Johnson Municipal Correlations

JMUNX Fund

USD 15.58 0.02 0.13%

The current 90-days correlation between Johnson Municipal Income and Johnson Core Plus is -0.06 (i.e., Good diversification). The correlation of Johnson 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.

Johnson Municipal Correlation With Market

Significant diversification

The correlation between Johnson Municipal Income and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Johnson Municipal Income 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 Johnson Municipal Income. 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 board of governors.

Moving together with Johnson Mutual Fund

0.71	JENHX	Johnson Enhanced Return	Pair Corr
0.72	JEQIX	Johnson Equity Income	Pair Corr
0.71	JEQSX	Johnson Equity Income	Pair Corr
0.64	JIBDX	Johnson Institutional	Pair Corr
0.61	JIBFX	Johnson Institutional	Pair Corr
0.64	JIMEX	Johnson Institutional	Pair Corr
0.7	JINTX	Johnson International	Pair Corr
0.74	JOPPX	Johnson Opportunity	Pair Corr
0.73	JOSSX	Johnson Opportunity	Pair Corr
0.93	FKTOX	Franklin Ohio Tax	Pair Corr
0.83	FROZX	Franklin Ohio Tax	Pair Corr
0.85	VOHIX	Vanguard Ohio Long	Pair Corr
0.89	FOHQX	Franklin Ohio Tax	Pair Corr
0.83	FTOIX	Franklin Ohio Tax	Pair Corr
0.79	FOITX	Franklin Ohio Tax	Pair Corr
0.83	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.77	FOHTX	Nuveen Ohio Municipal	Pair Corr
0.81	NXOHX	Nuveen Ohio Municipal	Pair Corr
0.95	FOHFX	Fidelity Ohio Municipal	Pair Corr
0.84	EMOCX	Eaton Vance Municipal	Pair Corr
0.72	LEJKX	Blackrock Lifepath Esg	Pair Corr
0.63	TSDUX	Ultra Short Term	Pair Corr
0.7	ABSTX	Allianzgi Best Styles	Pair Corr
0.73	AHYVX	High Yield Fund	Pair Corr

Moving against Johnson Mutual Fund

0.49	UIPIX	Ultrashort Mid Cap	Pair Corr
0.46	USPSX	Profunds Ultrashort	Pair Corr
0.46	USPIX	Profunds Ultrashort	Pair Corr

Related Correlations Analysis

	JCPLX	JENHX	JEQIX	JEQSX	JIBSX	JIBFX	JIBEX	JIMEX	JIMDX	JIMFX
JCPLX		0.52	0.45	0.45	0.82	0.81	0.98	0.79	0.93	0.81	JCPLX
JENHX	0.52		0.96	0.96	0.62	0.63	0.57	0.77	0.63	0.62	JENHX
JEQIX	0.45	0.96		1.0	0.56	0.57	0.48	0.7	0.54	0.56	JEQIX
JEQSX	0.45	0.96	1.0		0.56	0.57	0.48	0.7	0.54	0.56	JEQSX
JIBSX	0.82	0.62	0.56	0.56		1.0	0.78	0.96	0.7	1.0	JIBSX
JIBFX	0.81	0.63	0.57	0.57	1.0		0.77	0.97	0.7	1.0	JIBFX
JIBEX	0.98	0.57	0.48	0.48	0.78	0.77		0.78	0.97	0.77	JIBEX
JIMEX	0.79	0.77	0.7	0.7	0.96	0.97	0.78		0.73	0.96	JIMEX
JIMDX	0.93	0.63	0.54	0.54	0.7	0.7	0.97	0.73		0.7	JIMDX
JIMFX	0.81	0.62	0.56	0.56	1.0	1.0	0.77	0.96	0.7		JIMFX
	JCPLX	JENHX	JEQIX	JEQSX	JIBSX	JIBFX	JIBEX	JIMEX	JIMDX	JIMFX

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Risk-Adjusted Indicators

There is a big difference between Johnson Mutual Fund performing well and Johnson 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 Johnson 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
JCPLX	0.25	0.03	(0.32)	(2.71)	0.19	(0.30)	0.56	(0.40)	1.35
JENHX	0.67	0.26	0.12	(2.91)	0.58	(0.77)	2.15	(1.26)	4.92
JEQIX	0.57	(0.01)	(0.04)	0.12	0.62	(0.65)	1.48	(1.24)	4.23
JEQSX	0.58	(0.01)	(0.04)	0.12	0.61	(0.66)	1.48	(1.25)	4.20
JIBSX	0.26	0.00	(0.33)	0.18	0.26	(0.30)	0.57	(0.49)	1.27
JIBFX	0.27	0.01	(0.32)	0.21	0.28	(0.29)	0.57	(0.56)	1.27
JIBEX	0.17	0.02	(0.50)	(3.68)	0.10	(0.19)	0.27	(0.34)	0.82
JIMEX	0.17	0.02	(0.47)	0.64	0.11	(0.20)	0.34	(0.34)	0.88
JIMDX	0.08	0.01	(1.01)	(3.68)	0.00	(0.10)	0.13	(0.13)	0.40
JIMFX	0.27	0.01	(0.32)	0.19	0.28	(0.30)	0.49	(0.62)	1.32

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