPairCorr
  0.97VWIUX Vanguard Intermediate-terPairCorr
  0.81AFTEX Tax Exempt BondPairCorr
  0.81AFTFX Tax Exempt BondPairCorr
  0.78TEBCX Tax Exempt BondPairCorr
  0.85TEAFX Tax Exempt BondPairCorr
  0.85TFEBX Tax Exempt BondPairCorr
  0.99FLTMX Fidelity IntermediatePairCorr
  0.71MDNLX Blackrock NationalPairCorr
  0.65MFNLX Blackrock Natl MuniPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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