Baird Short Correlations

BTMSX Fund

USD 10.03 0.01 0.1%

The current 90-days correlation between Baird Short Term and ZOO Digital Group is 0.05 (i.e., Significant diversification). The correlation of Baird Short 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 Short Correlation With Market

Good diversification

The correlation between Baird Short Term Municipal and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Short Term 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 Short Term 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 state.

Moving together with Baird Mutual Fund

0.76	BAGIX	Baird Aggregate Bond	Pair Corr
0.73	BAGSX	Baird Aggregate Bond	Pair Corr
0.94	BSBIX	Baird Short Term	Pair Corr
0.95	BSBSX	Baird Short Term	Pair Corr
0.8	BSGSX	Baird Smallmid Cap	Pair Corr
0.8	BSGIX	Baird Smallmid Cap	Pair Corr
0.96	BSNSX	Baird Strategic Municipal	Pair Corr
0.96	BSNIX	Baird Strategic Municipal	Pair Corr
0.94	BSVSX	Baird Smallcap Value	Pair Corr
0.94	BSVIX	Baird Smallcap Value	Pair Corr
0.99	BTMIX	Baird Short Term	Pair Corr
0.99	BUBIX	Baird Ultra Short	Pair Corr
0.8	BCOSX	Baird E Plus	Pair Corr
0.79	BCOIX	Baird E Plus	Pair Corr
0.99	BUBSX	Baird Ultra Short	Pair Corr
0.84	BIMSX	Baird Intermediate Bond	Pair Corr
0.86	BIMIX	Baird Intermediate Bond	Pair Corr
0.97	BMBSX	Baird Quality Interm	Pair Corr
0.97	BMBIX	Baird Quality Interm	Pair Corr
0.86	BMDSX	Baird Midcap	Pair Corr
0.87	BMDIX	Baird Midcap	Pair Corr
0.94	BMNSX	Baird E Intermediate	Pair Corr
0.95	BMNIX	Baird E Intermediate	Pair Corr
0.83	BMQSX	Baird Municipal Bond	Pair Corr
0.83	BMQIX	Baird Municipal Bond	Pair Corr
0.88	CCGIX	Chautauqua Global Growth	Pair Corr
0.88	CCGSX	Chautauqua Global Growth	Pair Corr
0.84	CCWIX	Chautauqua International	Pair Corr
0.83	CCWSX	Chautauqua International	Pair Corr
0.99	VMLTX	Vanguard Limited Term	Pair Corr
0.99	VMLUX	Vanguard Limited Term	Pair Corr
0.99	VWSTX	Vanguard Short Term	Pair Corr
0.99	VWSUX	Vanguard Short Term	Pair Corr
0.99	GDUSX	Goldman Sachs Short	Pair Corr
0.99	GANPX	Goldman Sachs Short	Pair Corr
0.93	SNDPX	Diversified Municipal	Pair Corr
0.95	AIDYX	Diversified Municipal	Pair Corr
0.95	AIDZX	Diversified Municipal	Pair Corr

Related Correlations Analysis

	ZDGGF	ISIVX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF	RWAYL
ZDGGF		0.69	0.81	0.85	0.77	0.81	0.0	0.22	0.29	0.75	ZDGGF
ISIVX	0.69		0.89	0.87	0.87	0.89	0.0	-0.14	-0.31	0.83	ISIVX
MSTSX	0.81	0.89		0.98	0.98	1.0	0.0	-0.1	-0.14	0.95	MSTSX
LBHIX	0.85	0.87	0.98		0.97	0.98	0.0	-0.06	-0.09	0.94	LBHIX
VIASP	0.77	0.87	0.98	0.97		0.98	0.0	-0.15	-0.19	0.97	VIASP
RRTLX	0.81	0.89	1.0	0.98	0.98		0.0	-0.09	-0.13	0.96	RRTLX
OSHDF	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	OSHDF
70082LAB3	0.22	-0.14	-0.1	-0.06	-0.15	-0.09	0.0		0.74	-0.21	70082LAB3
SITKF	0.29	-0.31	-0.14	-0.09	-0.19	-0.13	0.0	0.74		-0.18	SITKF
RWAYL	0.75	0.83	0.95	0.94	0.97	0.96	0.0	-0.21	-0.18		RWAYL
	ZDGGF	ISIVX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF	RWAYL

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RRTLX	+ 1.0	MSTSX
LBHIX	+ 0.98	MSTSX
VIASP	+ 0.98	MSTSX
RRTLX	+ 0.98	LBHIX
RRTLX	+ 0.98	VIASP
VIASP	+ 0.97	LBHIX

High negative correlations

SITKF	- 0.31	ISIVX
RWAYL	- 0.21	70082LAB3
SITKF	- 0.19	VIASP
RWAYL	- 0.18	SITKF
70082LAB3	- 0.15	VIASP
SITKF	- 0.14	MSTSX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Short 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 Short'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
ZDGGF	2.21	1.13	0.00	23.57	0.00	0.00	0.00	0.00	42.01
ISIVX	0.83	0.09	(0.02)	(0.49)	2.32	(0.77)	2.07	(1.61)	14.68
MSTSX	0.50	0.21	0.09	(2.16)	0.31	(0.58)	1.45	(1.17)	3.51
LBHIX	0.18	0.05	(0.20)	0.44	0.00	(0.33)	0.49	(0.24)	1.22
VIASP	0.45	0.15	0.09	1.19	0.00	(0.58)	1.01	(0.76)	4.38
RRTLX	0.24	0.10	(0.09)	(2.41)	0.00	(0.31)	0.76	(0.39)	1.74
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
70082LAB3	1.56	0.02	0.00	0.11	0.00	0.00	2.55	(4.54)	20.47
SITKF	2.97	0.32	0.01	(0.20)	3.61	(4.66)	6.25	(6.98)	23.19
RWAYL	0.15	0.04	(0.41)	1.21	0.00	(0.20)	0.36	(0.24)	1.01

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