Near-term Tax Correlations

Mutual Funds . USA . 
Fund . Near Term Tax Free
NEARX Fund  USD 2.10  0.01  0.47%   
The current 90-days correlation between Near Term Tax and Virtus High Yield is 0.17 (i.e., Average diversification). The correlation of Near-term Tax 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.

Near-term Tax Correlation With Market

Very good diversification

The correlation between Near Term Tax Free and DJI is -0.35 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Near Term Tax Free 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 Near Term Tax Free. 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 metropolitan statistical area.

Moving together with Near-term Mutual Fund

  0.73USLUX Us Global InvestorsPairCorr
  0.76PSPFX Global ResourcesPairCorr
  0.88VMLTX Vanguard Limited TermPairCorr
  0.89VMLUX Vanguard Limited TermPairCorr
  0.89VWSTX Vanguard Short TermPairCorr
  0.9VWSUX Vanguard Short TermPairCorr
  0.83GDUSX Goldman Sachs ShortPairCorr
  0.83GANPX Goldman Sachs ShortPairCorr
  0.76SNDPX Diversified MunicipalPairCorr
  0.71AIDYX Diversified MunicipalPairCorr
  0.72AIDZX Diversified MunicipalPairCorr
  0.85FTCAX Templeton Strained BondPairCorr
  0.76SIGVX Ridgeworth Seix GovePairCorr
  0.8TREPX Tiaa Cref InternationalPairCorr
  0.9QABGX Federated Mdt BalancedPairCorr
  0.83HSLRX Hartford SmallPairCorr
  0.83FGTKX Fidelity Freedom 2030PairCorr
  0.77WVAIX Value Fund ValuePairCorr
  0.79EOD Allspring Global DividendPairCorr
  0.78TRTIX T Rowe PricePairCorr
  0.79FOF Cohen Steers ClosedPairCorr
  0.81WCMIX Wcm Focused InternationalPairCorr
  0.77VEITX Vela InternationalPairCorr
  0.83CGGFX American Funds GlobalPairCorr
  0.79PCMSX Principal Midcap ValuePairCorr
  0.84VSFCX Federated Clover SmallPairCorr
  0.82PNAIX T Rowe PricePairCorr

Moving against Near-term Mutual Fund

  0.81TCTGX Transamerica CleartrackPairCorr
  0.8TDKTX Cleartrack 2015 ClassPairCorr
  0.8TCTJX Transamerica CleartrackPairCorr
  0.76USPSX Profunds UltrashortPairCorr
  0.85USPIX Profunds UltrashortPairCorr
  0.81TCSUX Cleartrack 2020 ClassPairCorr
  0.79UIPIX Ultrashort Mid CapPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Near-term Mutual Fund performing well and Near-term Tax 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 Near-term Tax'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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