Morningstar Municipal Correlations
| MSTPX Fund | USD 9.75 0.01 0.10% |
The current 90-days correlation between Morningstar Municipal and Western Asset Municipal is 0.97 (i.e., Almost no diversification). The correlation of Morningstar 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.
Morningstar Municipal Correlation With Market
Good diversification
The correlation between Morningstar Municipal Bond and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morningstar Municipal Bond and DJI in the same portfolio, assuming nothing else is changed.
Morningstar |
Moving together with Morningstar Mutual Fund
| 0.63 | MSTRX | Morningstar Total Return | PairCorr |
| 0.97 | VWITX | Vanguard Intermediate | PairCorr |
| 0.97 | VWIUX | Vanguard Intermediate-ter | PairCorr |
| 0.99 | AFTEX | Tax Exempt Bond | PairCorr |
| 0.99 | AFTFX | Tax Exempt Bond | PairCorr |
| 0.99 | TEBCX | Tax Exempt Bond | PairCorr |
| 0.99 | TEAFX | Tax Exempt Bond | PairCorr |
| 0.99 | TFEBX | Tax Exempt Bond | PairCorr |
| 0.77 | FLTMX | Fidelity Intermediate | PairCorr |
| 0.98 | MDNLX | Blackrock National | PairCorr |
| 0.98 | MFNLX | Blackrock Natl Muni | PairCorr |
| 0.65 | VMLUX | Vanguard Limited Term | PairCorr |
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Morningstar Mutual Fund performing well and Morningstar 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 Morningstar 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| MSTPX | 0.25 | (0.02) | 0.00 | 0.57 | 0.00 | 0.31 | 2.93 | |||
| XMHFX | 0.36 | (0.06) | 0.00 | 1.35 | 0.00 | 0.57 | 3.53 | |||
| BIDPX | 0.31 | (0.03) | 0.00 | 0.66 | 0.00 | 0.55 | 3.25 | |||
| OKMUX | 0.35 | (0.02) | 0.00 | 1.08 | 0.00 | 0.70 | 5.54 | |||
| TWTIX | 0.26 | (0.01) | 0.00 | 0.21 | 0.00 | 0.48 | 2.72 | |||
| BSHIX | 0.26 | (0.02) | 0.00 | 0.48 | 0.00 | 0.41 | 2.73 | |||
| MDMTX | 0.33 | (0.04) | 0.00 | (2.86) | 0.00 | 0.68 | 4.61 | |||
| CFNLX | 0.25 | (0.01) | 0.00 | 0.43 | 0.00 | 0.49 | 2.51 | |||
| BBINX | 0.22 | (0.01) | 0.00 | 0.40 | 0.00 | 0.40 | 2.21 |