Short Duration Correlations

Mutual Funds . USA . 
Fund . Short Duration Municipal
PSDAX Fund  USD 8.32  0.01  0.12%   
The current 90-days correlation between Short Duration Municipal and Old Westbury Municipal is 0.63 (i.e., Poor diversification). The correlation of Short Duration 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.

Short Duration Correlation With Market

Average diversification

The correlation between Short Duration Municipal and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Short Duration Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Short Duration Municipal. 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 nation.

Moving together with Short Mutual Fund

  0.88PFBPX Pimco Foreign BondPairCorr
  0.98PFCJX Pimco Preferred AndPairCorr
  0.98PFANX Pimco Capital SecPairCorr
  0.98PFIAX Pimco Floating IncomePairCorr
  0.97PFIIX Pimco Floating IncomePairCorr
  0.96PFIUX Pimco Unconstrained BondPairCorr
  0.98PFINX Pimco Capital SecPairCorr
  0.64PFMIX Municipal BondPairCorr
  0.98PFNCX Pimco Floating IncomePairCorr
  0.88PFONX Pimco International BondPairCorr
  0.88PFORX Pimco Foreign BondPairCorr
  0.98PFNNX Pimco Preferred AndPairCorr
  0.98PFNIX Pimco Low DurationPairCorr
  0.95PFNUX Pimco Dynamic BondPairCorr
  0.86PFOAX Pimco Foreign BondPairCorr
  0.84PFOCX Pimco Foreign BondPairCorr
  0.73PFRCX Foreign BondPairCorr
  0.86PFRAX Pimco Foreign BondPairCorr
  0.94PFRMX Pimco Inflation ResponsePairCorr
  0.98PFPNX Pimco Capital SecPairCorr
  0.97PFTCX Short Term FundPairCorr
  0.98PFTPX Pimco Floating IncomePairCorr
  0.85PFRRX Pimco Foreign BondPairCorr
  0.98PFSIX Pimco Emerging MarketsPairCorr
  0.76PFUUX Pimco Foreign BondPairCorr
  0.76PFUAX Foreign BondPairCorr
  0.76PFUIX Foreign BondPairCorr
  0.76PFUNX Pimco International BondPairCorr
  0.76PFUPX Pimco Foreign BondPairCorr
  0.97PGAPX Pimco Global MultiPairCorr
  0.97PXTIX Fundamental IndexplusPairCorr
  0.97PXTNX Pimco Rae PlusPairCorr
  0.95PGBIX Global Bond FundPairCorr

Moving against Short Mutual Fund

  0.81PWLBX Pimco Rae WorldwidePairCorr
  0.61PWLEX Pimco Rae WorldwidePairCorr
  0.55PWLMX Pimco Rae WorldwidePairCorr
  0.53PWLIX Pimco Rae WorldwidePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Short Mutual Fund performing well and Short Duration 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 Short Duration'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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