Tax-exempt Bond Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond Fund
RTECX Fund  USD 21.27  0.03  0.14%   
The current 90-days correlation between Tax Exempt Bond and International Developed Markets is 0.06 (i.e., Significant diversification). The correlation of Tax-exempt Bond 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.

Tax-exempt Bond Correlation With Market

Significant diversification

The correlation between Tax Exempt Bond Fund and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Bond Fund 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 Tax Exempt Bond Fund. 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 main economic indicators.

Moving together with Tax-exempt Mutual Fund

  0.84RNTTX International DevelopedPairCorr
  0.84RREAX Global Real EstatePairCorr
  0.85RREYX Global Real EstatePairCorr
  0.85RRESX Global Real EstatePairCorr
  0.84RRSCX Global Real EstatePairCorr
  0.85RRSRX Global Real EstatePairCorr
  0.87RALAX Growth StrategyPairCorr
  0.87RALCX Growth StrategyPairCorr
  0.87RALSX Growth StrategyPairCorr
  0.87RALRX Growth StrategyPairCorr
  0.87RALVX Growth StrategyPairCorr
  0.75RSBRX Strategic BondPairCorr
  0.84RSBTX Short Duration BondPairCorr
  0.84RSBYX Short Duration BondPairCorr
  0.87RSCRX Us Small CapPairCorr
  0.82RSBCX Short Duration BondPairCorr
  0.86RSECX Us Strategic EquityPairCorr
  0.86RSEAX Us Strategic EquityPairCorr
  0.86RSESX Us Strategic EquityPairCorr
  0.84RSDTX Short Duration BondPairCorr
  0.88RAZAX Multi Asset GrowthPairCorr
  0.88RAZCX Multi Asset GrowthPairCorr
  0.87RSQAX Us E EquityPairCorr
  0.99RBCUX Tax Exempt BondPairCorr
  0.74RSYTX Strategic BondPairCorr
  0.88RBLCX Balanced StrategyPairCorr
  0.88RBLAX Balanced StrategyPairCorr
  0.88RBLSX Balanced StrategyPairCorr
  0.88RBLVX Balanced StrategyPairCorr
  0.88RBLRX Balanced StrategyPairCorr
  0.86RTDAX Multifactor EquityPairCorr
  0.86RTDCX Multifactor EquityPairCorr
  0.86RTDYX Select EquityPairCorr
  0.86RTDSX Select EquityPairCorr
  0.86RTDRX Select EquityPairCorr
  0.86RTDTX Select EquityPairCorr
  1.0RTEAX Tax Exempt BondPairCorr
  0.65RTHAX Tax Exempt High Potential GrowthPairCorr
  0.69RTHSX Tax Exempt High Potential GrowthPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Tax-exempt Mutual Fund performing well and Tax-exempt Bond 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 Tax-exempt Bond'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
RNTTX  0.51  0.13  0.08  0.43  0.32 
(0.60)
 1.27 
(0.95)
 3.12 
RREAX  0.52  0.04 (0.04) 0.24  0.59 
(0.53)
 1.36 
(1.15)
 3.71 
RREYX  0.52  0.05 (0.04) 0.24  0.58 
(0.52)
 1.34 
(1.17)
 3.68 
RRESX  0.52  0.05 (0.04) 0.24  0.61 
(0.52)
 1.41 
(1.14)
 3.68 
RRSCX  0.52  0.04 (0.04) 0.23  0.63 
(0.52)
 1.36 
(1.14)
 3.70 
RRSRX  0.52  0.05 (0.04) 0.24  0.61 
(0.54)
 1.38 
(1.14)
 3.71 
RALAX  0.46  0.09  0.06  0.26  0.33 
(0.53)
 1.43 
(1.07)
 3.42 
RALCX  0.46  0.08  0.06  0.26  0.35 
(0.51)
 1.46 
(1.08)
 3.46 
RALSX  0.46  0.09  0.06  0.27  0.35 
(0.51)
 1.46 
(1.12)
 3.31 
RALRX  0.46  0.09  0.06  0.27  0.34 
(0.51)
 1.46 
(1.12)
 3.30 

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