Municipal Bond Correlations

Mutual Funds . USA . 
Fund . Municipal Bond Portfolio
SMBPX Fund  USD 8.69  0.01  0.11%   
The current 90-days correlation between Municipal Bond Portfolio and Salient Alternative Beta is 0.24 (i.e., Modest diversification). The correlation of Municipal 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.

Municipal Bond Correlation With Market

Average diversification

The correlation between Municipal Bond Portfolio 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 Municipal Bond Portfolio and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Municipal Bond Portfolio. 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 american community survey.

Moving together with Municipal Mutual Fund

  0.9SABAX Salient Alternative BetaPairCorr
  0.9SABIX Aggressive BalancedPairCorr
  0.9SABCX Salient Alternative BetaPairCorr
  0.91SAMAX Moderately AggressivePairCorr
  0.91SAMCX Salient Mlp FundPairCorr
  0.91SAMIX Moderately AggressivePairCorr
  0.86SSCCX Small CapitalizationPairCorr
  0.89SSCPX Small CapitalizationPairCorr
  0.89SSCYX Small CapitalizationPairCorr
  0.91SBCCX Moderately ConservativePairCorr
  0.66SBHIX Health BiotchnologyPairCorr
  0.82SBMBX Energy Basic MaterialsPairCorr
  0.91SBMCX Moderate BalancedPairCorr
  0.91SBMIX Moderate BalancedPairCorr
  0.88STPAX Technology MunicationsPairCorr
  0.88STPCX Technology MunicationsPairCorr
  0.88STPIX Technology MunicationsPairCorr
  0.92SCAAX Conservative BalancedPairCorr
  0.92SUMCX Conservative BalancedPairCorr
  0.82SEPIX Energy Basic MaterialsPairCorr
  0.82SEPCX Energy Basic MaterialsPairCorr
  0.89SFPCX Financial ServicesPairCorr
  0.88SFPAX Financial ServicesPairCorr
  0.88SFPIX Financial ServicesPairCorr
  0.65SHPAX Health BiotchnologyPairCorr
  0.68SHPCX Health BiotchnologyPairCorr
  0.73SIBPX Investment Quality BondPairCorr
  0.87SIEYX International EquityPairCorr
  0.86SIECX International EquityPairCorr
  0.86SIEPX International EquityPairCorr
  0.88SLCGX Large CapitalizationPairCorr
  0.91SLCVX Large Cap ValuePairCorr
  0.88SLGCX Large CapitalizationPairCorr
  0.88SLGYX Large CapitalizationPairCorr
  0.91SLVCX Large Cap ValuePairCorr
  0.91SLVYX Large Cap ValuePairCorr
  0.99SMBCX Municipal Bond PortfolioPairCorr
  0.89SMBAX Municipal Bond PortfolioPairCorr
  0.91SMACX Moderately ServativePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Municipal Mutual Fund performing well and Municipal 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 Municipal 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.

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