Tax Exempt Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond
TEAFX Fund  USD 12.00  0.03  0.25%   
The current 90-days correlation between Tax Exempt Bond and Ultra Short Term Fixed is 0.09 (i.e., Significant diversification). The correlation of Tax Exempt 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 Correlation With Market

Average diversification

The correlation between Tax Exempt Bond and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Bond 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 Tax Exempt Bond. 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 census.

Moving together with Tax Mutual Fund

  0.71AMECX Income FundPairCorr
  0.71RNEBX New World FundPairCorr
  0.72AMFCX American MutualPairCorr
  0.72AMFFX American MutualPairCorr
  0.73RNCCX American Funds IncomePairCorr
  0.65FPPPX American Funds PresePairCorr
  0.71AMEFX Income FundPairCorr
  0.71RNGGX New Economy FundPairCorr
  0.71RNGFX New Economy FundPairCorr
  0.71RNGHX New Economy FundPairCorr
  0.71RNGEX New Economy FundPairCorr
  0.98AMHIX American High IncomePairCorr
  0.99TEBCX Tax Exempt BondPairCorr
  0.91TECCX Tax Exempt FundPairCorr
  0.73FPTPX American Funds ConsePairCorr
  0.95TECFX Tax Exempt FundPairCorr
  0.97TEFEX Tax Exempt FundPairCorr
  0.71AMPCX Amcap Fund ClassPairCorr
  0.71AMPFX Amcap Fund ClassPairCorr
  0.71RNPBX New PerspectivePairCorr
  0.71RNPAX New PerspectivePairCorr
  0.71RNPHX New PerspectivePairCorr
  0.71RNPGX New PerspectivePairCorr
  0.71RNPEX New PerspectivePairCorr
  0.71AMRMX American MutualPairCorr
  0.72AMRFX American MutualPairCorr
  0.77TEPCX American Funds TaxPairCorr
  0.74TEPAX American Funds TaxPairCorr
  0.75TEPFX American Funds TaxPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Tax Mutual Fund performing well and Tax Exempt 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'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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