Morningstar Defensive Correlations

Mutual Funds . USA . 
Fund . Morningstar Defensive Bond
MSTBX Fund  USD 9.80  0.01  0.10%   
The current 90-days correlation between Morningstar Defensive and Morningstar International Equity is 0.17 (i.e., Average diversification). The correlation of Morningstar Defensive 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.

Morningstar Defensive Correlation With Market

Significant diversification

The correlation between Morningstar Defensive Bond and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morningstar Defensive Bond and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Morningstar Defensive Bond. 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 bureau of labor statistics.

Moving together with Morningstar Mutual Fund

  0.83MSTFX Morningstar InternationalPairCorr
  0.91MSTGX Morningstar Global IncomePairCorr
  0.85MSTPX Morningstar MunicipalPairCorr
  0.93MSTMX Morningstar MultisectorPairCorr
  0.85MSTSX Morningstar UnconstrainedPairCorr
  0.92MSTRX Morningstar Total ReturnPairCorr
  0.82MSTQX Morningstar EquityPairCorr
  0.9MSTVX Morningstar AlternativesPairCorr
  0.88VBIRX Vanguard Short TermPairCorr
  0.86VFSUX Vanguard Short TermPairCorr
  0.96VFSIX Vanguard Short TermPairCorr
  0.96VFSTX Vanguard Short TermPairCorr
  0.93VBITX Vanguard Short TermPairCorr
  0.95VBISX Vanguard Short TermPairCorr
  0.94LALDX Lord Abbett ShortPairCorr
  0.95VSCSX Vanguard Short TermPairCorr
  0.94LDLAX Lord Abbett ShortPairCorr
  0.9LDLRX Lord Abbett ShortPairCorr
  0.92ABNCX Ab Bond InflationPairCorr
  0.83ARANX Horizon Active RiskPairCorr
  0.92CGBIX Calvert Green BondPairCorr
  0.82FAEGX Fidelity Advisor EquityPairCorr
  0.88IFBFX Intermediate BondPairCorr
  0.74BMGCX Blackrock Mid CapPairCorr
  0.7FNMAX Fidelity New YorkPairCorr
  0.94NWJUX Nationwide Highmark ShortPairCorr
  0.88LHYVX Lord Abbett HighPairCorr
  0.9VTRVX Voya Target InPairCorr
  0.86GOIIX Goldman Sachs GrowthPairCorr
  0.86JABCX Janus BalancedPairCorr
  0.85SHDRX American Beacon ShapiroPairCorr
  0.84VFIAX Vanguard 500 IndexPairCorr
  0.85RGAEX Growth FundPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Morningstar Mutual Fund performing well and Morningstar Defensive 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 Morningstar Defensive'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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