Northern California Correlations

Mutual Funds USA . 
Fund . Northern California Tax Exempt
NCATX Fund  USD 10.14  0.02  0.20%   
The current 90-days correlation between Northern California Tax and Northern Bond Index is 0.36 (i.e., Weak diversification). The correlation of Northern California 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.

Northern California Correlation With Market

Modest diversification

The correlation between Northern California Tax Exempt and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern California Tax Exempt 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 Northern California Tax Exempt. 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 estimate.

Moving together with Northern Mutual Fund

  0.75NOBOX Northern Bond IndexPairCorr
  0.79NOCBX Northern E BondPairCorr
  0.87NOAZX Northern Arizona TaxPairCorr
  0.76NOEMX Northern Emerging MarketsPairCorr
  0.78NOFIX Northern Fixed IncomePairCorr
  0.76NOIEX Northern Income EquityPairCorr
  0.78NOIGX Northern InternationalPairCorr
  0.79NOINX Northern InternationalPairCorr
  0.96NOITX Northern IntermediatePairCorr
  0.78NOMIX Northern Mid CapPairCorr
  0.77NOLCX Northern Large CapPairCorr
  0.78NOLVX Northern Large CapPairCorr
  0.99NOTEX Northern Tax ExemptPairCorr
  0.77NOSIX Northern Stock IndexPairCorr
  0.76NOSGX Northern Small CapPairCorr
  0.81BSBAX Northern Short BondPairCorr
  0.8BBALX Northern Global TacticalPairCorr
  0.78NSCKX Northern Small CapPairCorr
  0.76NSIDX Northern Small CapPairCorr
  0.77NSGRX Northern Small CapPairCorr
  0.66NSIUX Northern Short InterPairCorr
  0.81NSITX Northern Short InterPairCorr
  0.77NSRKX Northern Global SustPairCorr
  0.77NSRIX Northern Global SustPairCorr
  0.79NTAUX Northern Tax AdvantagedPairCorr
  0.79SWSFX Ultra Short FixedPairCorr
  0.84NCITX Northern CaliforniaPairCorr
  0.78NUEIX Northern Quality EsgPairCorr
  0.78NUESX Northern Quality EsgPairCorr
  0.78NUSFX Northern Ultra ShortPairCorr
  0.81NGREX Northern Global RealPairCorr
  0.81NHFIX Northern High YieldPairCorr
  0.75NMFIX Multi Manager GlobalPairCorr
  0.77NMIEX Active M InternationalPairCorr
  0.79NMHYX Multi Manager HighPairCorr
  0.8NMMGX Multi Manager GlobalPairCorr
  0.78NMMEX Active M EmergingPairCorr
  0.83FCAVX Franklin California TaxPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Northern Mutual Fund performing well and Northern California 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 Northern California'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
NOBOX  0.27  0.02 (0.30)(1.34) 0.24 
(0.34)
 0.56 
(0.55)
 1.43 
NOCBX  0.24  0.01 (0.33) 0.23  0.22 
(0.29)
 0.46 
(0.46)
 1.38 
NOAZX  0.14  0.02 (0.54)(0.25) 0.07 
(0.20)
 0.32 
(0.22)
 1.09 
NOEMX  0.50  0.19  0.20  0.56  0.00 
(0.65)
 1.71 
(0.79)
 4.12 
NOFIX  0.25  0.01 (0.31) 0.24  0.21 
(0.31)
 0.46 
(0.56)
 1.38 
NOIEX  0.63  0.12  0.12  0.27  0.51 
(0.76)
 1.96 
(1.22)
 5.08 
NOIGX  0.53  0.23  0.13 (2.79) 0.25 
(0.65)
 1.45 
(1.01)
 3.03 
NOINX  0.55  0.12  0.06  0.40  0.44 
(0.63)
 1.36 
(1.17)
 3.24 
NOITX  0.11  0.01 (0.66) 0.27  0.00 
(0.15)
 0.21 
(0.21)
 0.95 
NOMIX  0.77  0.26  0.10 (1.32) 0.75 
(0.88)
 2.11 
(1.57)
 6.15 

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