Colorado Bondshares Correlations

Mutual Funds . USA . 
Fund . Colorado Bondshares A
HICOX Fund  USD 8.84  0.01  0.11%   
The current 90-days correlation between Colorado Bondshares and Tekla Healthcare Investors is 0.46 (i.e., Very weak diversification). The correlation of Colorado Bondshares 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.

Colorado Bondshares Correlation With Market

Very good diversification

The correlation between Colorado Bondshares A and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Colorado Bondshares A and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Colorado Bondshares A. 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 persons.

Moving together with Colorado Mutual Fund

  0.64KYTFX Kentucky Tax FreePairCorr
  0.77HULYX Hawaiian Tax FreePairCorr
  0.77HULFX Hawaiian Tax FreePairCorr
  0.91ORTYX Aquila Tax FreePairCorr
  0.67USVAX Virginia BondPairCorr
  0.88HULAX Hawaiian Tax FreePairCorr
  0.73PFN Pimco Income StrategyPairCorr
  0.75NXJ Nuveen New JerseyPairCorr
  0.77XPPRX Voya Prime RatePairCorr
  0.78PCF Putnam High IncomePairCorr
  0.62SPRAX Prudential Qma MidPairCorr
  0.77BBVSX Bridge Builder SmallmidPairCorr
  0.79PHCIX Virtus High YieldPairCorr
  0.64FIWDX Fidelity Advisor StrPairCorr

Moving against Colorado Mutual Fund

  0.42MODXX Money Market ObligationsPairCorr

Related Correlations Analysis

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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   
VGHCX
+ 0.98
DLRHX
VGHCX
+ 0.96
SWHFX
DLRHX
+ 0.94
XHQHX
RAGHX
+ 0.93
DLRHX
VGHCX
+ 0.92
XHQHX
SWHFX
+ 0.92
DLRHX
  
High negative correlations   
HHCZX
- 0.37
SWHFX
HHCZX
- 0.14
VGHCX
HHCZX
- 0.13
XHQHX
HHCZX
- 0.08
DLRHX

Risk-Adjusted Indicators

There is a big difference between Colorado Mutual Fund performing well and Colorado Bondshares 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 Colorado Bondshares' 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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